Final answer:
A consumer who qualifies for low-income subsidy receives financial assistance for their part of Medicare through the Medicare Savings Programs (MSPs), such as the Qualified Medicare Beneficiary (QMB) program and the Specified Low-Income Medicare Beneficiary (SLMB) program.
Step-by-step explanation:
A consumer who qualifies for low-income subsidy receives financial assistance for their part of Medicare through the Medicare Savings Programs (MSPs). These programs help pay for some or all of the costs of Medicare Part A and Part B, including premiums, deductibles, and copayments. The eligibility requirements and level of financial assistance vary depending on the individual's income and assets.
One example of an MSP is the Qualified Medicare Beneficiary (QMB) program, which is designed to help low-income individuals with limited resources.
QMBs receive assistance in paying Medicare Part A and Part B premiums, deductibles, and coinsurance. Another example is the Specified Low-Income Medicare Beneficiary (SLMB) program, which helps individuals pay for their Part B premiums.