How to Spend Less on Healthcare as You Age

Each year during open enrollment (Oct. 15 to Dec. 7 for traditional Medicare and Jan. 1 to March 31 for Medicare Advantage plans), take a look at the options for the next year. Make sure that they’re in your price range; your doctors, hospitals, and pharmacies are in-network; and your meds are covered.

“Ideally, you want a plan where most—if not all—of your drugs are in the lowest tier,” says Adria Gross, president of MedWise Insurance Advocacy, a nonprofit in Monroe, N.Y.

For Medicare Advantage plans, look closely at dental and vision benefits. A 2021 report from the nonprofit health policy organization KFF found that while 94 percent of Advantage enrollees had access to dental coverage, it was often paltry. “More than half—59 percent—of enrollees were in a plan with a maximum dental benefit of $1,000 or less,” says Tricia Neuman, ScD, senior vice president and executive director for the Program on Medicare Policy at KFF.

You can also see whether you’re eligible for a Medicare Savings Plan, which can help with premiums, deductibles, and copays. Eligibility differs by state; you apply through your state’s Medicaid office. Another option is the federal Extra Help program. If you qualify, your monthly Part D (medication) premiums are free, and you won’t pay more than $4.90 for generic drug prescriptions and no more than $12.15 for brand-name drugs.