July 2024: Cost Savings Program
Cost Savings Programs
Below is information on programs that can help you save on your Medicare costs. To learn more about these programs and receive help with applications, contact your broker, State Health Insurance Assistance Program (SHIP), or American Senior Resources, medicare@asrconnect.com
What is the Medicare Savings Programs?
Medicare Savings Programs (MSPs) are state programs that help cover your Medicare costs. To qualify for a MSP, you must meet your state’s income and asset limits. Below are the baseline federal income and asset limits for each MSP. Most states use these limits, but some states have different guidelines. There are three main programs, each with different benefits and eligibility requirements:
|
MSP |
Benefits |
Monthly income limit |
Asset limit |
|
Qualified Medicare Beneficiary (QMB) |
– Pays Part A and B premiums – Eliminates cost-sharing for Medicare-covered services |
Individual: $1,275 Couple: $1,724 |
Individual: $9,430 Couple: $14,130 |
|
Specified Low-income Medicare Beneficiary (SLMB) |
– Pays Part B premium |
Individual: $1,526 Couple: $2,064 |
Individual: $9,430 Couple: $14,130 |
|
Qualifying Individual (QI) |
– Pays Part B premium |
Individual: $1,715 Couple: $2,320 |
Individual: $9,430 Couple: $14,130 |
What is Extra Help?
Extra Help is a federal program that helps pay for most of the out-of-pocket costs of Medicare prescription drug coverage. If you have Medicaid, and MSP or receive Supplemental Security Income, you will be automatically enrolled in Extra Help. If you are not enrolled in these programs, you must apply directly and meet the eligibility requirements below:
|
Income limit |
Asset limit |
Benefits |
|
Individual: $1,903 /month
Couples: $2,575 /month |
Individual: $17,220
Couples: $34,360 |
$4.50 generic copay $11.20 brand-name copay $0 deductible and premium (for a basic Part D plan with a premium at or below your state benchmark) |
Below is information on programs that can help you save on your Medicare costs. To learn more about these programs and receive help with applications, contact your broker, State Health Insurance Assistance Program (SHIP) or American Senior Resources 1-866-448-0160
What other programs can help me save money on my care?
State Pharmaceutical Assistance Programs (SPAPs)
Facilities that may offer care at a reduced cost:
- HRSA facilities may also be called Federally Qualified Health Centers (FQHCs).
- Hundreds of these government-funded health centers around the country provide medical care regardless of your ability to pay.
- The Hill-Burton Program offers free or reduced cost care at Hill-Burton facilities.
- Most states have the Hill-Burton program.
- Services that are fully covered by other types of insurance (like Medicare or Medicaid) are not eligible for Hill-Burton coverage.
- Eligibility for the Hill-Burton program is based on your income and family size.
- To apply, call the Admission, Business, or Patient Accounts office at a Hill-Burton facility.
Medicaid
- People can be eligible for both Medicare and Medicaid.
- Medicaid can cover services that Medicare does not, like long-term care.
- It can also pick up Medicare’s out-of-pocket costs, like copayments or coinsurances.
- Generally, your income and assets must be below a certain amount to qualify, but this amount varies from state to state and from program to program.
- Call your local Medicaid office to learn about Medicaid programs in your state, or American Senior Resources for assistance in navigation.
FOR OTHER QUESTIONS, CONTACT AMERICAN SENIOR RESOURCES at 1-800-386-6160 TTY 711 M-F or SCHEDULE AN CONSULTATION ONLINE WITH AN ASR LICENSED AGENT.