Understanding Medicare Savings Programs
Thousands of seniors like you are eligible for Medicare Savings programs and don’t even know it! You may be able to save hundreds of dollars each month by getting financial assistance for your Medicare drug premiums, deductibles, copayments, and coinsurance.
What Are Medicare Savings Programs?
Sometimes referred to as Medicare Buy-In Programs or Medicare Premium Payment Programs, there are a few different options for Medicare Savings Programs (MSPs). Once you’re in an MSP, you will automatically be enrolled in Extra Help (otherwise known as LIS, or Low-Income Subsidies). Extra Help is a separate program that is designed to help you pay for your prescription drugs.
There are four main types of Medicare Savings Programs:
- QMB (Qualified Medicare Beneficiary) – Helps pay Part A & B premiums, deductibles, coinsurance, and copayments.
- SLMB (Specified Low-Income Medicare Beneficiary) – Pays for Part B premiums.
- QI (Qualifying Individual) – Pays for Part B premiums but must reapply every year. Must apply every year; first-come, first-serve with priority to renewals. Cannot have QI if you qualify for Medicaid.
- QDWI (Qualified, Disabled, and Working Individuals) – Helps pay Part A premiums. Only for those who do not receive Medicaid and are disabled, working, and under 65.
How To Qualify
To qualify for an MSP, or Medicare Savings Program, you will need to already be enrolled in Original Medicare (Part A and Part B). They are funded by state Medicaid programs, so qualifications are based on your income and resources. Resources are items like stocks, bonds, and savings account. Resources are NOT property (cars, homes, etc.). The qualifications are slightly different for each program (2017):
- QMB (Qualified Medicare Beneficiary) Program
- Single monthly income of less than $1,010
- Married monthly income of less than $1,355
- Single resources of less than $7,280
- Married resources of less than $10,930
- SLMB (Specified Low-Income Medicare Beneficiary) Program
- Single monthly income of less than $1,208
- Married monthly income of less than $1,622
- Single resources of less than $7,280
- Married resources of less than $10,930
- QI (Qualifying Individual) Program
- Single income of less than $1,357
- Married income of less than $1,823
- Single resources of less than $7,280
- Married resources of less than $10,930
- QDWI (Qualified Disabled and Working Individuals) Program
- Single income limit of a little over $4,000
- Married income limit of about $5,500
- Single resource limit of about $4,000
- Married resource limit of about $6,000
If you aren’t sure if you’re eligible, one of our licensed and experienced agents can help you apply. To get started, call to set up a free appointment. We’ll send someone to your house – it’s that easy! Just call 1-844-431-1832.
