A Medicare Savings Program can help you cover Medicare costs such as premiums, deductibles, and copayments. If your household income and resources are within certain levels, you may qualify for one of these savings programs.
There are four Medicare Savings Programs:
- Qualified Medicare Beneficiary Program
- Specified Low-income Medicare Beneficiary Program
- Qualifying Individual Program
- Qualified Disabled and Working Individual Program.
Qualified Medicare Beneficiary Program
The Qualified Medicare Beneficiary Program helps people with lower income and resources cover their Medicare costs, such as the Part A deductible, Part B deductible and premiums, and coinsurance and copayments from both Part A and Part B.
As mentioned previously, you must meet the income limits and resource limits. The monthly income limit for individuals is $1,094, while it’s $1,472 for couples. As for resources, the limit for individuals is $7,970 and $11,960 for couples.
Being qualified for the QMB program will also qualify you for the Part D Extra Help Program. The Part D Extra Help program helps cover Part D costs such as premiums, deductibles, and copays.
Specified Low-Income Medicare Beneficiary
Specified Low-income Medicare Beneficiary programs help to cover Part B premiums. If you qualify for an SLMB, you will automatically qualify for the Part D Extra Help program. To qualify, you must be eligible for Medicare Part A and must meet the income and resource requirements.
The monthly income limit for individuals is $1,308, while it’s $1,762 for couples. As for resources, the limit for individuals is $7,970 and $11,960 for couples.
Qualifying Individual Program
This program helps to cover Part B premiums. To qualify for a QI program, you must not qualify for Medicaid and must meet the income and resource requirements. You must also apply for this program each year to receive its benefits.
The monthly income limit for individuals is $1,469, while it’s $1,980 for couples. As for resources, the limit for individuals is $7,970 and $11,960 for couples.
Qualified Disabled and Working Individual Program
This program covers the Part A premium for certain enrollees who are under 65 and do not qualify for a premium-free Part A. To qualify for the QDWI program, you must be enrolled in Part A or must be eligible to enroll in Part A. And, of course, you must meet the monthly income and resources requirement.
The monthly income limit for individuals is $4,379, while it’s $5,892 for couples. As for resources, the limit for individuals is $4,000 and $6,000 for couples.
At Texas Medicare Advisors, we provide you with unbiased and expert insurance advice so you can get the Medicare coverage you need. For more information about Medicare Savings Programs, call us today at 512-900-3008.