Sign up for Medicare Part D; it is the government’s drug plan. If you are 65 or older, your savings can amount to 28 percent. If you sign up in time, you should be able to find a drug plan for $10.00 a month. Compare prices at medicare.gov.

Also sign up for Medicare benefits. Wellness visits, screenings for colorectal or cervical cancer and flu shots are all covered cost-free under this plan.

Evaluate your health plan every year as premiums and services change from year to year.

FSAs and HSAs – Good Ideas for Your Pocketbook

Flexible spending accounts, or FSAs, use your pre-tax dollars, where you get the greatest value for yearly medical expenses. Your income is lowered by the amount you add to your FSA. The only downside to this type of account is that if you don’t use all the money by the end of the year, you forfeit the unused funds.

When you contribute to FSAs, there is a possibility of savings on federal, state, and sometimes local income taxes. Use this account to pay out-of-pocket expenses throughout the year.

There are also devices called health savings accounts, HSAs that operate similarly to FSAs. With high deductible plans ($1,050 for individuals, $2,100 for couples), you are eligible for a health savings account to pay medical expenses. For every $5,000 you put into an HSA, you get $1,500 in tax savings. Any excess funds will grow tax-free and can be rolled over year to year.

About 40 percent of large employers offer discounts for participating in wellness programs with some adding money to your HSAs.

After perusing these tips, you should be able to save some money on your health plan, whether it is modifying your lifestyle or taking advantage of some of the financial tools. Remember, it’s your health so don’t be afraid to ask questions.