Are you overwhelmed by healthcare costs? There could be help available to you. Here are three options to help you save on your health needs this fall.
- Looking to save money on your health needs? Did you know that the National Council on Aging offers a BenefitsCheckUp site where you can search for benefits and discounts that might be available to you? You may be eligible for savings that you didn’t know were available. The BenfitsCheckUp team does the research for you and finds many options for programs from which you might benefit.
- Medicare Savings Accounts, or MSAs. These are available with certain Medicare Advantage plans, which make deposits into your account to help cover healthcare costs. You can use the money in your MSA to cover qualifying medical expenses, copays, coinsurance, or other out-of-pocket needs. Money that you don’t use can be saved for the future. There is no limit to the amount of money that can have in your MSA, and the returns aren’t taxed. The money can only be used for healthcare purposes. MSAs are a a good option for those in better health and who have some savings as a cushion.
- Medicare Savings Programs, or MSPs, are programs offered by your state to help with Part A and Part B deductibles, coinsurance, and copayments. You must have Part A and meet certain conditions of limited finances to qualify. Contact your state Medicaid program to see if you qualify. Rules and qualifications vary by state and by type of MSP. If you enroll in an MSP, you also qualify for Part D Extra Help.