How Seniors Can Lower Healthcare Costs

Healthcare costs can be a major burden for seniors, but there are ways to reduce expenses without compromising quality care. By being proactive and taking advantage of available options, seniors can significantly cut down on their medical expenses. Here are seven key strategies to help lower healthcare costs.

1. Take Advantage of Annual Enrollment

Your insurance coverage is one of the biggest factors influencing your healthcare costs. Enrolling in the wrong health or Medicare plan can cost you thousands of dollars annually. Fortunately, every year, you have the opportunity to review and change your plan. Here are some tips for comparing plans:

• Compare cost-sharing options: If you frequently visit the doctor, consider a Medicare Advantage plan with lower deductibles and co-pays.
• Look for additional benefits: Some plans offer dental, vision, and hearing coverage. Some Medicare Advantage plans even offer flex cards for groceries or reduced Part B premiums.
• Consider supplemental coverage: Adding hospital indemnity, disability, or prescription drug coverage (Medicare Part D) can help lower out-of-pocket expenses.

Read more on choosing the best Medicare plan for 2025 and beyond.

2. Use Generic Drugs When Possible

Many brand-name drugs have generic alternatives that are significantly cheaper. These generic drugs contain the same active ingredients and provide the same effectiveness as their brand-name counterparts but at a fraction of the cost. When prescribed medication, ask your doctor if a generic option is available. Some prescriptions may not have a generic equivalent, but it’s always worth checking.

Additionally, some pharmacies offer discount programs for generic medications, further reducing costs. Comparing prices across different pharmacies or utilizing prescription discount cards can also help lower the expense of necessary medications.

3. Take Advantage of Annual Wellness Visits

The Annual Wellness Visit (AWV) is often overlooked, but can contribute to lower costs. The AWV aims to detect any problems or illnesses early on. These visits assess:

• Mobility and physical ability
• Emotional well-being (checking for depression or anxiety)
• Mental health (screening for dementia, Alzheimer’s, etc.)
• Signs of chronic diseases

Early detection of any problems gives you much better chances of treatment. This could save you years, or even a lifetime of doctors visits, prescriptions and other treatments. The healthier you are able to keep yourself, the lesser the burden healthcare costs will impose.

Since these visits are free, taking advantage of them can lead to long-term savings and improved health.

4. Apply for Subsidies and Assistance Programs

Low-income seniors may qualify for federal and state programs that help cover medical expenses. Programs like Extra Help and Medicaid provide financial relief for millions of beneficiaries. Even if you don’t qualify for federal programs, your state may have options available to assist with healthcare costs. Additionally, some nonprofit organizations and local community programs offer assistance with prescription drugs, medical supplies, and even transportation to medical appointments. Checking eligibility for multiple programs can significantly ease financial strain.

5. Use Telehealth Services for Non-Emergencies

Telehealth has become more accessible and affordable, allowing seniors to consult with doctors remotely. Telehealth visits tend to be cheaper and save time and travel expenses. More providers are adding virtual appointments to their offered services, making this a convenient and cost-effective option for non-emergency medical issues.

6. Consider a Health Savings Account (HSA) If Still Working

If you are still working, an HSA is a tax-advantaged way to save for medical expenses. Contributions are made pre-tax, helping you set aside funds for future healthcare costs. Even for healthy individuals, an HSA can serve as an emergency fund for medical expenses later in life. The funds in an HSA roll over year to year and can also be invested, allowing for potential growth.

7. Negotiate Large Medical Bills

Medical bills can be overwhelming, but many providers offer ways to reduce costs or set up payment plans. Consider these options:

• Ask about financial assistance or discounts.
• Check if paying in full or in a lump sum qualifies for a discount.
• Inquire about student, military, or senior discounts.

Contacting the billing department can provide insight into possible ways to lower your healthcare expenses.

Conclusion

Seniors can take several steps to lower their healthcare costs, from choosing the right insurance plan to utilizing preventative care and financial assistance programs. Being proactive in managing healthcare expenses can make a significant difference in maintaining financial stability while receiving quality medical care.

To compare Medicare plans with an advocate, give us a call. We’re aren’t here to sell you, we’re here to get you the best coverage available, tailored to your needs.