1. Re-shop your drug plan every fall
Part D plans reshuffle their drug lists and prices annually. The plan that was cheapest for your medications two years ago is often mid-pack now. An annual check during October to December enrollment is the single highest-return hour in Medicare.
2. Price the same Medigap letter across carriers
Plan G is identical from every insurer by law. Only the price differs, sometimes by hundreds a year. If you have held the same Supplement for years, a quote check can fund a vacation.
3. Check the assistance programs
Medicare Savings Programs and Extra Help exist precisely to pay premiums and drug costs for people with modest income. Eligibility reaches higher than most assume. Applying is free.
4. Mind the IRMAA cliff
Income surcharges on Parts B and D kick in at hard thresholds based on your tax return from two years ago. Near a threshold? The timing of a Roth conversion or a large withdrawal can swing your premiums for a full year. Coordinate with your tax preparer.
5. Use the benefits you already pay for
Advantage members routinely leave dental allowances, OTC credits and gym memberships unused. That is your money. Claim it.
6. Avoid penalties entirely
Late enrollment penalties for Parts B and D are permanent. Enrolling on time, or documenting employer coverage that excuses delay, is worth more over a retirement than any other item on this list.