Did You Know Medicare Savings Programs Can Help Pay for Your Healthcare?
You may be eligible to save up to $7,000 a year on Medicare and prescription expenses.
Did you know you can get a helping hand paying for your doctor’s visits and medications if you’re over 65 and living on a limited income? It’s true!
If you qualify for a Medicare Savings Program, you’re also automatically enrolled in Extra Help, a government program that can help you save on prescription drug costs.
These two programs together can save you up to $7,000 a year.
For more than 60 years, AARP Foundation has been helping people secure the essentials, including healthcare. That’s why we’re sharing what you need to know about Medicare Savings Programs, how to know if you qualify, and how to get free help applying.
Save $2,000 on Medicare Costs
Managed through Medicaid, Medicare Savings Programs are provided by the government to help people pay for some healthcare-related expenses. There is no cost to participate, and no one will ask you for money.
Once you’re enrolled, your current plan and doctors won’t change. You’ll simply receive help — up to $2,000 — to pay for some of your Medicare expenses, such as:
- Premiums: What you pay for Medicare each month
- Co-Pays: Your doctor’s visit bill
- Co-Insurance: The percentage you pay after you meet your deductible
How Do I Know If I Am Eligible?
Every state has slightly different requirements to qualify. But in general, your income — and sometimes your savings — must be below certain limits. These limits vary by state and go up every year.
Your Monthly Income Must Be Below:
- $1,549 per person
- $2,080 per married couple
Your Monthly Savings Must Be Below:
- $8,400 per person
- $12,600 per married couple
You may still qualify for these programs even if your income or savings — also called assets or resources — are higher than the limits listed. When deciding who qualifies, some states don’t count certain types of income or have savings limits.
AARP Foundation can connect you with an organization in your state to help you understand your state’s guidelines and help you apply. Even if you’re unsure, call to find out more. We’re here to help!
More than 10 million people are already enrolled — but many more are eligible. That’s why AARP Foundation is offering free assistance applying for this money-saving benefit.
Save Up to $5,000 on Prescription Costs
There’s also a program called Extra Help, which can save you up to $5,000 a year on your medication costs. Extra Help provides assistance paying for Medicare drug coverage (Part D) premiums, deductibles, coinsurance, and other costs.
You’re automatically eligible for Extra Help if you get:
- Full Medicaid coverage
- Help from your state paying your Part B premiums (from a Medicare Savings Program)
- Supplemental Security Income (SSI) benefits from Social Security
Once enrolled, you should receive a letter explaining how Extra Help works, including how much you’ll pay, and your new Medicare drug plan, if you don’t have one already.
If, for some reason, you’re not automatically enrolled in Extra Help, AARP Foundation can connect you with someone that can help you apply. We’re on a mission to help people over 50 with limited resources tap into available assistance, should they need it. Call us today!