Medicare isnt cheap and it doesnt cover all your health care costs.
If youre struggling to afford Medicare, youre not alone.
Special savings programs can help.
Need a refresher on Medicare? Check out these 7 frequently asked questions onhow Medicare works.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Well keep it updated as offers changes or expire.
What Is a Medicare Savings Program?
Beneficiaries with limited income and assets can qualify for financial assistance fromMedicare Savings Programs(MSPs).
Medicare Savings Programs are a specificsubset of Medicaid benefitsthat help pay for Medicare costs.
That makes sense signing up for these programs can be confusing and difficult.
Medicare Savings Programs are administered by the states.
Generally, if you qualify for Medicaid, you also qualify for a Medicare Savings Program.
In 2019, 10.3 million beneficiaries received financial assistance through Medicare Savings Programs.
For more information about eligibility requirements and asset limits,check out the chart below.
What Is the Extra Help Program?
This federal program helps pay your Medicare prescription drug plan premiums, annual deductibles and copayments.
Extra Help can significantly reduce your out-of-pocket prescription drug costs.
Its estimated to save enrolleesabout $5,100 per year.
While Medicare Savings Programs are administered by the states, Extra Help is administered by the Social Security Administration.
How Do You Apply for a Medicare Savings Program and Extra Help?
Youll need to reach out to yourState Medical Assistance (Medicaid) officeto apply for a Medicare Savings Program.
Only your state program can determine if you qualify.
Another way to apply is by submitting an app for theExtra Help program.
you’re free to complete the Extra Help applicationonlineor by calling the Social Security Administration at 1-800-772-1213.
Who Is Eligible for Medicare Savings Programs?
Keep in mind these are the federal guidelines.
Several states apply different standards and methods to determine program eligibility.
Whats Included in the Medicare Savings Program Resource Limits?
However, not all assets are considered counted when determining eligibility for a Medicare Savings Program.
Three other states Minnesota, Massachusetts and Maine have asset limits above the federal limits described above.
Who Is Eligible for the Extra Help Program?
Income and resource limits for Extra Help are less restrictive than limits for Medicare Savings Programs.
Thats why you should apply for Extra Help even if you dont think youre eligible for other programs.
Talk to a Nonprofit Medicare Counselor
Applying and enrolling in these programs isnt easy for the average person.
All SHIP advice and counseling is completely free.
To get started, call your statesSHIP information line.
Click SHIP locator on the organizations home page for a list of each states phone number.
About 85 agencies in 41 states operate as Benefits Enrollment Centers.
you’ve got the option to find a list of nearby locations on theNational Council on Aging website.
Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
