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HOW TO SAVE Money on Medicare Premiums
Updated: Sep 15, 2022
Get help APPLYING FOR a Medicare Savings Program
IT IS, A special program designed to help low-income seniors pay their Medicare expenses – Part B premiums included. These programs are funded via Medicaid, so they’re run at the state level (each state has its own Medicaid program, which is jointly funded by the state and federal government).
To qualify, your monthly income can’t exceed a certain limit. (The exact amount of which will depend on your tax filing status and your state of residence.) Also, your personal resources (such as savings and investments) must fall within a specific limit. But if you’re deemed eligible for assistance via an MSP, you could lower your Part B premium costs.
To apply for one of these programs, you’ll need to CONTACT YOUR STATE OFFICE OF HUMAN SERVICES.
ENROLL IN A MEDICARE PLAN THAT PAYS FOR YOUR PART B PREMIUM
In 2022, the standard Medicare Part B monthly premium is $170.10. Beneficiaries also have a $233 deductible, and once they meet the deductible, must typically pay 20% of the Medicare-approved amount for any medical services and supplies.
These Part B costs can add up quickly, which is why many beneficiaries search for a way to lower or be reimbursed for these expenses. The good news is that there are several options that can help maximize their savings while on Medicare.
The MEDICARE GIVEBACK BENEFIT or Part B premium reduction plan.
The MEDICARE GIVEBACK BENEFIT or Part B premium reduction plan is becoming more available and popular among beneficiaries.
you can see plans on the video bellow an example on how they can save you big money when they reimburse you up to $140 dollars per month in counties like Miami-Dade.