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Medicare can be expensive. People with Medicare are typically retired and rely on their Social Security and retirement savings to pay the bills.
When talking to my clients, I am often surprised to hear that they did not know about Medicare’s many programs designed to help lower the cost of their health insurance.
Let’s look at some of these programs and how you can apply for them today.
Medicaid
Medicaid, or MediCal as we refer to it here in California, is a joint federal and state program. Medicaid helps with medical costs for those who qualify and may also provide additional benefits beyond what is covered by Medicare.
If you have both Medicare and Medicaid, Medicare pays first, and then Medicaid pays. Some people also choose to enroll in a special type of Medicare Advantage plan designed for people with both Medicare and Medicaid. In this situation, the Medicare Advantage plan pays first and then Medicaid.
Each state has different criteria to qualify for Medicaid. To find out if you qualify, click here.
Extra Help
Extra Help is a program designed to help people on Medicare with the costs of their prescription drugs. People who qualify for Extra Help can get help paying for their drug plan premium, the copays for medications, and drug plan deductibles. If you are in the Extra Help program you won’t have to pay the Part D late enrollment penalty.
For those whose income was too high to qualify for Medicaid, we always recommend calling to find out if you qualify for Extra Help. You can see if you qualify for Extra Help by calling Medicare at 1-800-MEDICARE ((800-633-4227).
To read more about how to save money on your medications with Medicare check out our blog post, Ways to Save on Your Part D Plan.
Medicare Savings Programs
Medicare Savings Programs are offered by your state and can help pay for your Medicare premiums, deductibles, copayments, and coinsurance. Medicare Savings Programs have 4 levels. Each level has different income criteria. In addition, the levels vary in what they will pay for.
The 4 levels are:
Qualified Medicare Beneficiary (QMB)- At this level, the member gets help paying for their Part A premium (if they have one), Part B premium, deductibles, coinsurance, and copayments for Medicare-covered services.
Specified Low-Income Medicare Beneficiary (SLMB)- For those who qualify, this level pays for the Part B premium.
Qualifying Individual Program (QI)- Those at this level get help paying for Part B premiums.
Qualified Disabled and Working Individuals (QDWI)- At this level, the member gets help paying for their Part A premium.
