Medicare Savings Programs (MSPs)

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Understanding Medicare Savings Programs: A Guide for Seniors and People with Disabilities

Medicare is an important health insurance program for people over 65 and those with certain disabilities. However, some people may find it difficult to afford the costs that come with it. Fortunately, there are Medicare Savings Programs (MSPs) to help lower these costs, especially for those with limited income and resources. This blog post will explain what MSPs are, who is eligible, and how to apply for them.

What Are Medicare Savings Programs (MSPs)?

Medicare Savings Programs are special programs that help people on Medicare save money on their healthcare costs. These programs are run by Medicaid in each state, and they assist with costs like the Medicare Part B premium. Medicare Part B covers doctor visits, outpatient care, and some other services. These savings can add up to a lot, especially for seniors and people with disabilities.

The exact details of the MSPs can vary depending on where you live. This is because each state has different rules about eligibility and the amount of help you can get. It’s important to know that some states do not have an asset limit for these programs, which means you might still qualify even if you have savings or other assets.

Who Is Eligible for Medicare Savings Programs?

To qualify for MSPs, you need to meet certain requirements based on your income and assets. Let’s look at what these limits mean:

1. Income Limits: This refers to the money you make every month. It includes things like wages, Social Security payments, disability benefits, retirement pensions, and rental income. If you’re still working, you may have higher income limits for some programs. For example, if you’re working and earning money, your income limit might be different than if you’re not working.
2. Asset Limits: Your assets are things like money in your checking and savings accounts, stocks, and bonds. Some things are not counted toward your asset limit, such as your primary home, one car, burial plot, and furniture. It’s important to check with your local State Health Insurance Assistance Program (SHIP) to understand the specific rules in your state.

Even if you don’t qualify for full Medicaid, you may still qualify for MSPs. This includes people who are over 65 or younger adults with disabilities. If you qualify, you could save money on things like your Part B premium and even get help with prescription drug costs.

How Do Medicare Savings Programs Help You Save Money?

Medicare Savings Programs help reduce your monthly out-of-pocket costs. For example, if you qualify, you may get help paying for your Medicare Part B premium, which could save you around $1,700 per year. Additionally, many people who qualify for MSPs also automatically get Medicare Part D Low Income Subsidy (LIS), also known as Extra Help. This helps cover the cost of prescription drugs, which can save you even more money.

In 2020, this subsidy helped many people save thousands of dollars on their prescription medications. The Extra Help program covers a wide range of prescription drugs and can make a big difference in your monthly expenses.

How to Apply for Medicare Savings Programs

Applying for MSPs is easier than you might think. First, check your eligibility for these programs. The eligibility requirements vary by state, but many people find that they qualify even if they don’t think they will. If you need help with the application, you can reach out to your State Health Insurance Assistance Program (SHIP). SHIPs can guide you through the process and explain the documents you need to provide.

You can start by visiting the official Medicare website at www.Medicare.gov or calling 1-800-MEDICARE (1-800-633-4227). If you prefer to speak with someone in your state, visit SHIP’s official site to find local help.

To get a better idea of whether you might qualify for MSPs, check out the Medicare Savings Programs Eligibility Chart from the National Council on Aging. This document will give you a better understanding of the requirements in your state.

For more information, you can also visit these helpful links:

• Medicare Savings Programs Chart | National Council on Aging
• Medicare Savings Programs | Medicare
• Social Security Medicare Savings Program | Benefits.gov
• Limited Income and Resources | CMS

Scams and Protecting Your Medicare Information

It’s important to be aware of scams that try to take advantage of people’s Medicare numbers. Scammers may call and try to trick you into giving them your Medicare ID number to submit false claims or commit Medicare fraud. Protect yourself by never giving out your Medicare number over the phone unless you called the person directly.

If you ever receive an unexpected call, always verify the identity of the person asking for your Medicare number. If you feel unsure about a call, hang up and contact Medicare directly at 1-800-MEDICARE.

Conclusion

Medicare Savings Programs can help you save money on important healthcare costs like your Medicare Part B premium and prescription medications. If you have limited income or resources, you might qualify for these programs, even if you don’t think you do. By applying for MSPs, you could significantly lower your out-of-pocket expenses and get the help you need to manage your healthcare costs. Don’t hesitate to contact your local SHIP or Medicare for more information and to get started on your application today!

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

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