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.
“Extra Help”
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.
Related posts:
- How Do I Pay Premiums For A Medicare Supplemental Insurance Plan?
- How Much Is Medicare Supplemental Insurance?
- Which States Have The Best Supplemental Insurance For Medicare?
- How Do I Change a Medicare Supplemental Insurance Plan?
- Do I Have To Have A Supplemental Insurance If I Qualify For Medicare?
I will turn 65 May 2012 and my social security is only 780 a month. I make about 3000 a yr working part time. When you say assets, I own a car and live/own in a home which I own with 3 other people. Total value, at the highest would be 70,000 my shar one 4th if I would sell. Are car and home considered assets? If they take another 100 out of ss I would starve. Would I qualify for help in this area? Thanks,
This is a query for my sister’s situation.
She only gets $500.00 a month Social Security, so obviously far below the $16,245 and doesn’t have assets (unless a 1997 Toyota counts)If close to $100.00 is taken for premiums she will be in a very bad place obviously.
Would she qualify for assistance?
Also, I have heard that at age 65 she can apply for a cost of living raise so she will get a bit over $700.00 a month? One man who reached 65 about 3 years ago got this type of “raise”. Any information is appreciated, as obviously she is panicked over the whole situation.
Thank you.
I applied for a Supplementat Dental plan in January of 2010. Secure Horizons/ United Health Care. I realized I couldn’t afford the premiums after paying two months. I stopped the payments thinking the coverage would be dropped, alas, not. I am now facing a payback of $608.00 which I do not have. I could not afford the $32.00 premium last year, and can not this year, I don’t know how I will pay this off. Can you help or direct me to an agency that can help? Thank You. Tim Royal