Yes, You Might Be Able to Save on Medicare
We’ve all heard the commercials and seen the postcards stating “You May Qualify to Save on Medicare Part B. Get $164.90/mo added to your social security!” That’s nearly $2,000 a year. Sounds pretty good doesn’t it? But how we know it’s not a scam?
While many of these are just advertisements seeking to collect and sell your information to insurance agents, there is a kernel of truth to them. Programs do exist and you really might qualify to save. We’ve helped dozens of clients find out and apply.
These ads reference the Medicare Savings Program (MSP) in the state of Indiana. Different states have different names for this program.
Medicare Savings Program
Indiana helps eligible, low-income beneficiaries pay for Medicare with the Medicaid program.
Medicaid is a health care program that helps pay for medical services for people who meet specific requirements.
Every year the income and asset limits are adjusted, and they were just increased for 2023. Now you can make more each month and still qualify for benefits. As a result many more seniors can save.
You may be eligible depending on your income and the value of things you own (2023):
Assets are things you own, such as checking and savings accounts, certificates of deposit, cash value of life insurance, stocks and bonds. Some things you own don't count toward your asset limit, such as your home and furnishings, your car, burial plots, and, at least $1,500 in life insurance.
But What are the Benefits?
Benefits depend on what level of MSP you qualify for. If you qualify as a Specified Low Income Beneficiary, that means you qualify to not pay the Medicare Part B premium. In 2023, the standard Part B premium is $164.90 per month. Those that qualify as SLMB’s will have this monthly premium paid for them. The result is they do not have this money deducted from their Social Security checks, earning beneficiaries nearly $2,000 extra each year!
If you qualify as a Qualified Medicare Beneficiary, you’ll get the Part B premium waived, and will have Medicare cost sharing like copay’s waived at participating providers. That means, no more copay’s at the doctors office, ER, or elsewhere (with limitations).
How do I Apply?
If you think you qualify all you have to do is apply. You can find more information and the application for MSP here.
If you have questions, or would like help filling out the paperwork, we’re glad to assist. Contact our offices to find out more!