Medicare savings program


Also found in: Acronyms.

Medicare savings program

A Medicaid program which helps pay some or all Medicare premiums and deductibles.
References in periodicals archive ?
The Medicare Savings Programs (MSPs) are designed to provide financial assistance to Medicare beneficiaries who do not qualify for full Medicaid coverage.
The Qualified Medicare Beneficiary and Service Limited Medicare Beneficiary (QMB/SLMB) program permits HealthPartners to offer a premium subsidy program for enrollees in Medicare Savings Programs.
To assist low-income beneficiaries with their share of premiums and other out-of-pocket costs associated with Medicare, Congress has created four Medicare savings programs.
My Medicare Matters also offers accurate and easy-to-understand information on programs that help low-income people afford Medicare-the Medicare Savings Programs and Medicare Part D Low-Income Subsidy (LIS)/Extra Help.
In addition to standard comparison shopping, many respondents were not aware of extra benefits that can provide critical assistance for vulnerable seniors, including Medicare Savings Programs (68%), which help people with limited income pay for some or all of their Medicare costs, and Extra Help (53%), which helps pay for prescription drug costs.
Of the 36 percent of respondents ages 65 and over who would qualify for assistance with their Medicare costs based on their income, more than two thirds (68 percent) had never heard of the Medicare Savings Programs, which help people with limited income pay some or all of their premiums, deductibles and coinsurance.
My Medicare Matters also offers simple, step-by-step guides on how to join Medicare, a detailed explanation of the program's benefits and costs, and information on two programs that help low-income people afford Medicare-the Medicare Savings Programs and the Medicare Part D Low-Income Subsidy (LIS)/Extra Help.
Each BEC will receive up to $130,000 to establish more effective systems to enroll seniors and adults with disabilities into the following programs: Medicare Part D Extra Help (Low-Income Subsidy); Medicare Savings Programs (MSPs); Medicaid; the Supplemental Nutrition Assistance Program (SNAP), formerly the federal Food Stamp program; State Pharmacy Assistance Programs (where available); and Low-Income Home Energy Assistance (LIHEAP).
With this increase, more older adults may qualify for programs such as the Supplemental Nutrition Assistance Program (SNAP), Medicaid, Medicare Savings Programs, Medicare's Part D Low-Income Subsidy and Low Income Home Energy Assistance Program (LIHEAP).
Part of the solution is to urge older adults on fixed incomes to apply for the Medicare Low Income Subsidy and Medicare Savings Programs to reduce their prescription drug and health care costs, and the food assistance program to reduce expenses at the grocery store.
This extension means that there will not be a reduction in the income limits for key public benefit programs, and Americans nationwide who fall within the current poverty threshold will continue to qualify for these much needed programs, such as the Supplemental Nutrition Assistance Program (SNAP), Medicaid, Low Income Home Energy Assistance Program (LIHEAP) and Medicare's Part D Low-Income Subsidy and Medicare Savings Programs.
Individuals who are Medicare eligible can find additional savings through their choice of plans and select Medicare Savings Programs run at state or local levels.
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