Regardless of where you are in life, having a little extra cash on hand is always a good thing. Healthcare can get expensive. And if you’re looking for a way to cut down on your everyday expenses, you might be eligible to get help paying for your healthcare and prescription drug costs. Have you considered these three ways to save on Medicare costs:
Get Extra Help With Medicare Part D
The Extra Help program can help you save on Medicare Part D drug costs if you have limited income or resources. How do you know if you qualify for Extra Help? You should consider applying if the following statements apply to you:
- I have Medicare Part A and/or Medicare Part B; and
- I live in the United States (or the District of Columbia); and
- If I am married and living with my spouse, my combined savings, investments, and real estate are not worth more than $29,520; or
- If I am currently not married or living with my spouse, my combined savings, investments, and real estate are not worth more than $14,790.
It’s important to note that assets such as your home, vehicles, personal possessions, life insurance policies, burial plots, irrevocable burial contracts, and back payments from Social Security are NOT included in that combination.
If you find that you have more total assets than the maximum amounts, you may not qualify for the program. But you’ll still need to enroll in a Medicare prescription drug plan if you want to have the coverage.
Enroll in a Medicare Savings Program
Did you know that Medicare has four savings programs? These assistance avenues are run by the state and may be able to help you pay for Medicare premiums and other healthcare-related costs.
- The Qualified Medicare Beneficiary (QMB) Program helps pay for Medicare Part A and Part B premiums, deductibles, coinsurance, and copayments that you’d otherwise be responsible for.
- The state provides a Specified Low-Income Medicare Beneficiary (SLMB) Program that can help pay Part B costs for individuals who already have Part A and find themselves with limited resources.
- The Qualifying Individual (QI) Program is a program that is applied for yearly and can also help cover the costs of Part B for qualified individuals already enrolled in part A.
- If you’re a working disabled person under 65, lost your Social Security benefits and Part A premiums due to returning to work, aren’t getting medical assistance for the state, or you meet the income/resource requirements required by your state, the Qualified Disabled and Working Individuals (QDWI) Program might be something to look into.
Connect with a certified trusted CORE Insurance Advisor to determine which plans you might be eligible for and start the process to benefit from the Medicare Savings Program cost benefits.
Apply for Medicaid
People with limited income and resources might consider applying for Medicaid. Medicaid can help with medical costs. In addition, it offers many benefits that you won’t have with Original Medicare, such as providing access to personal care or nursing home services. If you need to understand your state’s eligibility and application rules, connect with your Medicare agent. They have a working knowledge of requirements in your area and can help you discover if Medicaid can work for you.
What if I don’t qualify?
If you find that you don’t qualify for the assistance programs mentioned above, there are still ways to save on your healthcare. Simply finding the right combination of health and drug coverage can cut costs significantly while ensuring you’re getting the care you need. Schedule an appointment with a trusted CORE Insurance advisor to look into your unique situation and see how you can save on Medicare costs today.