If your income goes down

If your income decreases while you’re on Medicare, taking prompt action is important to ensure you’re still receiving the appropriate benefits and assistance. You can start by letting the Social Security Administration (SSA) know about your income change. Depending on your circumstances, you may be eligible for programs like Medicaid or Medicare Savings Programs, which can help cover costs like premiums, copayments, and deductibles. Reviewing your current Medicare plan to see if it still meets your needs or if you should consider switching to a more cost-effective option is crucial. Keep track of any documentation related to your income change, and consult with a Medicare counselor or financial advisor to navigate the process and maximize your benefits during this challenging time.