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Medicare isn’t cheap and it doesn’t cover all your health care costs.
The standard Part B premium — which pays for things like medical equipment and doctor visits — is $170.10 per month in 2022. That’s on top of an annual $233 Part B deductible, plus a $1,556 Part A deductible if you’re admitted to the hospital.
Nearly all Medicare beneficiaries are also enrolled in private Part D prescription drug coverage, either by way of a standalone Part D plan or an “all-in-one” Medicare Advantage plan.
Costs for Part D plans vary, but the average yearly deductible was $233 in 2021, plus an average monthly premium of $26, according to the Kaiser Family Foundation.
If you’re struggling to afford Medicare, you’re not alone. Special savings programs can help.
In this guide, we’ll break down everything you need to know about these money-saving Medicare programs, including eligibility requirements and how to apply.
What Is a Medicare Savings Program?
Beneficiaries with limited income and assets can qualify for financial assistance from Medicare Savings Programs (MSPs).
These programs can cover your Medicare premiums (Part A and Part B), and some may cover Medicare deductibles, coinsurance and copayments.
Medicare Savings Programs are a specific subset of Medicaid benefits that help pay for Medicare costs.
The four Medicare Savings Programs are:
- Qualified Medicare Beneficiary (QMB) Program
- Specified Low-Income Medicare Beneficiary (SLMB) Program
- Qualifying Individual (QI) Program
- Qualified Disabled and Working Individuals (QDWI) Program
Only about half of Medicare beneficiaries eligible for a Medicare Savings Program are currently enrolled in one, according to the US Centers for Medicare & Medicaid.
That makes sense — signing up for these programs can be confusing and difficult.
Medicare Savings Programs are administered by…
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