Medicare Financial Support Options-Medicare Financial Support Options

Video Transcription

Video Summary

In this video, host Derek McGinty discusses how individuals can receive financial assistance for Medicare premiums and out-of-pocket costs. He explains that Medicaid can help cover the costs for Medicare beneficiaries who are also eligible for Medicaid. There are also four Medicare savings programs available: Qualified Medicare Beneficiary, Specified Low-income Medicare Beneficiary, Qualifying Individual, and Qualified Disabled and Working Individuals. These programs can assist with Part A and Part B premiums, deductibles, co-payments, and other charges. The video also mentions the Extra Help Program for prescription drug costs. The eligibility and application process for these programs can vary by state. Viewers are encouraged to visit aarp.org/medicare for more information. The basics of Medicaid are also briefly explained, including eligibility requirements and coverage details, which vary by state. Viewers can find general information on Medicaid at medicaid.gov and use the eligibility tool at healthcare.gov to estimate their eligibility based on income and household size. It is mentioned that Medicaid recipients will need to demonstrate annual eligibility starting April 1st, 2023. The video concludes by directing viewers to shiphelp.org for information about their state's Medicare Savings Program requirements and providing additional resources for Medicare information and questions.

Keywords

financial assistance

Medicaid

Medicare savings programs

eligibility

prescription drug costs