Medicare Savings Programs: Who Qualifies and What You Get
Learn how Medicare Savings Programs help seniors and disabled individuals cover the costs of Medicare premiums and deductibles.
Medicare Savings Programs are state-administered programs designed to help people with limited income cover their Medicare expenses.
Who it's for
These programs are specifically designed for seniors or individuals with disabilities who are living on a limited income. Eligibility is based on your financial situation and your status as a Medicare beneficiary.
What you get
The primary benefit of these programs is financial assistance with your Medicare costs. Specifically, the programs provide help paying for your Medicare premiums and your deductibles. This can help reduce the out-of-pocket costs associated with your healthcare coverage.
What it costs you
There is no cost to apply for these programs. However, you will need to put in the time to complete an application through your state Medicaid office. You will likely need to provide various documents to prove your income and status to the state agency.
The catch to know
A common point of confusion is that these programs are not the same as "Extra Help." While Medicare Savings Programs help with Medicare premiums and deductibles, "Extra Help" is a separate program that specifically helps you pay for your prescription drug costs. You should check to see if you qualify for both if you need assistance with medication.
How to apply
- Contact your state Medicaid office to find out the specific application requirements for your area.
- Gather your financial documents to prove your limited income status.
- Submit your completed application to your state Medicaid office.
- Visit the official Medicare portal for more information: https://www.medicare.gov/your-medicare-costs/get-help-paying-costs/medicare-savings-programs