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How to Keep Your Healthcare Costs Down

According to Fidelity Investments, retired couples over the age of 65 will pay approximately $240,000 dollars out-of-pocket for healthcare. To make matters worse, this staggering amount of money does not cover the typical long-term-care expenses that many retirees in the United States face.

Although this financial statistic is rather daunting, there are ways to lower this substantial amount into a manageable figure. The best way to do this is to confirm that your health plan will provide the necessary coverage you need and explore options that will help keep your healthcare costs down.

Save On Drugs

As the price of prescriptions increases each year, it is imperative that retirees find a way to purchase their medicine at an inexpensive amount.

One way is to ask for the generic version of your medication. These drugs are typically 85% less than the name brand product. In the event that there is no generic alternative to your medication, ask if there are any other prescriptions that achieve the same goal but in a different price range.

To help you with the cost of your prescriptions, make sure to download the free prescription drug discount card that we offer here.

Shop Around

Medicare supplement premiums vary based on the provider. Take advantage of this by shopping around to get the best coverage that fits perfectly with your budget and healthcare needs. Running an instant quote here will help you compare rates in just a few minutes.

When you find a reasonably priced policy that covers your needs, make sure that you know who your in-network providers are. Also check out if your insurer offers an online tool that enables you to compare the price of lab, imaging and other tests at in-network locations. Utilize the available information to negotiate a lower rate with your local provider if mobility is an issue for you. This valuable tool can save you thousands of dollars a year.

Save on Medicare Supplement Plans

Enrolling into Medicare with an additional insurance policy to pay for additional medical fees is a great way to keep your healthcare costs down. These policies are known as Medicare supplement plans, or Medigap plans. A Medigap plan can reduce your annual healthcare expenses and make them more consistent by covering expenses not covered by Medicare, such as co-payments, co-insurance,Part A and Part B deductibles, and bills that occur when your Medicare coverage runs out.

The alternative tool that can limit your out-of pocket expenses is a  Medicare Advantage plan. This less expensive option provides your Medicare benefits through private insurance companies, and treatment through specific provider networks.

Be sure to always shop around for your insurance, prescriptions, and procedures. With a little bit of insurance and Medicare know-how, you will be able to keep your healthcare expenses down.


Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage. For more information visit


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