Fair Square Medicare Wordmark

Medicare Supplement Plans for Low-Income Seniors

senior couple working in a greenhouse stock image
By Daniel Petkevich
Mar 23, 2023

Read to see how Medigap plans fit with your budget

Retirement is something that all seniors should look forward to. However, there is also the sense that their budget is already stretched thin enough before considering the added burden of paying for health insurance. Medicare Supplement Plans, especially

Plan G

, offer the best coverage in Medicare for many people, but this often means paying higher monthly premiums. 

Stay Up to Date on Medicare!

Join the Fair Square Medicare Newsletter to stay informed on cost savings, changes to Medicare, and other valuable healthcare information.
Just because you might be low-income does not mean you can’t afford to have the Medicare Supplement plan with the most comprehensive coverage. Our team of experts at Fair Square can assess your financial situation and find the best plan for your needs. Let’s talk about how low-income seniors can find Medicare Supplement plans.

Medicaid and Medicare Savings Programs

You have options when it comes to saving on your healthcare expenses in retirement. Both options can help save you money on your out-of-pocket costs, including premiums, deductibles, copays and coinsurance. 
One option that you’re likely already familiar with is Medicaid.

Medicaid

is a federal and state-wide program that provides healthcare assistance to those with low-incomes. If you have both Medicare and Medicaid, Medicare pays first, and Medicaid pays second. If you qualify for Medicaid, some of the out-of-pocket costs that might be covered include: 
  • Medicare Part B

    premiums.
  • Deductibles, coinsurance, and copayments.
  • Part A premiums

    (for those who have to pay)
  • Additional prescription drugs and services that Medicare doesn't cover. 
You might also be enrolled in Extra Help, which offers savings on your Part D Prescription Drug plan. Learn more about Extra Help

here

If you want to apply for Medicaid, you can begin the process at the

link here

.
Medicare Savings Programs are state-based programs to help ease some of the burdens of out-of-pocket costs associated with Medicare. In addition to helping with premiums, deductibles, copays, and more, depending on your state. Your options vary based on your state, but according to the Medicare.gov website, there are four different MSPs:
  • Qualified Medicare Beneficiary (QMB) program
  • Specified Low-Income Medicare Beneficiary (SLMB) Program
  • Qualifying Individual (QI) Program
  • Qualified Disabled Working Individual (QDWI) Program
There are some broad income and resource limits listed on the Medicare website. However, the numbers listed have yet to be updated for 2023, and the limits might vary depending on your state and your situation. It’s worth it to apply even if you’re above the limit because these programs are state-specific, so you might still qualify. You will need to apply through your state’s Medicaid portal. You can begin the application

here

.

Medicare Supplement Plans for Low-Income Seniors

Medicare Supplement plans, also known as Medigap plans, are used to fill in the gaps in Original Medicare. When Medicare was first introduced in 1965, it was considered great as far as health insurance plans of the day. However, as healthcare costs have skyrocketed over the last 50-plus years, leaving 20% of healthcare costs in the hands of beneficiaries is simply not enough coverage. Medicare Supplement plans are recommended by our agents for many seniors joining Medicare for the first time because they offer the most comprehensive coverage against out-of-pocket costs, and because you have every doctor and facility covered by Medicare at your disposal.
If you can apply to a Medicare Supplement plan during your initial enrollment period, that is the best time. The availability window of Medicare Supplement plans can close if you enroll in a Medicare Advantage plan first, then try to switch. Before switching, beneficiaries might have to go through medical underwriting, a process that could make joining a Medicare Supplement plan prohibitively expensive. Plus, if you are eligible for Medicare and are without coverage, you could be subject to Late Enrollment Penalties. Call one of our licensed Medicare advisors today at (888)-376-2028 to see if a Medicare Supplement plan is your best choice. 

Comparing Medicare Supplement Plans

For the sake of completeness of information, we’ve made a handy chart to compare the different plan letters associated with Medicare Supplement.
Visual asset.
As you can see, the Medigap plan that offers the most comprehensive coverage is Plan F. However, Plan F is only available to those who were eligible for Medicare before 2020. And since the available pool of Plan F recipients is shrinking, that means the monthly premium is likely to increase in the future. Check out this excerpt for another reason to think twice about Plan F, from our article about

