How to Budget for Medicare

STEP 1
Document Your Needs

Start your budgeting off by understanding your care needs. Gathering this information lets you know what to research and how to find cost savings.

Here’s what you should write down:

• Monthly medications
• Chronic or ongoing conditions
• Your care team, including specialists

STEP 2
Check Your Coverage & Care Team

Original Medicare covers most of your healthcare needs. You can easily look up specific procedures and whether they are covered with Medicare's “What’s Covered” app.

It’s also important to check to see if your care team accepts Medicare or is in a Medicare Advantage network.

STEP 3
Get Part B Premium Estimates

For most, Medicare Part A has a $0 premium, but Part B has a premium based on your Social Security benefits and other factors. Get a head start on your Medicare budgeting by using the Medicare.gov Part B estimator linked below.

The calculator asks you 5 simple questions to get an estimate of what your Part B premium might be.