What can I do if my Medicare costs rise?

Jan 28, 2022 | Medicare, Medicare Part B, Medicare Saving Program

In 2022 most Medicare plans premiums and deductibles increased. If these new costs are causing you to worry, there are a few programs you should know about.

Medicare Saving Programs (MSP)

A Medicare Savings Program (MSP) can pay for Medicare Parts A and B. There are four types of MSPs and they each have different requirements for eligibility based on your financial situation.

  1. Qualified Medicare Beneficiary (QMB)
  2. Specified Low-Income Medicare Beneficiary (SLMB)
  3. Qualifying Individual (QI)
  4. Qualified Disabled & Working Individuals (QDWI)

Requirements for each program are set federally but the programs are run by both federal and state offices and states may be more generous. The requirements change each year in January when the federal poverty level amounts are announced.

If you qualify for an MSP, you’ll also receive Extra Help, a federal program that helps pay for Medicare Part D, or prescription costs.

If you think there’s a chance you may qualify, you are urged to apply as your income and eligibility may be different in each state. Applications are accepted year round. To apply for an MSP, you must contact your Medicaid or social services office. For more help you can call 1-800-MEDICARE or call Dee to set up a consultation to discuss your options.

Diane “Dee” Lee Insurance, is an experienced licensed insurance agent and representative providing Medicare (parts A and B), supplemental Medicare, Medicare Advantage (part C) and Medicare Prescription (part D) plans. Diane Dee Lee Insurance also provides healthcare plans to cover dental vision, hospital stays and more. Serving as a Medicare Broker in Deer Valley, Peoria, Glendale, the Phoenix-metro area, as well as the counties of Pima, Pinal, Coconino, Gila, Mohave, Apache, Navajo, Maricopa and Yavapai. Licensed and appointed with multiple insurance carriers, Dee is available to meet in person (with necessary social distancing guidelines) or virtually. Please call (623) 251-6612 or email dleeski@reagan.com