What Can I Do If I Can’t Afford Medicare?

Medicare is a federal program created to cover various healthcare services such as hospice care, skilled nursing facility care, durable medical equipment, preventive screenings, etc. Though Medicare helps to cover important medical and hospital costs, this coverage isn’t exactly free. To keep your Medicare coverage, you must cover certain costs such as premiums, copays, deductibles, and coinsurance. 

However, not everyone can afford to pay for Medicare. The good news is there is a solution if you need help!

Medicare Savings Programs

Medicare Savings Programs are open to Medicare enrollees with limited income and assets. These programs can help cover the premiums, deductibles, copays, and coinsurance for Medicare Part A and Part B. There are four different types, each with different benefits. Some MSPs only pay for Medicare Part B premiums, while one covers the Part A premium and is open to disabled working individuals. 

These are the four types of Medicare Savings Programs:

  • Qualified Medicare Beneficiary Program: This program covers Part A premiums, Part B premiums, copays, coinsurance, and deductibles. This is the most comprehensive Medicare Savings Program, and it also has the lowest income requirement. You qualify for this program with an income of up to $1,094 per month as an individual and $1,472 for couples.
  • Specified Low-Income Medicare Beneficiary Program: This covers Part B premiums. You can qualify with an income of $1,308 per month and $1,762 for couples.
  • Qualified Individual Program: The QI program covers Part B premiums and is open to individuals with an income of up to $1,469 per month and $1,980 for couples. 
  • Qualified Disabled and Working Individuals: This covers Part A premiums for disabled working individuals who have lost premium-free Part A. The income limit is $4,379 per month for individuals and $5,892 for couples. 

Medicare and Medicaid 

In some cases, you may be eligible for both Medicare and Medicaid. Individuals under this category are known as dual-eligible enrollees. If you join a Medicare Advantage Dual-Eligible Special Needs Plan, you can use the benefits from both programs.

Part D Extra Help Program

If you are enrolled in Medicare Part D and cannot afford your plan, there is a program known as the Part D Extra Help Program that helps low-income individuals pay for their prescription drug coverage. If you qualify for all of the Medicare Savings Programs except for the Qualified Disabled and Working Individuals, you will also receive Part D Extra Help coverage. 

This program covers your Part D premiums, deductibles, and other costs.

At Temmen Insurance, we specialize in various Medicare plans and will find you the coverage you deserve. Reach out to us today if you need assistance.

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