Medicare Savings Programs (MSPs)

Welcome back! I hope this blog is providing helpful information for people living with cancer. In this post, I want to start a new discussion focusing on Medicare Savings Programs (MSPs)

Medicare Assistance:

The U.S. Centers for Medicare & Medicaid Services offers great online resources regarding Medicare:

Official Medicare website: www.Medicare.gov

Phone number: 1-800-MEDICARE or (800) 633-4227 or TTY 1-877-486-2048

You can find local Medicare assistance at your State Health Insurance Assistance Programs (SHIPs): https://www.shiptacenter.org/

Medicare Savings Programs (MSPs) are Medicaid-administered programs for people on Medicare who have limited income and resources. Medicare Savings Programs vary from state to state and typically include an application for state Medicaid. Find your state’s Medicare Savings Programs (MSPs):

https://www.medicare.gov/Contacts/#resources/msps

Like Medicaid, eligibility for Medicare savings programs are partially based on a monthly “income limit” and an “asset limit.” These limits vary state to state, and some states do not have an asset limit.

What does this mean?

Your “income limit” includes that amount of money that you receive every month. This includes wages, self-employed income, social security, disability, retirement pension and rental income. The income limits may be higher for some programs if you are still working. If you receive money from an alternative source, check with you local SHIP to determine if you need to include it in your income limit.

Your “asset limit” (or resource limit) includes the amount of money you have in your checking and savings accounts and the value of the stocks and bonds that you own. Items that are NOT included in your asset limit: one car, your primary home, burial plot, and furniture. Some states do NOT have an asset limit to qualify for MSPs!!

Seniors (over 65) and younger adults (under 65) with disabilities who may not qualify for full Medicaid may still be able to enroll in the MSPs. If you qualify for MSP, you may receive help with paying your Part B premium which would save approximately $1,700/year in 2020. You are also likely to receive the Medicare Part D Low Income Subsidy (LIS/Extra Help). This benefit will help pay for prescription drugs and can potentially save you thousands of dollars:

https://www.medicare.gov/your-medicare-costs/get-help-paying-costs/find-your-level-of-extra-help-part-d

If you are thinking there’s no way that you qualify for a MSP, I challenge you to review this document by the National Council on Aging:

medicare-savings-programs-coverage-and-eligibility

You can find more information at:

https://www.ncoa.org/resources/medicare-savings-programs-eligibility-and-coverage-chart/

Social Security Medicare Savings Program | Benefits.gov

If you live alone, is your income over $1,400/month? As a married couple, is your combined income over $1,900? Most seniors tell me they are living on approximately $800/month. Very few apply for MSPs because they do not believe they will qualify. If you are having trouble paying your bills every month before your cancer diagnosis, apply for MSPs.

Medicare beneficiaries who are participants in the Medicare Saving Programs (MSPs) may automatically qualify for the Medicare Part D Low Income Subsidy (LIS)/Extra Help which will save additional money for prescription drugs. For more information go to:

 https://www.ssa.gov/benefits/medicare/prescriptionhelp/

Scams:

• A word of caution… There are a ton of scams from people trying to use your Medicare ID number to submit false claims and commit Medicare fraud. Do not give out your number over the phone to anyone, unless you called them directly.

Next Post: State Pharmaceutical Assistance Programs (SPAPs):  State Pharmaceutical Assistance Programs (SPAPs) | Living with cancer take my hand

I hope this information is helpful.  If you would like to continue this conversation, please click on the Subscribe button at the top of the Blog page. I would love to hear your comments as well as resources that have worked for you. Please share this information with your family and friends.

Keeping you in my prayers,

Jackie

For more information on this blog: Introduction | Living with cancer take my hand