Medicare Savings Program
Medicare Savings Program (MSP) is a Medicaid-administered program to help low-income individuals cover some of their out-of-pocket costs for Medicare like Medicare Part A and Part B premiums, deductibles, copayments and coinsurance. Certain programs may even help cover the cost of prescription drugs (Part D).
There are four types of Medicare Savings Programs:
Qualified Medicare Beneficiary (QMB) Program,
Specified Low-Income Medicare Beneficiary (SLMB) Program,
Qualifying Individual (QI) Program
Qualified Disabled and Working Individuals (QDWI) Program.
*Benefits vary for each program, but all of them, with the exception of the QDWI Program, help pay for Medicare Part B premiums.
To qualify, individuals must have or be eligible for Medicare Part A and have income and resources below a certain threshold.
*The income and resource requirements are different for each of the four Medicare Savings Programs and may change from year to year.
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