The Michigan Health Endowment Fund has come up with the Michigan Medigap Subsidy. It’s time-limited and intended to help residents adjust to the market rates. It will end in 2020 or 2021, depending on when the funding runs out.
Michigan Medigap Subsidy Eligibility
Just like in any other Medicare or subsidy insurance, this plan has a few procedures and rules that determine the suitability of an individual for you to be covered under it.
These Qualifications Require that you Must:
- Have a total annual household income of below $26,730 for an individual. If you are a couple, you should have an annual income of $36,045 or less to qualify for the subsidy fund
- Must have qualified for Medicare in your area
- Must be a member of a supplement plan from an active insurer
Amount of the Subsidy
The amount of money allocated to individuals under this program vary depending upon your age and disability status.
The age brackets are as shown below:
- 65-74 years old – you’ll pay $40 less
- 75 years or older – you’ll pay $65 less
- Under 65 years old with a disability – you’ll pay $125 less
How the Michigan Subsidy Program Works
The Michigan Subsidy program works efficiently, in a fast-tracked process. The Michigan Health Endowment Fund is tasked with reviewing your application.
After a short review, you are notified upon qualifying for the subsidy in any of the four categories.
At this point, your information is communicated to your respective insurer that the fund will send a monthly subsidy to your policy. This takes a few weeks, after that it’s fully implemented.
You will then only be required to pay the amount due on your bill, which will reflect the Michigan Medigap Subsidy.
How the Amounts and Eligibility Requirements are Put in Place
Legislation concerning the Health Endowment Fund agreed that a budget of $120 million is set aside for the Michigan Medigap Subsidy.
The decisions of how the money was to be spent were done with due consideration on helping society by giving out a considerable amount of money to reduce money paid by beneficiaries for health services.
Why is the Subsidy Temporary as Opposed to Permanent
As stated above, the Michigan Subsidy policy is not permanent. It’s projected to last until 2020 or 2021, depending on fund status.
It’s aimed at helping beneficiaries who are coverage holders adjust to the current market rates. After every year there is a possibility of the beneficiaries being changed, especially if they have been able to adapt as it is the intended purpose.
For more information on the Michigan Subsidy, please go here. If you’re enrolled in Original Medicare and need to begin the application process for a Medicare Supplement plan you can call the number above to speak to a licensed agent or fill out our compare rates form now to get started!