The Michigan Health Endowment Fund has come up with the Michigan Medigap Subsidy. This fund is aimed at bailing out low-income seniors within the state.
At the same time, the Michigan Endowment Fund has a special focus on people living with disabilities in the state of Michigan. The subsidy pays for your supplement insurance.
This is done systematically in that the subsidy is paid directly to your insurance company. With this subsidy program, you are likely to enjoy several benefits.
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 $17,280 for an individual. If you are a couple, you should have an annual income of $24,030 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 depends on a number of factors.
This means that the amount you get will vary from one individual to another. In the end, the subsidy is subtracted from your monthly
Age is a factor that will also determine the amount of money to be subtracted from your premiums every month.
The age brackets are as shown below:
- Under 65 years and with a disability
- 65-75 years
- Above 75 years
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 make the necessary payments after your insurer has covered the rest. In this way, your costs of out of pocket health-related payments will be greatly reduced.
How the Amounts and Eligibility Requirements are Put in Place
Legislation concerning the Health Endowment Fund is mainly done by parliament or legislature in Michigan. When they sat, it was agreed that a budget of $120 million is set aside for operations to the health fund.
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
The Michigan Subsidy policy is not permanent. As such, it is projected to last for around four years. You may be wondering why it will take a short time. The target of the subsidy is equally not long term.
It is actually 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 visit the Michigan Health Endowment Fund. 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!