Check your eligibility for Medicare Savings Programs (MSPs). These programs help lower your Medicare Part D prescription drug costs. Four main MSPs exist: Qualified Medicare Beneficiary (QMB), Specified Low-Income Medicare Beneficiary (SLMB), Qualified Income-Related Monthly Adjustment Amount (QI-RMAA), and dual eligible individuals.
QMB covers your Medicare Part A and Part B premiums, as well as your Part D cost-sharing. SLMB helps with Part B premiums and Part D cost-sharing. QI-RMAA reduces your Part B premium.
Eligibility for each program hinges on your income and resources. Income limits vary by state. Contact your State Medicaid agency or the Social Security Administration to determine your eligibility. They can provide detailed information on income and resource limits specific to your location.
The application process is straightforward. You’ll likely need to provide documentation verifying your income and resources, such as tax returns and bank statements. Complete the application thoroughly and accurately to expedite the process.
Once approved, MSPs automatically apply to reduce your Medicare prescription drug costs. You don’t need to do anything further. However, remember to reapply yearly or whenever significant changes to your income or resources occur.
Many resources are available to assist you. Your local Area Agency on Aging, Medicare’s website (medicare. gov), and State Health Insurance Assistance Programs (SHIPs) offer guidance and support throughout the application process and beyond.
