The cost of healthcare seemingly never stops going up. This can make it a real challenge to get the care that you need without having to break your budget to do so.
Medicare recognizes this problem and has done something about it. They’ve created a variety of Medicare Savings Programs (MSPs), which help qualified individuals cover the costs of their Medicare premiums.
If you’re interested in signing up for a Medicare Saving Program, then keep reading. We’ve provided an overview of the four most common types of MSPs so that you can get a better sense of which one might be best for you.
The QMB Program was created to help low-income individuals cover the costs of their Medicare premiums and deductibles. To qualify, you need to have Medicare coverage and meet certain income and assets guidelines.
The exact income levels and asset amounts that you need in order to qualify for this program vary by state. If you do end up qualifying, then you could see a significant reduction in your out-of-pocket expenses for Medicare.
Medicare’s SLMB Program is designed to help qualified individuals cover the costs of their Medicare Part B premiums, which can cost $1,500 or more annually. To qualify, you need to be eligible for Medicare Part A and meet your state’s income and resource limits.
The Qualifying Individual Program helps certain people cover the costs of various Part B expenses. For example, if you qualify for the QI Program, you could see a reduction in the amount that you have to pay for lab tests, doctor visits, and medical supplies, among other outpatient services.
Once again, to qualify for this savings program you need to not exceed a certain income threshold per year. Since this is a state-ran program, income requirements will vary based on where you live.
The QDWI Program is meant to reduce the costs of qualified individuals’ Medicare Part A premiums. You can qualify for the program if you don’t exceed a state-determined income level. Others who may qualify for QDWI include low-income workers, retirees, and those who already receive disability benefits.
Medicare Savings Programs can be a bit complex. The requirements that you need to satisfy in order to qualify for them vary based on where you live and the total value of your assets.
If you’d like to sign up for one of these programs but are unsure whether you qualify, consider contacting a partnered licensed agent through Time for 65. Our agents are Medicare experts who can talk you through your options so that you can find the saving program that’s right for your needs.
Getting connected with an agent is easy. You can do so today by either filling out this form or giving us a call. We’d love to help you find the right plan and hope to hear from you soon to get started.