Recently, while driving on the highway, I heard a series of ads on the radio about Medicare open enrollment. Everyone was talking about switching plans. However, there was no mention of the program that could save low-income seniors the most money.

That program is the Medicare Savings Program, abbreviated as MSP. It covers the Part B premium using Medicaid funds.

This year, the standard Part B premium is $202.90 per month. That totals $2,434.80 for the year. That's quite a bit of money quietly deducted from Social Security.

Let me give you an example. If a single senior receives only $1,400 per month from Social Security, they fall into the SLMB category based on the criteria below. If they meet the asset requirements and get approved, the $202.90 that was being deducted will remain in their pocket.

MSP is divided into three tiers based on income. The numbers are based on the 2026 federal guidelines posted on Medicare.gov.

QMB covers singles earning up to $1,350 and couples earning up to $1,824. It pays for the Part B premium as well as deductibles, coinsurance, and copayments.

SLMB covers singles earning up to $1,616 and couples earning up to $2,184, and it only pays for the Part B premium.

QI covers singles earning up to $1,816 and couples earning up to $2,455. It also only pays for the Part B premium.

The asset limit for all three tiers is $9,950 for singles and $14,910 for couples.

The Michigan policy document divides income brackets into 100%, 120%, and 135% of the federal poverty line. This is calculated based on net income after deductions. Just because the statement shows a few dollars over doesn't mean you should give up.

You cannot choose your tier. A QMB recipient cannot opt for SLMB.

Assets counted include cash, bank balances, trusts, bonds, and real estate other than your primary residence.

Your primary residence, one car, burial plots, and household items are typically excluded. Life insurance policies with a total value of $1,500 or less are also excluded. So, there's no need to worry about being disqualified just because you own a home.

Part A is particularly important for Korean seniors. To qualify for SLMB and QI, you must have no premium for Part A. If you do pay a premium for Part A, you should check the conditions for QMB.

Residency, identification, Social Security number, citizenship, or immigration status are also part of the eligibility criteria. This can vary, so it's best to ask rather than assume.

What surprised me the most while researching this was the start date. It varies by tier.

QMB starts the month after approval, and it does not look back to the previous month. If you're even a day late, it could delay your benefits by a month.

SLMB can be retroactive to the previous month, but only for months when income was below the QMB limit.

QI can also be retroactive, but not to the previous year. The Michigan document provides this example: If you apply on December 27 and the decision is made on January 3, you won't be approved for any date before January 1.

The review period is 45 days, and if a disability determination is involved, it can take up to 90 days. If you submit your application on November 9, even if it takes the full 45 days, it will be December 24. If you're in the QI category, now is the time to potentially secure benefits for this year.

QI has one more condition. It's first-come, first-served, with previous year's recipients given priority, and it is only funded when resources are available in Michigan. You must reapply every year.

I have not yet confirmed the official announcement from CMS regarding next year's premiums as of the time of writing this. The 2026 Medicare Board report projects a monthly premium of $209.50, but this is not a confirmed amount. If it increases, the value of MSP will also rise accordingly.

There's an additional benefit. If you qualify for any one of the three tiers, you automatically receive Extra Help for prescription costs. You don't need to apply separately, and based on 2026 guidelines, it does not exceed $12.65 per covered drug.

Applications are made to the state government, not Medicare. In Michigan, it's handled by MDHHS and is separate from the open enrollment period.

The quickest way is through the online MI Bridges. You will also have proof that you applied. If you find computers challenging, you can visit your county MDHHS office, and they should provide you with a paper application if you ask for one.

If I were you, I would gather my Social Security statement, bank balance records, life insurance policies, and Medicare card all in one place. The review will ultimately focus on income and assets.

If you feel overwhelmed doing this alone, Michigan SHIP offers free counseling at 1-800-803-7174. The determination of your tier can vary based on personal circumstances, so it's essential to confirm with a professional counselor.

If you receive a denial notice, you can request a hearing within 90 days from the date of the notice. If you are a QMB recipient and received an incorrect hospital bill, you can contact 1-800-633-4227.

Medicare.gov also advises applying even if you think you might not qualify. I agree with this. Spending weeks comparing plans while not submitting this one application seems like a missed opportunity.

Take a look at your parents' Social Security statements together this weekend. If $202.90 is being deducted, that's the path to explore.