Medicare Financial Assistance Programs

Medicare Financial Assistance Programs

If you have Medicare and limited income and resources, you may qualify for financial assistance programs such as Extra Help (Low-Income Subsidy) and Medicare Savings Programs.

Extra Help (Low-Income Subsidy Program)

Anyone who has Medicare can get Medicare Prescription Drug coverage. Extra savings are available for people with limited income and resources. Extra Help will pay for all or most of the monthly premiums and annual deductibles and lower the prescription copayments.

Medicare Savings ProgramsMedicare Savings Programs

Medicare Savings Programs help people with limited income and resources pay Medicare out-of-pocket expenses such as: premiums, deductibles and copayments. Available Medicare Savings Programs are Qualified Medicare Beneficiary (QMB), Specified Low-Income Medicare Beneficiary (SLMB) and Qualifying Individual (QI-1).

To apply for financial assistance, contact a certified Trident AAA SHIP counselor for application assistance anytime Monday through Friday, between 8 a.m. and 5 p.m. call (843) 554-2279.

What are the advantages of Medicare Savings Programs?

Saving Money on Medicare Costs

Three of the four MSPs cover the Medicare Part B premium, which in 2023 is $164.90 a month. Enrollment in MSPs puts almost $2,000 back into the wallets of seniors/adults with disabilities.

Automatic Extra Help

Enrollment into MSPs automatically “deems” a person eligible to receive the Medicare Part D Extra Help subsidy. This benefit helps pay for prescription drugs and is estimated by the Social Security Administration to have an annual value of more than $5,000.