What Are Medicare Savings Programs?

Those that haven’t researched Medicare may think that there are limited options or that beneficiaries don’t have very many choices, but this is incredibly untrue.  Medicare offers many different choices when it comes to various areas of health insurance so that every beneficiary can find the option which works for them and their specific health situation.

Medicare Savings Programs

Medicare understands that paying premiums can put a financial toll on some, so Medicare Savings Programs exist to help alleviate some of that financial stress.  There are four different types of savings programs.  

Program eligibility is primarily based on income.  These programs are intended for those that couldn’t pay their premiums otherwise, so those in a higher income bracket are typically not eligible.  However, if you’re struggling financially and are wondering if you have any options, consider applying for a Medicare Savings Program.  

There is also a resource factor, which relies on if an individual has money in another account not related to income.  This is important to note, as a large bank reserve would disqualify an individual from this Medicare option.

What’s the difference between the four programs?

Each of the programs has its own income qualifications, as well as guidelines for what costs they’ll cover.  Some will cover a wide range of costs, while others will only cover the Part B premium.  The variety of coverage that exists within the four programs ensures that beneficiaries will get the financial support they need so that they can continue to receive healthcare.  Having access to health insurance is incredibly important so that individuals don’t hesitate if they need to seek medical attention.

Wondering which option is right for you?

If you’re beginning to research Medicare Savings Programs, then it’s probably best to start with your income.  Seeing which programs you qualify for initially will allow you to evaluate the possibilities and think critically about the programs that you do qualify for.

If you qualify for one or more of the program options, take a look at the costs they cover.  If there is a specific cost that you’re especially worried about paying, there may be a program that provides for that cost.  Choosing a program based on your individual situation is one of the best parts of Medicare, so be sure to research and learn about the different options available to you.

Those that aren’t sure if a Medicare Savings Program is right for them should reach out to an insurance professional.  They can help you examine all the options and take a look at your specific situation.  At Turning 65 Solutions, we understand the importance of individual attention and aim to give it to each of our clients so that everyone feels heard when working with us.  If you’re ready to collaborate with our team at Turning 65 Solutions, let us know.  We’re here to provide both support and guidance, so contact us today to schedule an appointment.

Turning 65 Solutions can help you plan for the future.