What if I can’t afford Medicare – If you have been struggling to pay your Medicare insurance costs, this article is for you. Over a million people who are enrolled in Medicare Part B are paying monthly premiums, even though they may qualify to get it for free.
The good news is that several programs can help cover some or all of these costs. While they can be hard to find, there are free tools and resources that can guide you.
How to Save on Medicare Part A and B
With the Medicare savings program, you can save costs associated with Medicare Part A and Part B. There are four different Medicare Savings Programs with different qualifying metrics which include income and resources.
Meanwhile some of the qualifying metrics include your income earning. Your income will be evaluated based on what you make as a percentage of the federal poverty level. Also, the resources that you own such as stocks, bonds, money in your bank account etc. Depending on the program that you qualify for, your Medicare savings program can cover part or all of your premiums or deductibles.
Extra Help for Medicare Part D (Low-Income Subsidy)
The Extra Help program supports millions of people with the cost of Medicare Part D, which covers prescription drugs. This program pays for your Part D premiums, deductibles, and other out-of-pocket expenses.
You automatically qualify for Extra Help if you are enrolled in:
- Full Medicaid coverage
- A Medicare Savings Program that helps pay for Part B
- Supplemental Security Income (SSI)
If you don’t qualify automatically, you can apply through the Social Security Administration. The program is available to individuals and couples earning up to about 150 percent of the federal poverty level.
Medicaid and Medicare How it Works
Medicaid is a government program that helps people with low income, disabilities, or certain health conditions pay for health care. Over 12 million people have both Medicare and Medicaid, which is often called “dual eligibility.”
Depending on your situation and the state where you live, Medicaid can help pay for Medicare-related costs, including premiums, deductibles, and copays. If you qualify for full Medicaid, you automatically qualify for the Extra Help program as well.
How to Get Help Based on Where You Live
To get Medicare help, where you live is a very important factor. Because rules vary by state, where you live can make a big difference in what benefits you qualify for. Here are a few free resources that can help:
1. Your State Medicaid Office
This is a great starting point. Your state’s Medicaid office can help you apply for Medicaid and Medicare Savings Programs. If you qualify for either, you’ll likely also qualify for Extra Help.
2. State Health Insurance Assistance Programs (SHIPs)
Every state has a SHIP, which offers free, unbiased help with Medicare.
If you need help covering the cost of Medicare, don’t wait. These programs exist to help you get the care you need without the financial burden. And with free tools and advisors available, you don’t have to figure it all out on your own
Final Thoughts
If you cannot afford your Medicare premium cost, it is best that you look into the options listed in this article to help you save on part or all your cost. Once you know that you cannot cover the cost of your Medicare, check out the Medicare savings program available for you.
