Medicare Savings Programs (MSP) are federally funded programs administered by each individual state. These programs are for people with limited income and resources and help pay some or all of their Medicare premiums, deductibles, copayments and coinsurance.
There are four Medicare Savings Programs:
- Qualified Medicare Beneficiary (QMB).
- Specified Low-Income Medicare Beneficiary (SLMB).
- Qualifying Individual (QI or QI-1).
- Qualified Disabled & Working Individuals (QDWI).