Medicare is a vital part of your healthcare coverage, but if you’re paying more than necessary, it can become a financial burden. Many people don’t realize they might be overpaying for their Medicare plan simply because they haven’t shopped around for possible better options. Here are four key signs you might be paying too much—and what you can do about it.
1. Your Medication Costs Are Too High
If you’re spending more on prescriptions than you can comfortably afford, you may not have the best Medicare Part D plan for your needs. Prescription drug plans change every year, affecting which medications are covered and how much they cost. A more recent Medicare review can help ensure you’re enrolled in a plan that minimizes your out-of-pocket expenses.
2. Your Supplement Premium Feels Too High
In 2025, if you’re paying more than you feel is reasonable for your Medicare Supplement (Medigap) plan, it’s time to explore other options. Prices for these plans vary, and there may be more affordable alternatives that provide the same or better coverage. Comparing rates annually can help you avoid unnecessary costs.
3. You May Qualify for Extra Help but Aren’t Using It
Medicare offers financial assistance programs for those with limited income and resources. If your annual income is below $22,590 as an individual or $30,660 as a married couple, you may qualify for the Low-Income Subsidy (LIS) or Medicare Savings Program, which can lower your premiums, deductibles, and prescription costs. If you haven’t checked your eligibility, you could be missing out on valuable savings.
4. You Haven’t Reviewed Your Plan in the Last Year
Medicare plans change every year, and what worked well for you last year may not be the best fit now. If you haven’t reviewed your Medicare coverage recently, you could be overpaying or missing out on better benefits. There may be a change in formulary, provider, and pharmacy directories. A quick review with a Medicare expert can help you determine if you’re in the right plan for your needs and budget.
Take Action to Lower Your Medicare Costs
If any of these signs sound familiar, don’t wait to take action. Reviewing your plan and exploring your options could save you money.
Need help reviewing your Medicare plan? Our Benefit Consultants offer free Medicare consultations to help you find the right coverage. Contact us today to schedule your appointment!