By Elliot Raphaelson
Most individuals, when they reach age 65, sign up for Medicare. For most participants, Medicare Part A (hospital insurance) is free. For other parts that are needed, such as Part B (outpatient medical insurance), Medigap (supplemental insurance), and Part D (prescription coverage), the costs can be high and, for many low-income families, difficult to fund.
Fortunately, Medicare has developed four different kinds of savings programs through individual states’ Medicaid offices that provide Medicare savings for different types of Medicare expenses for families of limited income and resources. Following are four savings programs, with the associated benefits and eligibility requirements….