Help is available for low-income Medicare beneficiaries. Many people don’t know their options, however, and may miss out on the financial aid they need and deserve as a result. Agents need to help spread the word.
Why Should Agents Pay Attention?
Many Medicare beneficiaries don’t apply for help because they don’t know about the programs or because they don’t think they’re eligible. Without help, they may struggle to pay for their health care. In some cases, they may even decide to go without important medications, or else have to make other sacrifices.
By helping clients find and apply to these programs, agents are doing their clients an important service. Agents are also showing their value and earning a loyal client.
What Help is Available?
Extra Help is the term used to refer to low-income subsidies for prescription drugs under Medicare. These subsidies help pay for premiums, deductibles and prescription co-pays. There are two levels of subsidies available: full and partial.
Medicare beneficiaries are eligible for Extra Help if their income and asset levels fall below the limits that have been set for the year. To see the limits for 2018, view this chart.
Medicare beneficiaries are also eligible if they have full Medicaid coverage, if they are enrolled in their state’s Medicare Savings Program or if they receive Supplemental Security Income benefits.
Medicare Savings Programs are run by each state’s Medicaid program. They provide help with Medicare Part A and Part B coverage. Eligibility is determined based on income and assets, in accordance with the state’s policies.
How Can Medicare Beneficiaries Apply?
Medicare beneficiaries should apply for help if they know they are eligible or if they think they might be. If their situation changes during the year, they may become eligible and should apply. When in doubt, it’s better to apply than to go without needed help.
To apply for Extra Help, Medicare beneficiaries should go to the Social Security page. People who have received notice that they qualify for Extra Help, that their copayment is changing or that they qualify for Supplemental Security Income should make sure that they are not overpaying, and they may need to send the proper documentation to their plan.
To apply for a Medicare Savings Program, Medicare beneficiaries should contact their state’s Medicaid program. To learn more about programs and eligibility in Texas, visit the Texas Health and Human Services Medicare Savings Program page.
