What Are Medicare Savings Programs?
Medicare is an extremely valuable federal program that ensures some of our most vulnerable populations have access to healthcare coverage along with the mass populations. The Medicare program as a whole is not perfect even with its subsidization by the government, there are many out of pocket costs associated with Medicare. From copays to deductibles to premiums, these costs can quickly add up for beneficiaries with chronic health conditions. So, how can those in this situation potentially limit these costs?
The answer may be a Medicare Savings Program (MSP) and their special benefits. State Medicaid agencies sponsor these programs that are designed to help beneficiaries who have limited assets and income by eliminating or cutting down some of the costs incurred through Medicare coverage.
Medicare Savings Program Levels:
There are four levels of MSPs that help cover premiums, deductibles, copayments and coinsurance. There are described below:
Qualified Medicare Beneficiary (QMB): This program helps cover premiums for Medicare Parts A & B, along with deductibles, coinsurance and copayments.
Specified Low-Income Medicare Beneficiary (SLMB): This program helps pay for just Medicare Part B premiums.
Qualifying Individual (QI): This program also helps pay for your Medicare Part B premiums.
Qualified Disabled Working Individual (QDWI): This program helps pay for Medicare Part A premiums the individual may incur from not being able to work 40 quarters and pay their Medicare tax in doing so.
Checking Eligibility/Applying For a MSP:
These programs are run by state agencies as described above, so verifying eligibility and applying for one of these programs must go through your state's agency for healthcare administration. By going to Medicare.gov/medicare-savings-programs you will be provided with the contact info for this. If you need further assistance on this, reach out to a Poindexter representative today.
