People with Medicare are responsible for sharing certain costs of coverage through premiums, deductibles, copayments, and coinsurance. Older adults with low income may be able to get help with some of these out-of-pocket expenses through the Medicare Savings Programs (MSPs).
Wondering where to start with Medicare Savings Programs? We've created this simple checklist to help get you started.
5 steps to help you get started with Medicare Savings Programs
1. Learn about the different MSPs. Each of the four Medicare Savings Programs provides a unique level of coverage:
- Qualified Medicare Beneficiary (QMB): Helps pay for the Part A and Part B premiums, deductibles, coinsurance, and copayments.
- Specified Low-Income Medicare Beneficiary (SLMB): Helps pay for the Part B premium.
- Qualifying Individual (QI): Helps pay for the Part B premium.
- Qualified Disabled Working Individual (QDWI): Helps pay for the Part A premium.
2. Check to see if you meet the financial requirements. To qualify for an MSP, you must be enrolled in at least Medicare Part A. You must also meet specific income and asset limits set by the state where you live. Each of the four programs has different limits.
3. Contact your local Medicaid agency to apply. Confirm your eligibility and start the MSP application process by reaching out to your state’s Medicaid office.
4. Explore other benefits you may qualify for. You may be able to enroll in other money-saving benefits programs that can help you pay for health care, medications, groceries, utilities, and more. Since you're already here on BenefitsCheckUp, go to our homepage and your ZIP code to explore more programs to help you save money.
5. Get free Medicare advice from an expert. Talk to one of NCOA’s partners that meet our strict Medicare Standards of Excellence. You can also get unbased guidance from your State Health Insurance Assistance Program (SHIP).