Medicare Savings Programs –
Medicare beneficiaries may be able to receive extra help with their prescription drug costs. This help is available through the Extra Help program, and it can make a big difference for those who need assistance paying for medications. In this blog post, we will discuss the Extra Help program in detail and tell you how to apply if you think you may be eligible.
Are you on a limited income and in need of assistance with your Medicare expenditures? You may be eligible for one or more financial aid programs that can assist you to pay some of your Medicare expenses.
The Following financial programs may help your Medicare costs if you qualify:
Medicare Savings Programs
PACE (Programs of ALL – Inclusive care for the Elderly)
Medicaid is a federally and state-funded program that helps people pay for medical costs. Medicaid may help pay for some things that Medicare does not cover. Additionally, Medicaid may also help people pay for other health services and items that Medicare does not cover.
If you qualify for both Medicaid and Medicare, you may be eligible for a specialized type of Medicare Advantage plan called a Dual Special Needs Plan.
Medicare Saving Programs
Medicare Savings Programs are programs that help people with limited incomes and resources pay for Medicare costs like premiums, deductibles, copays, and coinsurance.
People who qualify for a Medicare Savings Program may also be able to get help from the Extra Help program to pay for their prescription drug costs. The four types of Medicare Savings Programs each cover different costs and have different eligibility requirements.
1) Qualified Medicare Beneficiary Program (QMB)
2) Special Low-Income Medicare Beneficiary Program (SLMB)
- Medicare Part A and Part B premiums, deductibles, coinsurance and copayments can be paid for with a Medicare Supplement Insurance plan. This program does not bill you for services and items that Medicare covers, except for outpatient prescription drugs.
- If you meet the income and resource limit amounts, then apply to this program.
Qualifying Individual Program (QI):
- A state program that helps pay for Part B premiums.
- If you meet the income and resource limits, you may be eligible for this program.
- Premium Assistance – A program that helps you pay for Part B premiums.
- Every year, you must file an application for QI benefits, and they are given on a first-come, first-serve basis.
- People who are eligible for Medicaid are unable to receive QI benefits.
Qualified Disabled and Working Individuals Program:
- Covers Medicare Part A premiums only.
- You’re a working disabled person who is under the age of 65.
- You are not eligible for medical care from your state.
- You meet the income and resource limits required by your state
“Choosing the correct Medicare Insurance Plan can be complex, convoluted, and outright confusing !!!”. At “YourMedicare” by AYA and Associates, we make this process clear, simple, and understandable.”
If you would like more information please visit our website www.Yourmedicarecoverage.net
or call us at 1-800-381-3623
Hello, my name is Rolando Arellano and I am the President of AYA and Associates who are the creator of YOURMEDICARE.
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