Seniors can lower health insurance costs through the federal Extra Help program (which limits prescription drug costs) and state-run Medicare Savings Programs (which pay Part B premiums and deductibles). Eligibility is based on income and resources.
Depending on the specific program (QMB or SLMB), the state covers your Part B premiums, deductibles, and coinsurance. Qualifying for an MSP automatically enrolls you in Extra Help.
To qualify, a single person’s income must be under roughly $1,350 to $1,816/month, with resources around $9,950.
The Senior Health Insurance Information Program (SHIIP) offers free, unbiased, confidential counseling. Counselors can help you determine your eligibility and walk you through the application paperwork.