Saving Money & Medicare
What are Medicare Savings Programs (MSPs)?
Seniors and younger adults with disabilities who are Medicare eligible may also be able to enroll in a Medicare Savings Program. Medicare Savings Programs (MSPs) provide assistance from the state of Iowa to help pay Medicare premiums. In some cases, Medicare Savings Programs may also pay Medicare Part A (Hospital Insurance) and Medicare Part B (Medical Insurance) deductibles, coinsurance, and copayments. There are a variety of programs available, and eligibility will depend on your income and assets.
Three of the four MSPs cover the Medicare Part B premium, which in 2022 is $170.10 a month for individuals who receive help with their premiums. Enrollment in a MSPs puts over $2,000 back into the wallets of seniors/adults with disabilities each year.
Enrollment into MSPs also automatically “deems” a person eligible to receive the Medicare Part D Low Income Subsidy (LIS/Extra Help). This benefit helps pay for prescription drugs and is estimated by the Social Security Administration to have an annual value of $5,100. Furthermore, if a senior/adult with disabilities is not already enrolled in Part D, they will have no late enrollment penalty if they receive Extra Help.
Where can you get help applying for the Medicare Savings Programs?
If you believe you (or someone you know) may be eligible for these programs, you can get assistance from Iowa SHIIP/ SMP. Contacts us 1-800-351-4664 for a free screening and application assistance. Our trained SHIIP/ SMP counselors can also help you with additional information and counseling to ensure your health insurance needs are being met.
If you are unsure about your eligibility and want to check before calling, you can also take a brief survey on our website: https://shiip.iowa.gov/eligibility-survey
**Content adapted from the National Council on Ageing.