4 Ways to Slash Your Medicare Costs in Retirement

Many seniors who enroll in Medicare are shocked to learn that it's far from free. In fact, there are many out-of-pocket costs you'll incur on Medicare, from premiums to deductibles to copays, which can really put a strain on your retirement budget.

The good news? With a few strategic moves, you can slash your spending, preserve your savings, and eliminate one major source of financial worry. Here are a few easy ways to keep your Medicare costs to a minimum.

You're entitled to Medicare coverage at age 65, and your initial enrollment window begins three months before the month of your 65th birthday and ends three months after that month. If you don't sign up for Medicare on time, you'll not only risk a gap in coverage, but also potentially end up paying more for Part B, which covers outpatient care. Specifically, you'll face a 10% surcharge on your Part B premiums for each yearlong period you were eligible for coverage but failed to enroll.

Source Fool.com