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The Medicare Savings Program (MSP) is a program designed to help people with limited income pay for their Medicare costs. Here's a simple explanation of the key points:
What it does
The Medicare Savings Program can help eligible individuals pay for:
Medicare Part A and/or Part B premiums
Deductibles
Coinsurance
Copayments
Types of programs
There are three main types of Medicare Savings Programs:
Qualified Medicare Beneficiary (QMB): Covers Part A and B premiums, deductibles, and copayments.
Specified Low-Income Medicare Beneficiary (SLMB): Pays for Part B premiums only.
Qualifying Individual (QI): Also pays for Part B premiums only.
Eligibility
To qualify for an MSP, you generally need to:
Have Medicare Part A
Meet income and asset limits set by your state
It's important to note that income and asset limits vary by state, and some states may have higher limits or waive asset requirements altogether.
Benefits
Enrolling in an MSP can provide significant financial relief:
Save money on Medicare costs
Automatically qualify for Extra Help with Medicare prescription drug costs
If you think you might be eligible, it's worth applying even if your income seems above the limits, as some income and assets may not be counted in determining eligibility.
Each state can set different eligibility requirements for the Medicare Savings Programs (MSPs), within limits set by federal law. This means that states can have higher income and asset limits, and can have more generous rules for how certain types of income and assets are accounted for. It is important to know that many states require you to apply for any money you might be eligible for, including Social Security retirement benefits, in order to qualify for an MSP.
LINK TO EACH STATE'S MEDICARE SAVINGS PROGRAM:
US Government Medicare Savings Program Information
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