Age Spots: Save money on Medicare

Everyone loves to save money. Many people I know have an almost competitive instinct to save the most money or get the best bargain when shopping. Saving money is a great thing.

Did you know you could save money on Medicare? There are several programs that could help those who qualify pay for almost every part of Medicare.

The Low-Income Subsidy or Extra Help program can pay all or a portion of your Medicare Part D prescription premium. It also will reduce the deductible and limit how much you have to pay for a prescription. That can add up to some incredible savings if you qualify. For a single person, you have to make less than $1,471 monthly and have assets less than $13,640. A married couple has to make less than $1,991 monthly and have assets lower than $27,250.

There also are programs that can pay the Medicare Part B premium. The Medicare Savings Programs can pay the $104.90 or $121.80 that is held out of your Social Security check. That would be like getting a raise, and more money in your pocket is always a good thing. The income guidelines for these programs start at $1,345 a month for a single person with assets of less than $7,280. For a couple, the highest qualifying income is $1,813 monthly, with assets less than $10,930. One of the MSP programs also pays the Medicare A and B deductibles and copays. The income guidelines for that begin at $1,001 monthly for a single person and $1,348 for a couple. The asset limitations are the same for all the MSP programs.

Lastly, there is the Missouri Rx Plan. MoRx will pay half of your Medicare prescription copays. The income for a single person is $1,805 and $2,428 for a couple, and there are no asset guidelines with this program.

If you think you might qualify and would like to keep a little more money in your pockets, please call Aging Matters at (573) 335-3331 or (800) 392-8771.

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About Jackie

Jackie Dover is public information director at Aging Matters.