The costs associated with Medicare are subject to change each year. Some Medicare expenses increased in 2021 such as the premiums and deductibles for Medicare Part A and Medicare Part B. On the bright side, the average premiums for Medicare Advantage Plans and Part D prescription drug plans decreased.
If you are a senior living only on social security, we know that every penny counts. We understand how important it is to keep your Medicare expenses as low as possible. If you are a senior struggling to pay for your health care costs because of limited income, there are programs in place to help you pay for your health care expenses. As Medicare agents we hate to see kupuna worry about the cost of health care; it’s our job to connect you with all the programs you qualify for and find the plans that best fit your budget and your needs.
Top 3 ways low-income seniors can save money on Medicare expenses
Help with Medicare Part A & Part B
Most seniors qualify for Part A (hospital coverage) with no monthly premium because they or their spouse paid payroll taxes for at least 10 years. Part B (medical coverage), however, does come with a monthly premium for all seniors. The standard Part B monthly premium for 2021 is $148.50, up from $144.60 in 2020. The 2021 Part B deductible is $203, a $5 increase from 2020. (Seniors on Medicare Advantage Plans may have different expenses).
If you are low-income, you may qualify for one of several Medicare Savings Programs administered through Hawaii Medicaid offices. These plans are in place to help low-income seniors pay for their Medicare expenses. Depending on the plan you qualify for, you could have your entire Part B premium covered, as well as other out-of-pocket expenses such as copayments, deductibles, and coinsurance.
Qualification for Medicare Savings Programs is determined based on certain “countable resources” and your income. For help applying, contact your Medicare agent or call your State Medicaid program.
Change in income:
Seniors who are paying higher fees or income-related monthly adjustment amount (IRMAA) for their Part B premiums becaus