comparing Medigap plans

:
The only difference between Plan F and G is that the former covers the $226 Medicare Part B deductible. However, Plan F costs, on average, about $50 more per month than Plan G. No point in paying an extra $600 a year for $226 in savings.
That is why for many of our clients, our recommendation is generally for Plan G. As it stands, Plan G offers the most coverage for new-to-Medicare seniors. If you live in a state that has excess charges outlawed (including Connecticut, Massachusetts, Minnesota, New York, Ohio, Pennsylvania, Rhode Island, and Vermont), then Plan N is also a solid choice. 
For all seniors, but especially those with limited income, the cost can be the determining factor for choosing a Medicare Supplement plan. For Medicare Advantage plans, the quality of care and the network may vary depending on your insurance plan provider. Medigap plans, however, have benefits determined by the government. You will receive the same standard across different insurance plan providers. And you don’t need to worry about networks since you can visit any doctor in the country that accepts Medicare (which constitutes over 90% of doctors nationwide). 

Tips for Choosing the Right Plan

The short answer is that different people have different situations, and the easiest way to choose the right plan for you is to

speak with a licensed Medicare advisor at Fair Square

. Our agents have years of experience and are licensed to sell in all 50 states. Different states have different rates for the same plan letters, so do your diligence when researching and shopping around. 
As mentioned above, Plan G offers the most comprehensive coverage. It might not be the cheapest Medigap plan available in terms of your monthly premium, as the chart below shows:
Visual asset.
However, a monthly premium is not the only factor when choosing a plan. You want to think about how frequently you go to the doctor, any major procedures coming up, and whether your family has a history of serious medical issues. A common mistake for many when choosing a Medicare plan is making the assumption that they will be spending the same on healthcare when they turn 85 as they currently do when they’re 65. Healthcare expenditures typically increase as you age, so you should consider that when choosing a Medicare Supplement plan. 

Conclusion

If you are a low-income senior looking for a Medicare Supplement plan, don’t worry. You’ve got options when it comes to choosing a plan letter, not to mention the availability of Medicaid and Medicare Savings Programs. It’s important to get the process started early so you know your options and avoid any potential penalties. Give us a call at (888)-376-2028 to start shopping for a Medicare Supplement plan today.

Stay Up to Date on Medicare!

Join the Fair Square Medicare Newsletter to stay informed on cost savings, changes to Medicare, and other valuable healthcare information.

Recommended Articles

Close up of a woman sitting on a bed experiencing back pain
Does Medicare Cover TENS Units?
Nov 23, 2022
Cover image
The Fair Square Bulletin: November 2023
Nov 15, 2023
Cover image
Does Medicare Cover Cold Laser Therapy (CLT)?
Jun 14, 2023
Cover image
How Much Does a Medicare Coach Cost?
Mar 20, 2023
Cover image
2024 "Donut Hole" Updates
Aug 3, 2023
woman working from home with a headset on stock image
How Do Medicare Agents Get Paid?
Apr 12, 2023
Doctor physician consulting with male patient in hospital exam room stock photo
Does Medicare Cover Penile Implant Surgery?
Dec 9, 2022
Myelofibrosis stock image
Does Medicare Cover Jakafi?
Dec 12, 2022
Cover image
The Fair Square Bulletin: January 2024
Jan 18, 2024
Cover image
Medicare Advantage MSA Plans
May 17, 2023
Acute psoriasis on elbows is an autoimmune incurable dermatological skin disease stock photo
Does Medicare Cover Light Therapy for Psoriasis?
Jan 17, 2023
What is the ICEP?
What is the Medicare ICEP?
Apr 7, 2023
Cover image
When to Choose Medicare Advantage over Medicare Supplement
Jun 7, 2023
senior man experiencing discomfort stock image
Does Medicare Cover Linx Surgery?
Dec 6, 2022
scientist mixing chemical compounds stock image
Does Medicare Cover Compounded Medications?
Apr 4, 2023
surgeons working over a patient stock image
Does Medicare Cover LVAD Surgery?
Nov 30, 2022
Person receiving a vaccine stock photo
Is the Shingles Vaccine Covered by Medicare?
Nov 17, 2022
Mental health stock photo
Does Medicare Cover Mental Health?
Oct 12, 2022

More of our articles

13 Best Ways for Seniors to Stay Active in Jacksonville

13 Best Ways for Seniors to Stay Active in Philadelphia

13 Best Ways for Seniors to Stay Active in Phoenix

14 Best Ways for Seniors to Stay Active in Washington, D.C.

Can Doctors Choose Not to Accept Medicare?

Can I Change Medicare Advantage Plans Any Time? | Medicare Plans

Can I Choose Marketplace Coverage Instead of Medicare?

Can I switch From Medicare Advantage to Medigap?

Do Medicare Supplement Plans Cover Dental and Vision?

