If you have a limited income, you may be able to get assistance with your health care costs through certain programs:
- Medicaid: If you have a low monthly income and minimal assets Assets are resources such as savings and checking accounts, stocks, bonds, mutual funds, retirement accounts, and real estate. , you may be eligible for coverage through Medicaid Medicaid is a federal and state program that provides health coverage for certain people with limited income and assets. to pay Medicare Medicare is the federal government health insurance program that provides health care coverage if you are 65 or older, are under 65 and receive Social Security Disability Insurance (SSDI) for 24 months, begin receiving SSDI due to ALS/Lou Gehrig’s Disease, or have End-Stage Renal Disease (ESRD) no matter your age. You can receive health coverage directly through the federal government (see Original Medicare) or through a private company (see Medicare Advantage). costs, like copays and deductibles, and for health care not covered by Medicare, such as dental care and transportation to medical appointments.
- Medicare Savings Programs (MSPs): If you do not qualify for Medicaid but still have problems paying for health care, you may qualify for an MSP, a government-run program that helps cover Medicare costs. There are three types of MSP, and all of them pay the monthly Medicare Part B premium. The Qualified Medicare Beneficiary (QMB) Qualified Medicare Beneficiary (QMB) is a Medicare Savings Program (MSP) administered by each state’s Medicaid program. It helps people with Medicare who have limited income and assets pay their premiums, deductibles, and coinsurances. If you have QMB, you should not be billed for any Medicare-covered services you receive from Original Medicare providers or providers in your Medicare Advantage Plan’s network. program covers deductibles and coinsurances as well.
- Extra Help: Also known as the Part D Low-Income Subsidy (LIS) See Extra Help. , this is a federal program that helps pay for some to most of the costs of Medicare Part D prescription drug coverage. You may be eligible for Extra Help if you meet the income and asset limits. Also, in many cases, enrollment in an MSP automatically leads to enrollment in Extra Help.
- State Pharmaceutical Assistance Programs:Â SPAPs are offered in some states to help eligible individuals pay for prescriptions. Most SPAPs have income guidelines. Many also require you to enroll in a Medicare Part D plan and to apply for Extra Help.
Note: Income and asset limits for the above programs differ from state to state. For more information, call or visit the website of your State Health Insurance Assistance Program (SHIP).