Medicare Savings Program (MSP)
Medicare Savings Programs (MSP) are available to Medicare beneficiaries that meet certain income guidelines. These programs provide financial assistance and help offset the costs of medical and prescription drug costs with the Medicaid program. Medicaid is a health care program that helps pay for medical services for people who meet specific requirements.
You may be eligible depending on your income and the value of things you own.
*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 will not count toward your asset limit, such as your home and furnishings, your car, burial plots, and, at least $1,500 in life insurance.
These limits are guidelines. The only way to know for sure if you are eligible is to apply.
Extra Help also called low income subsidy (LIS) helps individuals pay for the cost of Medicare Prescription Drugs. If you meet the guidelines below you will receive the following:
Help paying your Medicare drug plan’s monthly premium, yearly deductible, coinsurance, and copayments.
No coverage gap
No Late Enrollment Penalty (LEP)
You automatically qualify for Extra Help if you have Medicare and meet one of these conditions
You have full Medicaid coverage
You get help from your state Medicaid program paying your Part B premiums (in a Medicare Savings Program- MSP)
You get Supplemental Security Income (SSI) benefits
Extra Help Requirements:
*Resources include money in a checking or savings account, stocks, bonds, mutual funds, and Individual Retirement Accounts (IRAs). Resources don’t include your home, car, household items, burial plot, up to $1,500 for burial expenses (per person), or life insurance policies.