Medicare Savings Program or “MSP” is a state based program available to Medicare Recipients. Anyone on the program receives extraordinary benefits however, very few people understand how it works. Here is a quick overview of how you can qualify and the tremendous benefits you can receive.
MSP is available to any Medicare recipient who makes less than $2,091.00 per month as an individual or $2,840.00 per month as a family. Assets are not considered when applying for MSP. The program is strictly based on income. The state will look at the last filed tax return in order to determine if an individual or couple will qualify. One important note to consider is that business owners are able to deduct all losses while non business owners are not able to use such deductions to determine income. For those who qualify, the following benefits are received…
- No longer pay your Medicare part B premium every month
- No longer subject to the “Coverage Gap”
- Can pay no more than $2.50 a month for generic drugs or $6.30 a month for name brand drugs
- Can make changes to your Medicare plan the 1st of any month
The benefits of MSP are substantial. Unfortunately, it is not well understood by the general public. Seniors are often eligible for the plans benefits but are unaware of the process to apply.