What If I Can't Afford Premiums On Medicare Supplemental Insurance?
What is Medicare Supplemental Insurance (Medigap) and how can it help me?
Medigap is a policy held by private insurance companies. It is designed to cover co-payments and deductibles from original Medicare Parts A & B plans. It is considered supplemental insurance, however, it can help you and, at times, reduce your payments to zero for certain procedures or situations.
The "low income subsidy" (LIS) is financial assistance available for individuals or families who require help in paying their Medical Supplemental Insurance (Medigap) premiums. If an individual has an income of $16,245 and assets of $12,510 or less they can qualify. If a family has assets of $25,010 and income of $21,855 or less they can qualify for help. If your situation qualifies, you can complete an SSA-1020 form and submit it to the Social Security Administration who will evaluate and determine eligibility.
Medicaid and Medicare Supplemental Insurance
For low income Seniors who are 65 and older as well as younger people with a qualifying disability, medicaid can help in paying the premiums for Medicare Supplemental Insurance. Although Medicaid is run in concert between state and federal governments, each state decides whether someone qualifies for medicaid. Visit your state's website to find out if you might qualify for this form of assistance.
Medicare Savings Plan
This is another State-run program for low income people with few or no assets. Again, your state government can provide assistance about qualifying for this program.
Consider Switching Plans
Premiums can vary greatly between plans and, if possible, get quotes for a number of different providers. If you are able to switch to a lower-priced plan with the same or similar benefits, it might make the premiums more affordable.