Four Ways You May Get Help with Your Medicare Costs

It may not seem like much of a savings, however having your Part B Medicare premium paid provides a Medicare costs savings of approximately $1,600 a year. If you qualify to have your deductibles and copayments covered, the savings can be significant.

It’s worth your time to review your situation and see if you are eligible for one of the savings programs below. You may also want to meet with your Elder Law Attorney to review legal options to protect your assets greater than the limits listed below – and qualify for the program.

Qualified Medicare Beneficiary Program (QMB)

If you are eligible for this program, it helps pay for your Part A premium, Part B premiums, your deductibles, coinsurance, and copayments. Unfortunately, outpatient medications are not covered, you may be charged a limited amount, up to $3.70 for prescription drugs covered by Part D.

To be eligible for this program your income and countable assets must be within the following limits:

  • Single Income Limit: $1,032
  • Married Income Limit: $1,392
  • Single Asset Limit: $7,560
  • Married Asset Limit: $11,340

Specified Low-Income Medicare Beneficiary (SLMB) Program

This program helps pay for your Part B premium.

To be eligible for this program your income and countable assets must be within the following limits:

    • Single Income Limit: $1,234
    • Married Income Limit: $1,666
    • Single Asset Limit: $7,560
    • Married Asset Limit: $11,340

Qualifying Individual (QI) Program

This program helps pay for your Part B premium. You cannot get QI benefits if you qualify for Medicaid.
To be eligible for this program your income and countable assets must be within the following limits:

      • Single Income Limit: $1,386
      • Married Income Limit: $1,872
      • Single Asset Limit: $7,560
      • Married Asset Limit: $11,340

Qualified Disabled and Working Individuals (QDW) Program

This program helps pay the Part A premium if you are:

      • A working disabled person under 65.
      • You lost your premium-free Part A when you returned to work.
      • You aren’t getting any medical assistance from your state.
      • You meet the income and asset limits.

To be eligible for the program your income and countable assets must be within the following limits:

      • Single Income Limit: $4,132
      • Married Income Limit: $5,572
      • Single Asset Limit: $4,000
      • Married Asset Limit: $6,000

If you qualify for a QMB, SLMB or QI program, you automatically qualify to get Extra Help paying for your Medicare Prescription Drug Coverage.

***Countable Assets for Medicare Costs programs do not include:

      • Your Home
      • One Car
      • Burial Plot
      • $1,500 set aside for burial
      • Furniture, or other household and personal items.

Your money, bank accounts, stocks, bonds, and real estate other than your home may count as an asset. Please review your income and assets with an Elder Law Attorney, there are many legal options available to protect your assets and qualify for these programs. Contact us if you need a referral or would like a Medicare analysis, help with benefits programs or review of health and Medicare costs.

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