You can save money on Medicare by making sure you enroll in the coverage that best fits your needs and avoid duplicating coverage. (For example, if you're able to delay Part B because of the coverage you have from your employer, you may want to do so as a cost-saving strategy.) Also, carefully comparison shop when you first enroll in Medicare (Part D and/or Medigap, or Medicare Advantage) and compare all your options each year during the annual open enrollment period. Switching to a new plan for the coming year could make a significant difference in your total out-of-pocket costs. These articles offer a variety of tips for reducing costs on your Medicare premiums and drugs: Four ways to save money on your Medicare Part B premiums Eight ways to cut your prescription drug costs. Seven rules for shopping Medicare Part D plans. Understand if and when you can deduct your Medicare premiums on your tax return.