The purpose of Medicare is to keep healthcare costs low. However, buying all of the different parts of Medicare can make your short-term costs sky rocket. Fortunately, there are some resources to help you pay your Medicare monthly premiums. Read on to learn more about how to get help with your Medicare monthly premiums.
Number of Premiums
Depending on which Parts of Medicare you enroll in, you may be looking at a number of premiums. Most people do not have to pay a monthly premium for Part A. Most people also enroll in Part B but do have to pay a monthly premium. Some people may also enroll in Part D or a Medicare Advantage Plan. Lastly, many people enroll in a Supplement Plan. That means that many people are paying between 2-4 monthly premiums a month.
Options to Decrease Monthly Premiums
All of these premiums can be hard for people to pay with a limited income. Luckily, there are a number of options available to patients. Not all patients are eligible for all resources, so make sure to read through each description to know if this option is right for you.
You can qualify for both Medicare and Medicaid. Medicare is the federal health insurance program. Medicaid is the federal and state-based income assistance program. This means that if your income is low enough, your state may waive or subsidize your healthcare costs. Medicaid is state-specific, so make sure to check the requirements in your state.
Medicare Savings Program
These programs are run by individual states. Like Medicaid and Extra Help, these programs are also limited by your income. These programs help pay for Part A, Part B, and deductibles, copayments, and coinsurance.
Extra Help Program
The Extra Help Program is designed to help people with limited income afford Part D. In order to qualify, you must be enrolled in Medicare, live in the 50 U.S. states and Washington, D.C., and have a limited income. The income level depends on your marital status. If you are married and living with your spouse, your combined savings, investments, and real estate has to be less than $29,160 to qualify for Extra Help. If you are not married or living with your spouse, the limit is $14,610. You do not need to include your home, vehicles, personal possessions, life insurance, burial plots, burial contracts, or back payments from Social Security.
PACE (Program of All-inclusive Care for the Elderly)
This is a Medicare and Medicaid program that helps elderly people receive care at reduced cost. It covers all healthcare services.
Supplemental Social Security Income
This income is for people who have a limited income but are also disabled, blind, or age 65 or older.
To learn more about your options when it comes to decreasing your monthly premium for Medicare, contact Temmen Insurance today.