Saving Dollars Makes Sense, with Medicare

With rising prices on essentials like groceries, you’re not alone if you’re keeping a close eye on your wallet. Many Americans are facing financial challenges today, and health care costs are no exception. Luckily, there are many ways you can save money on your health care costs if you have Medicare.

If you have limited income and resources, you may qualify for Medicaid – a joint federal and state program that helps with Medical costs. Even if you don’t qualify for Medicaid, there are other programs that may help you pay for your Medicare premiums and other costs.

The 4 Medicare Savings Programs are:

  1. Qualified Medicare Beneficiary (QMB) Program
  2. Specified Low-Income Medicare Beneficiary (SLMB) Program
  3. Qualifying Individual (QI) Program
  4. Qualified Disabled and Working Individuals (QDWI) Program

If you qualify for Medicaid or a Medicare Savings Program, you’ll also get Extra Help paying for your prescription drugs automatically. If you don’t automatically qualify Extra Help, you can apply online at SSA.gov.

It’s important to call or fill out an application if you think you could qualify for savings—even if your income or resources are higher than the amounts listed on Medicare.gov. These amounts change yearly, and there may be another savings program you are eligible for depending on your specific situation. To find out if you are eligible for savings through one of these programs, call your State Medicaid Program.