What Are Medicare Savings Programs?
Medicare Savings Programs help you pay your Medicare premiums, deductibles, coinsurance, and copayments if you meet certain conditions. For all programs, you must meet the following conditions:
- You are eligible for Medicare Part A
- You fall below the program’s specific income and resource limits
Countable resources for the resource limits include money in a checking or savings account, bonds, and stocks. Countable resources don’t include your home, burial plot, a car, and other personal items in your household.
There are four Medicare Savings Programs to help low-income people pay for Medicare: the Specified Low-Income Medicare Beneficiary (SLMB) Program, the Qualified Medicare Beneficiary (QMB) Program, the Qualifying Individual (QI) Program, and the Qualified Disabled and Working Individuals (QDWI) Program.
The Specified Low-Income Medicare Beneficiary (SLMB) Program
The SLMB Program helps pay Medicare Part B premiums for people with Medicare Part A and limited income and resources. To qualify in 2021, you must:
- Make below $1,308/month for individuals and $1,762/month for couples,
- Fall under the $7,970 individual resource limit and the $11,960 married couple resource limit
If you qualify for the SLMB, you will also be automatically enrolled for the Extra Help Program, which helps with prescription drug coverage.
The Qualified Medicare Beneficiary (QMB) Program
The QMB Program helps pay for Part A premiums, Part B premiums, deductibles, coinsurance, and copayments. To qualify in 2021, you must:
- Make below $1,094/month for individuals and $1,472/month for couples
- Fall under the $7,970 individual resource limit and the $11,960 married couple resource limit
Qualifying for the QMB program means you will also be automatically enrolled for the Extra Help Program, which helps with prescription drug coverage.
The Qualifying Individual (QI) Program
The QI Program helps pay Part B premiums for those with Part A and limited income and resources. To qualify in 2021, you must:
- Make below $1,469/month for individuals and $1,980/month for couples
- Fall under the $7,970 individual resource limit and the $11,960 married couple resource limit
If you qualify for the QI program, you will also be automatically enrolled for the Extra Help Program, which helps with prescription drug coverage.
The Qualified Disabled and Working Individuals (QDWI) Program
The QDWI Program helps pay the Medicare Part A premium. You may qualify if you:
- Are under 65, working, and disabled
- Aren’t getting state medical assistance
- Meet the state’s income and resource limits
- Lost your Social Security disability benefits because you returned to work
- Also lost premium-free Part A when you returned to work
Let Us Help You Choose the Best Option For Your Needs
We can help you figure out the Medicare Savings Programs you qualify for and get the help you need to pay for Medicare. Contact us today to get the help you need!