I can’t afford Medicare Part B. What can I do?

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Q. I was 66 years old last December. I have Medicare Part A, but I can’t pay Part B. What do people do when they can’t afford this premium?

– Lack of money

A. We are sorry to hear that you are having financial problems.

Medicare can cover many health services, but as you know it is not free.

If you’re not eligible for full Medicaid to work alongside your Medicare coverage, you may receive some relief from Medicare Part B premiums, said Altair Gobo, a certified financial planner with U.S. Financial Services in Fairfield.

The Medicare Savings Program (MSP) can pay Medicare Part A and B premiums, deductibles, coinsurance, and co-payments for people with limited income and assets, he said.

There are four types of Medicare savings programs, each with different requirements, he said.

“Although this is Medicare benefits, eligibility for the MSP is determined by the state’s Medicaid office because funding for the MSP comes from the Medicaid program,” he said. “If you are eligible for Medicare Part A and your income and assets are equal or less, you may be eligible for MSP. “

The four types of MSPs that provide assistance with the cost of Medicare coverage are:)

You should contact the New Jersey State Health Insurance Assistance Program (SHIP) or the state Medicare agency to determine if MSPs can help you pay for your Medicare Part B.

Email your questions to [email protected].

Karin Price Mueller writes on Bamboo column for NJ Advance Media and is the founder of NJMoneyHelp.com. Follow NJMoneyHelp on Twitter @NJMoneyHelp. Find NJMoneyHelp on Facebook. Sign up for NJMoneyHelp.com‘s weekly electronic newsletter.

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