10 Ways Seniors Can Lower Their Insurance Costs

Seniors can lower insurance costs by reviewing Medicare coverage every year, applying for Medicare Savings Programs or Extra Help if income is limited, shopping auto and home policies, asking about age and safety discounts, raising deductibles carefully, and dropping coverage they no longer need. Free counseling and state insurance departments can help.

Key takeaways

  • Medicare Savings Programs can pay premiums and other costs for people with limited income.
  • Annual plan reviews often reveal cheaper options with similar coverage.
  • Auto and homeowners policies should be re-shopped as driving and housing needs change.
  • Never cancel a life or long-term care policy before a replacement is in place.
  • Watch for high-pressure sales and confirm agents are licensed.

Health coverage: the biggest savings opportunity

1. Apply for a Medicare Savings Program

Medicare Savings Programs, run by states, help people with limited income and resources pay Medicare costs. According to Medicare.gov, the Qualified Medicare Beneficiary program can cover Part A and Part B premiums, deductibles, coinsurance and copayments, while other programs cover Part B premiums. Medicare.gov advises applying through your state Medicaid office even if you are unsure you qualify, because some states use more generous rules.

2. Get Extra Help for prescriptions

People enrolled in certain Medicare Savings Programs also qualify for Extra Help with drug costs. Others can apply separately. If you take several prescriptions, this can be one of the largest savings available.

3. Compare plans every open enrollment

Drug formularies, networks and premiums change each year. Compare your current plan against alternatives using your actual medications and doctors, not just the premium.

4. Use free counseling

Every state has a State Health Insurance Assistance Program that offers free, unbiased Medicare counseling. It is a good first call before switching plans. Our explainer on health insurance subsidies covers support for those not yet on Medicare.

Auto and homeowners insurance

5. Re-shop auto coverage when driving changes

Retirement often means fewer miles. Tell your insurer, ask about low-mileage or usage-based programs, and compare quotes from several companies. Our list of things you can do to save on car insurance has more ideas.

6. Ask about mature driver course discounts

Many states and insurers offer discounts for completing an approved defensive driving course. Ask your insurer which courses qualify and how long the discount lasts.

7. Review home coverage and safety upgrades

Smoke detectors, monitored alarms and updated wiring or roofing may earn discounts. Bundling home and auto with one insurer can also help, but compare the bundle against separate policies.

8. Adjust deductibles with care

A higher deductible lowers the premium but raises out-of-pocket costs after a claim. Only raise it to an amount you could comfortably pay from savings.

Life, long-term care and annuities

9. Right-size life insurance

If your mortgage is paid and children are independent, you may need less coverage. The National Association of Insurance Commissioners advises defining your needs first, checking which policy values are not guaranteed, and keeping a current policy until a new one is in place, because replacing coverage can be costly.

Watch for scams that target older adults

Insurance savings disappear quickly if a scammer gets involved. Be wary of unsolicited calls offering a "new Medicare card," free equipment or a limited-time plan. Medicare will not call to sell you a plan or ask for your number without a reason. Hang up, then call the official number on your card or your insurer's website.

10. Avoid pressure and confirm licenses

Be cautious with anyone pushing an urgent decision on annuities or replacement policies. Confirm the agent and company with your state insurance department, get terms in writing and make checks payable to the insurer, not the agent.

Annual insurance review checklist

PolicyWhat to checkWhen
Medicare or Medicare AdvantageDrugs, doctors, premiums, eligibility for help programsEach fall open enrollment
AutoMileage, drivers in the household, discounts, quotesAt renewal
Homeowners or rentersCoverage amount, safety discounts, deductibleAt renewal or after a move
LifeBeneficiaries, coverage need, guaranteed valuesEvery few years
Long-term carePremium changes, benefit optionsWhen notified of a rate change

Before renewing any policy, read our guide to things to watch out for when buying or renewing insurance.

Frequently Asked Questions

Who qualifies for a Medicare Savings Program?

Eligibility depends on monthly income and resources, and limits differ by program. Medicare.gov publishes yearly limits, but states can use different rules, so some people qualify even above the published figures. The safest approach is to contact your state Medicaid office and apply, since the official guidance encourages applying even if you are unsure.

Do seniors pay more for car insurance?

Rates depend on many factors, including driving record, location, vehicle and mileage, and insurers price age differently. Older drivers can often reduce costs by reporting lower mileage, completing an approved driving course and comparing quotes at each renewal. Ask each insurer exactly which discounts apply to you.

Should I cancel life insurance after retirement?

Not automatically. Some retirees still need coverage for a spouse's income, debts or estate costs. Review your needs first, and never cancel an existing policy until any replacement is approved and in force. Older applicants may find new coverage costly or unavailable, so a careful review matters.

Next steps

  1. Check Medicare Savings Program eligibility with your state Medicaid office.
  2. Book a free session with your State Health Insurance Assistance Program.
  3. Collect your auto and home renewal dates and get comparison quotes.
  4. Review life insurance beneficiaries and coverage amounts.

Last reviewed: October 2026.

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