(upbeat music) <v ->Hello, my name is Derek McGinty and I'll be your host.</v> In this quick learning, we're discussing how you or a loved one can get help paying Medicare premiums and other out-of-pocket costs. Several public programs provide financial assistance for Medicare and they can help pay Medicare premiums, deductibles, co-payments and prescription drug costs. We're gonna look at them, but before we do, let's watch a video overview of your Medicare options. <v Narrator 1>I can't afford Medicare.</v> Is there any financial help available? <v Narrator 2>Yes.</v> Medicare beneficiaries who are also on Medicaid get some or all of their out-of-pocket costs covered. Medicaid is a joint federal and state program that helps some people with limited incomes, get their medical care. More than 12.3 million people, are what the federal government calls dual eligible. <v Narrator 1>How do I qualify to become dual eligible?</v> <v Narrator 2>Each state has its own Medicaid program.</v> It needs to follow federal guidelines, but each state gets to set eligibility standards and what it covers. You'll need to contact the program in your state to see if you meet its qualifications, including its income threshold. <v Narrator 1>What if I don't qualify</v> for Medicaid but still need financial help? <v Narrator 2>Medicare has four savings programs,</v> Qualified Medicare Beneficiary, Specified Low-income Medicare Beneficiary, Qualifying Individual or Qualified Disabled and Working Individuals. These programs can help pay for Part A and Part B premiums and other out-of-pocket costs like deductibles, copays, and other charges. (upbeat music) Which program you qualify for will depend on your income. Check with your state's Medicaid office to see if you qualify for any of these programs. <v Narrator 1>What about prescription drugs?</v> <v Narrator 2>The Extra Help Program assists people</v> with limited resources in paying for Part D prescription drug plan premiums, deductibles and copays. <v Narrator 1>How do I get Extra Help?</v> <v Narrator 2>If you qualify</v> for the Qualified Medicare Beneficiary or the Specified Low-Income Medicare Beneficiary Program, you automatically can enroll in Extra Help. You can apply through the Social Security Administration. To learn more, go to aarp.org/medicare. (gentle music) <v ->It's great to know about the options you have</v> but before we go too much further into the details of Medicare, what about Medicaid? That's a program you might have heard of before, but you might not be so familiar with the details. So, let's go over the basics of Medicaid. First, Medicaid is jointly run by the federal and state governments which means eligibility requirements and coverage details, vary by state. Regardless of which state you're in though, your income and financial assets must fall below certain levels in order for you to qualify for Medicaid. You can find general information on Medicaid at medicaid.gov and you can get a quick estimate of Medicaid eligibility, based on your state and income and the size of your household by using the eligibility tool at healthcare.gov. Now, if you're already receiving Medicaid, you should know it went back to its pre-pandemic rules. Starting on April 1st, 2023, Americans must demonstrate annually that they qualify in order to receive Medicaid benefits. Every state is supposed to send renewal letters to all of its Medicaid beneficiaries with instructions on how to renew. Every state will also send a discontinuation letter if they believe a Medicaid recipient is no longer qualified for the program. States have until June, 2024 to complete this process, so be sure your information is updated with Medicaid and watch your mailbox. Alright, so now back to Medicare. Let's look at the four types of Medicare Savings Programs or MSPs. Not many people know about Medicare Savings Program, so you could be eligible and just not know about it. Here's the lowdown, like Medicaid eligibility for these programs varies by state. You can contact shiphelp.org for information about your state's requirements. In general, to be eligible, your income and sometimes your savings must be below certain limits, which again vary by state. These limits are generally higher than those required to qualify for Medicaid and some states don't count your savings at all. Let's start with a program called Extra Help or Low-Income Subsidy. This program is for those who need assistance paying premiums, deductibles and co-payments for Part D Prescription Drug Plans. Folks get extra help automatically if they have full Medicaid coverage if they qualify for certain Medicare Savings Programs or if they are receiving, Supplemental Security Income benefits from Social Security. If you don't automatically get Extra Help, you can still apply for it. You may get full or partial assistance, depending on your income and assets. So, here are the six steps. First, gather your documents, then go to this URL and click Apply. Read the information and answer the personal questions. If you pre-qualify based on the information you provide, you'll be asked to apply and then click Apply Now. Then you'll enter your name, Social Security number, date of birth and whether you worked this year and last year. You'll need to supply information about your spouse, such as whether he or she wants to apply for Extra Help as well. You'll then be asked about your income and in some states your assets, which will then help determine whether you're eligible for the program. If you need help completing the application, contact Social Security at 800-772-1213 or your State Health Insurance Assistance Program at shiphelp.org. After you apply, Medicare will let you know whether you qualify for full or partial assistance. Next, let's look at the qualified Medicare Beneficiary Program or QMB, which is also a Medicare Savings Program. It helps pay for Part A and Part B Premiums, deductibles, co-insurance and co-payments. If you do not have a Part A but meet QMB eligibility guidelines, your state may have a process to allow you to enroll in Part A and in QMB. If your income is slightly too high for you to qualify for QMB, you may still be eligible for another program, Specified Low-Income Medicare Beneficiary. The Specified Low-Income Medicare Beneficiary Program, also pays Part B Premiums and provides Extra Help with Part D costs. Next up, the Qualifying Individual Program which pays Part B premiums and provides Extra Help with Part D costs if you do not qualify for Medicaid. The Qualifying Individual Program allows a higher income than the Specified Low-Income Medicare Beneficiary Program. And finally the Qualified Disabled, Working Individual Program is for people with disabilities who've returned to work, lost Social Security disability benefits and don't qualify for premium free Part A, because they're working again. It also helps pay for Part A Premiums. To find clear and comprehensive information about Medicare, click on this website. For additional information, about other Medicare topics and resources, visit learn.aarp.org/medicare. And while you're there be sure to use the Your Questions Answer tool to browse the Frequently Asked Questions. If you don't see what you're looking for, you can submit your own question and volunteers from the Medicare Rights Center will answer that question. In fact, every question submitted with a personalized response in just a few days. Thanks for watching. (upbeat music)

financial assistance

Medicaid

Medicare savings programs

eligibility

prescription drug costs