Medicare remains affordable, but many retirees need help paying their Medicare Premiums with all of the monthly expenses. Fortunately, there are multiple ways to offset your costs using financial assistance. Below are a few programs offered by the Centers for Medicare and Medicaid Services.
Parts A and B Medicare Premiums
Some programs are specific to certain parts of Medicare. One of those, the Medicare Savings Program, applies to Parts A and B. The Medicare Savings Program is a program run by individual states. Your eligibility depends on state criteria and your income. This program helps pay for Part A, Part B, and deductibles, copayments, and coinsurance.
Part D Premium
Part D is an optional but vital part of Medicare. It does have its premium and deductible that can add to the financial burden of Medicare. The Extra Help Program acts intended to help people with limited income afford Part D. There are income requirements and other eligibility rules. Specifically, you must:
- Be enrolled in Medicare
- Live in the 50 U.S. states and Washington, D.C.
- Have a limited income (up to $29,160 in combined savings, investments, and real estate if married, $14,610 if unmarried)
Overall Help with your Medicare Premiums
Some people need financial relief generally, not just with one or two parts of Medicare. Fortunately, multiple programs can help people save money on all aspects of Medicare. Three significant programs can help financially: Medicaid, PACE, and Supplemental Social Security Income.
Medicaid is a federal and state-run financial assistance program that helps people reduce their healthcare costs. If you are receiving Medicare, you can apply to Medicaid through your state. If you are eligible, Medicaid can subsidize or waive your healthcare costs. You can qualify for both at the same time.
Here is a type of special needs plan specifically for people with both Medicare and Medicaid. If you qualify for Medicaid, you might also be eligible for dually eligible Medicare Advantage plans. These plans offer extra benefits while decreasing your healthcare costs.
PACE (Program of All-inclusive Care for the Elderly)
This program is also through both Medicare and Medicaid. It helps save older adults money by covering all healthcare services.
Supplemental Social Security Income
If you are disabled, blind, or age 65 or older and have a reduced income, you may qualify for this program.
Contact us at Bobby Brock Insurance today to learn more about reducing your Medicare costs through financial assistance.