What If I Can’t Afford Medicare?

At least 1.2 million Medicare beneficiaries pay premiums for Medicare Part B even though they likely qualify to get it for free through a Medicare Savings Program, according to a November 2021 letter from the Centers for Medicare & Medicaid Services, or CMS.

Those premiums add up quickly. At $164.90 per month in 2023, they’re just shy of $2,000 per year for Part B alone. And there are other premiums, deductibles, copays and coinsurance to consider, too.

Various programs can cover some or all of those costs, but they’re not always easy to find. There are free resources available to help you navigate the specifics of your situation.

Medicare Savings Programs (Part A and Part B)

More than 10 million Medicare beneficiaries received help paying for their coverage through a Medicare Savings Program in 2019, according to a 2022 data analysis by KFF, a health policy nonprofit.

Medicare Savings Programs, or MSPs, help cover costs associated with Medicare Part A and Part B. You qualify for…

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This article was written by Alex Rosenberg and originally published on www.nerdwallet.com