Medicare Savings Programs (MSPs) can significantly help cover your out-of-pocket healthcare costs, but several myths often prevent eligible individuals from taking advantage of these programs. It’s essential to understand what’s true and what’s not so that you can make informed decisions about your healthcare. Let’s debunk five common myths about Medicare Savings Programs.
5 Common Myths about Medicare Savings Programs
Myth 1: "I make too much money to qualify."
Many people mistakenly believe that their income is too high to qualify for an MSP. However, the income limits for MSPs are more generous than you might think and vary depending on the state you live in. In addition to income, assets like savings and investments are considered, but the rules allow for higher asset limits in many cases. Some programs even disregard certain sources of income, such as specific retirement savings, when determining eligibility. It’s always worth checking your state’s rules or speaking with a counselor to explore whether you qualify. Learn more about Medicare Savings Program eligibility.
Myth 2: "I have to be on Medicaid to qualify for an MSP."
While Medicaid and MSPs are both programs designed to help low-income individuals with healthcare costs, you do not need to be on Medicaid to qualify for an MSP. These are distinct programs. MSPs specifically help with Medicare premiums, deductibles, co-insurance, and co-payments. If you find the costs of Medicare Part A, Part B, or your prescription drugs to be a burden, an MSP could offer substantial financial relief without needing to enroll in Medicaid.
Myth 3: "MSPs only cover Medicare premiums."
One of the biggest misconceptions about Medicare Savings Programs is that they only cover your monthly Medicare premiums. While it's true that MSPs can help pay your Part B premium (the amount you pay each month for your coverage), they may also cover other costs. Some MSPs assist with deductibles, co-payments, and even co-insurance, reducing your overall out-of-pocket expenses. If you qualify for full Medicaid, the coverage can be even broader, helping you save on many of your healthcare costs.
Myth 4: "Applying for an MSP is too complicated and not worth it."
It's understandable to feel overwhelmed by the thought of filling out forms or navigating government programs. However, the process for applying to an MSP is often simpler than you may think. Many states provide assistance programs to help guide you through the application. Additionally, numerous organizations offer free help, including your local State Health Insurance Assistance Program (SHIP). The savings from participating in an MSP can be well worth the effort, with many participants saving hundreds or even thousands of dollars annually. Find free help with your MSP application through SHIP.
Myth 5: "If I qualify for an MSP, my healthcare will suffer."
Some people believe that receiving financial help through an MSP will reduce the quality of their healthcare or limit their choices. In reality, MSPs can actually improve your access to care. By helping you afford premiums and other healthcare costs, an MSP allows you to maintain continuous coverage and seek medical attention when you need it. These programs do not lower the quality of care or restrict the services you receive through Medicare. In fact, by reducing your financial burden, MSPs can help you stay on top of preventive care and treatment for ongoing conditions.
Why Should You Consider Applying?
Debunking these myths makes it clear that Medicare Savings Programs offer a range of benefits that can make your healthcare more affordable without sacrificing quality. If you think you might be eligible, take the time to apply—it could make a significant difference in your monthly expenses.
For older adults, staying informed and taking advantage of financial assistance programs like MSPs is crucial. Don't let myths or misconceptions keep you from exploring programs that can offer you real savings.
Want to learn more about Medicare Savings Programs and how to apply? Join one of GetSetUp's Medicare classes to get guidance and support. Our friendly instructors will help you understand your options and take advantage of the programs available to you. Visit GetSetUp today to get started!
Reviewed By: Keith Gilbert