Medicare is the national health insurance program of the United States. For U.S. residents,
there are different Medicare Plans and some plan details vary by state. Medicare has various parts that users should become familiar with. They include Medicare Parts A B and C. The basics consist in Medicare Part A, which is the portion of insurance that is used to cover hospital stays, home care, and hospice.

Medicare Plan B is used for physician visits, medical testing, and prevention care. Medicare Part D is used to cover prescriptions and medications. Each Part D covers different prescriptions so you will need to work to choose a plan that meets your specific needs. Review your prescriptions with your physician prior to selecting a plan. Medicare Part C, also known as Medicare Advantage plan coverage, covers costs not paid for by Medicare Parts A and B. If you’re looking to cut your Medicare costs, read on:

1. Timing is important
You are eligible for Medicare at age 65-years old. There is a seven month window to sign up for Medicare that begins three months prior to your 65th birthday and extends until three months after your birthday. If you enroll prior to the deadline it will cost you nothing, however if you sign up after the window closes you will be charged late fees.

2. Review your policy
Medicare has an annual open enrollment window that begins in mid-October and runs until early December. During open enrollment you can make changes to your plan that will take effect the following year. This is a good time to shop around and compare plan rates and coverage.

3. Review your medications
Talk to your doctor about your medication. By changing to generic drug options you may be able to save yourself money. You should only change medication after you consult with your physician.

4. Stay healthy
Often easier said than done but it is important to take an active role in your health at all points of your life but especially while you age. Work to maintain a healthy diet and active lifestyle. Also be sure to see your doctor for your annual check up, when you are sick, and stay on top of health screenings such as colon, cancer and other preventative care measures. By taking an active role in your health you are less likely to need to use your Medicare plans.

5. Medicare savings programs
Medicare Savings Programs were developed to assist people with limited income or resources. They are federally funded and can help you pay your Medicare premiums, coinsurance and deductibles. To qualify for the Medicare Savings Program an individual’s monthly income must be less than $1,060. If you are married to qualify you must have a monthly income of less than $1,430.