Medicare is not a free program. Because of this, there are many people who need help paying for their Medicare costs. That’s why Medicare Savings Programs exist.
What are Medicare Savings Programs?
Medicare Savings Programs help Medicare enrollees reduce their Part A and Part B premiums. They might also help you pay your deductibles, coinsurance, and copayments. To get started with a Medicare Savings Program, you must apply through your state. Then, the administrators will determine which programs you qualify for. Remember, even if you aren’t sure you’d qualify, it is worthwhile to at least try submitting an application.
There Are 4 Medicare Savings Programs
You may be eligible for one or multiple of the four savings programs that Medicare offers. They include:
The Qualified Medicare Beneficiary Program
This program helps pay Part A and B premiums, deductibles, coinsurance, and copayments. To qualify, you must have limited income and resources or assets.
The Specified Low-Income Medicare Beneficiary Program
This program helps pay Part B premiums. To qualify, you must have severely limited monthly income and assets. As of 2023, the income limit is $1,478 for individuals and $1,992 for married couples. It is important to note that you can also get Extra Help paying for covered prescription medications.
Qualifying Individual Program
This program helps pay your Part B premiums. To qualify, you must have an income lower than $1,661 per month as an individual and $2,239 as a married couple. Once you qualify, you need to apply annually. The applications are first-come, first-served, with people who qualified last year receiving priority over other applicants.
Qualified Disabled & Working Individual
This program helps pay Part A premiums for people who do not have premium-free Part A coverage. To qualify, you must have a monthly income lower than $4,946 as an individual or $6,659 as a married couple. You must also prove that you have a disability, are currently working, and lost your SSDI benefits because you returned to work.
Apply For a Medicare Savings Program
One of the agents at The Benefit Link can help you apply for a Medicare Savings Program when you enroll in Medicare. To schedule a free consultation, give us a call at 817-539-0626 or use the contact form on this page.