Overview of Medicare Savings Programs
Medicare is the national health insurance program for seniors in the United States. While it is the most affordable option, it is not cheap for everyone. Some people with low income levels or financial difficulties may find it challenging to meet the requirements. This is where Medicare savings programs come in. In general, they do not pay for your medical costs directly, but help cover related expenses, such as copayments, coinsurance, deductibles, and premiums. There are currently 4 Medicare savings programs available:
– Qualified Disabled and Working Individuals: covers premiums for Medicare Part A
– Specified Low-Income Medicare Beneficiary: covers premiums for Medicare Part B
– Qualifying Individual: covers premiums for Medicare Part B
– Qualified Medicare Beneficiary: covers premiums for Medicare Part A; and premiums, deductibles, copayments, and coinsurance for Medicare Part B. [1]
