When it comes to Medicare, you’ve earned each and every benefit. But it’s important to recognize early on your Medicare journey that the program is not without costs. Some of these are up front, like the monthly premium payments you make to maintain your Medicare coverage. Others are associated with your share of medical services, like the payments you make at the doctor’s office to cover your portion of the care you received, or the percentage of the cost of a hospital stay you are expected to pay. Show These payments can add up, and not everyone is able to afford them. But there’s good news: you may be able to qualify for help paying for your Medicare costs. Here are some available options. Medicare Savings Programs (MSPs) are programs run by state governments. They may pay for Medicare Part A and/or Part B premiums, deductibles, copayments and coinsurance associated with Medicare for people with limited income and assets. Income is the amount of money you earn during the year. Assets are any money you have in the bank, and the value of certain investments (i.e., stocks, bonds and real estate). However, the house you live in and up to one car you own are not counted as assets when it comes to qualifying for a Medicare Savings Program.  What counts as an asset?Medicare Savings Programs are only open to people who qualify based on income and asset requirements. So, what counts as an asset when it comes to qualifying? Counts as an asset
Doesn’t count as an asset
There are four types of Medicare Savings Programs designed to help with paying costs for Original Medicare or Medicare Part B. They are distinguished by their income limits and what costs they help pay for. The programs include:
It is important to note that income limits to qualify for these programs are slightly different in Alaska and Hawaii. To learn more about the income limits in those states, see details on the Social Security Administration website.
Help from MedicaidMedicaid is a health insurance program operated by each state that is designed to provide coverage for low-income and low-asset individuals. Each state sets its own limits on income, assets and the type of benefits they include in their Medicaid program. It’s possible to be eligible for both Medicare and Medicaid. In fact, about 20 percent of people who receive Medicare benefits also receive help paying for Original Medicare – and most of these people also receive Medicaid benefits. If you receive Medicare benefits and meet your state’s Medicaid eligibility requirements – income and asset requirements, plus citizenship and residency requirements for full Medicaid benefits – you can be full benefit dual eligible. If you are a full benefit dual eligible, you can receive benefits included in both Medicaid and Medicare coverage. Here are some examples of what’s covered under Medicaid:
Paying for a prescription drug planIf you qualify for the QMB, SLMB or QI Medicare Savings Programs, then you also automatically qualify for a program called Extra Help designed to help with paying for your prescription drugs. Prescription drug coverage is provided through Medicare Part D, which is why Extra Help is also known as the Part D Low-Income Subsidy. Part D coverage generally comes with a premium, a deductible and a copayment or coinsurance. Learn more about Medicare Part D here. But you don’t have to be in a Medicare Savings Program to receive help paying for your prescriptions under Extra Help. If your annual income as an individual is up to $1,698 per month or $2,288 as a couple in 2022, you may be eligible. Asset limits in 2022 are up to $15,510 for an individual or
$30,950 for a couple. Depending on which Medicare Part D plan you choose, the program can reduce or eliminate your plan’s premium and deductible, and also lower the cost you pay for the prescription drugs covered under your plan. Finding out if you qualifyWith so many different programs providing assistance for so many different types of costs, it’s easy to get confused. Fortunately, there is help available to find out if you qualify for financial assistance for Medicare. A good place to start is with BenefitsCheckup.org, a free online tool from the National Council on Aging that connects people with benefits they may qualify for. Insurance brokers and state-area offices on aging are also excellent resources. Don’t be afraid to reach out for help in finding out if you qualify for assistance paying for your Medicare coverage. After all, you’ve earned it. About the authorMark Pabst has worked as a writer and researcher in the health care field for almost two decades. When not writing about health he tries to stay healthy through activities like hiking, climbing and paddling in the far flung corners of his native state of California. However, despite his best efforts he still has a few unhealthy habits he can’t shake,
most notably a weakness for jelly donuts. Y0001_4006_10829_12818 72.00.337.1 What is premium for Part B in 2022?Medicare Part B Premium and Deductible
The standard monthly premium for Medicare Part B enrollees will be $164.90 for 2023, a decrease of $5.20 from $170.10 in 2022. The annual deductible for all Medicare Part B beneficiaries is $226 in 2023, a decrease of $7 from the annual deductible of $233 in 2022.
What is the highest income to qualify for Medicaid?Federal Poverty Level thresholds to qualify for Medicaid
The Federal Poverty Level is determined by the size of a family for the lower 48 states and the District of Columbia. For example, in 2022 it is $13,590 for a single adult person, $27,750 for a family of four and $46,630 for a family of eight.
Who is the best person to talk to about Medicare?Do you have questions about your Medicare coverage? 1-800-MEDICARE (1-800-633-4227) can help. TTY users should call 1-877-486-2048.
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