Assistance May Be Available
By Tamia R. Banks, licensed agent Insurance Management & Services
If you’re on Medicare and finding it hard to afford your monthly premiums or prescription drug costs, you are not alone—and there may be help available to reduce those costs or even eliminate them.
Many people don’t realize they qualify for programs that can lower out-of-pocket expenses, especially if they’re living on a fixed income. Whether it’s help with your Medicare Part B premium, Part D drug costs, or other medical expenses, assistance programs could make a big difference in your monthly budget.
Programs That Can Help
- Medicare Savings Programs (MSPs)
These state-run programs can help pay for:
- Your Medicare Part B premium (which is over $170/month for most people)
- And sometimes your deductibles, coinsurance, and copayments
There are four main types of MSPs, and eligibility is based on your income and assets. Even if your income is slightly above the limits, you may still qualify in some states.
- Extra Help (Low-Income Subsidy) for Prescription Drugs
This program helps cover the cost of:
- Monthly Part D premiums
- Annual deductibles
- Copayments or coinsurance for medications
If you qualify for Extra Help, you could save thousands of dollars per year on prescriptions. Many people are automatically enrolled if they already receive Medicaid, Supplemental Security Income (SSI), or help from a Medicare Savings Program.
- State Pharmaceutical Assistance Programs (SPAPs)
Some states offer extra help with drug coverage through SPAPs. These can reduce the cost of your prescriptions or help cover the gap if your Part D plan doesn’t pay for a certain drug.
How Do You Apply?
Applying for help can be quick and straightforward—with the right guidance. A licensed Medicare agent can help you:
- Understand which programs you may qualify for
- Walk you through the application process
- Help you enroll in a Medicare Part D or Medicare Advantage plan that works with these programs
Don’t Miss Out on Benefits You Deserve
If you’re skipping medications or worrying about how to pay for Medicare each month, assistance is available. The key is knowing where to look and having someone to guide you through the process.
Let us help. A quick conversation with a licensed Medicare agent can save you money, stress, and ensure you’re getting the coverage and support you need.
Call today to see if you qualify—it costs nothing to ask, but it could save you a lot.
Websites to visit for additional information Medicare.gov and SSA.gov
For more information, contact Medical Reimbursement & Management Services, Inc., or Insurance Management & Services, focusing on the issues of Older Americans. For Free Guidance Call: 309-693-1060. Website: WWW.MRMS-INC.COM or WWW.IMS-PEORIA.COM Location: 809 W. Detweiller Dr., Peoria, IL 61615.