Does Medicare Cover an FMT?

Does Medicare Cover Bariatric Surgery?

Does Medicare Cover Boniva?

Does Medicare Cover Cardiac Ablation?

Does Medicare Cover Cervical Disc Replacement?

Does Medicare Cover Cosmetic Surgery?

Does Medicare Cover Diabetic Eye Exams?

Does Medicare Cover Flu Shots?

Does Medicare Cover Hearing Aids?

Does Medicare Cover Hepatitis C Treatment?

Does Medicare Cover Home Heart Monitors?

Does Medicare Cover Incontinence Supplies?

Does Medicare Cover Inspire for Sleep Apnea?

Does Medicare Cover Ketamine Infusion for Depression?

Does Medicare Cover Kyphoplasty?

Does Medicare Cover Macular Degeneration?

Does Medicare Cover Medical Marijuana?

Does Medicare Cover Mouth Guards for Sleep Apnea?

Does Medicare Cover Orthodontic Care?

Does Medicare Cover Physicals & Blood Work?

Does Medicare Cover PTNS?

Does Medicare Cover SIBO Testing?

Does Medicare Cover Wart Removal?

Does Medicare Pay for Allergy Shots?

Does Medicare Pay for Bunion Surgery?

Does Medicare Pay for Funeral Expenses?

Does Your Medicare Plan Cover B12 Shots?

Does Your Plan Include A Free Gym Membership?

Explaining IRMAA on Medicare

Fair Square Client Newsletter: AEP Edition

Finding the Best Vision Plans for Seniors

How Do Medigap Premiums Vary?

How Does Medicare Cover Colonoscopies?

How Does Medicare Pay for Emergency Room Visits?

How Does the End of the COVID-19 Public Health Emergency Affect Your Medicare?

How Medicare Costs Can Pile Up

How Much Does a Pacemaker Cost with Medicare?

How Much Does Trelegy Cost with Medicare?

How to Apply for Medicare?

How Your Employer Insurance and Medicare Work Together

Is Balloon Sinuplasty Covered by Medicare?

Is Botox Covered by Medicare?

Is Gainswave Covered by Medicare?

Is HIFU Covered by Medicare?

Is Vitrectomy Surgery Covered by Medicare?

Medicare 101

Medicare Consulting Services

Medicare Deductibles Resetting in 2024

Medicare Explained

Plan G vs. Plan N

Saving Money with Alternative Pharmacies & Discount Programs

Seeing the Value in Fair Square

The Fair Square Bulletin: February 2024

The Fair Square Bulletin: October 2023

Top 10 Physical Therapy Clinics in San Diego

What If I Don't Like My Plan?

What Is a Medicare Supplement SELECT Plan?

What Is the Medicare Birthday Rule in Nevada?

What People Don't Realize About Medicare

What You Need to Know About Creditable Coverage

What's the Deal with Flex Cards?

Why You Should Keep Your Medigap Plan

Will Medicare Cover Dental Implants?

Your Medicare One-Stop-Shop

Your guide to Medicare Parts A & B, Medicare Advantage, and Medigap. 100% free.
Get the Fair Square Bulletin

Medicare savings tips, helpful guides, and more.

About

Medicare 101

Current Clients

Medicare Supplement Plans

Medicare Advantage Plans

Fair Square 2023

Terms of Use
Notice of Privacy Practices

Virgil Insurance Agency, LLC (DBA Fair Square Medicare) and www.fairsquaremedicare.com are privately owned and operated by Help Button Inc. Medicare supplement insurance plans are not connected with or endorsed by the U.S. government or the federal Medicare program. This is a solicitation of insurance. A licensed agent/producer may contact you. Medicare Supplement insurance is available to those age 65 and older enrolled in Medicare Parts A and B and, in some states, to those under age 65 eligible for Medicare due to disability or End-Stage Renal disease. Virgil Insurance Agency is a licensed and certified representative of Medicare Advantage HMO, HMO SNP, PPO, PPO SNP and PFFS organizations and stand-alone PDP prescription drug plans. Each of the organizations we represent has a Medicare contract. Enrollment in any plan depends on contract renewal. The plans we represent do not discriminate on the basis of race, color, national origin, age, disability, or sex. Plan availability varies by region and state. For a complete list of available plans please contact 1-800-MEDICARE (TTY users should call 1-877-486-2048), 24 hours a day/7 days a week or consult www.medicare.gov. © 2022 Help Button Inc

We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.

MULTIPLAN_FairSquareMedicare_01062022_M