Premiums, deductibles, co-payments, coinsurance…costs for Medicare can add up pretty quickly. Fortunately, there are several programs available to help defray the costs of premiums, and in some cases, deductibles and other expenses. These programs are called Medicare Savings Programs and are available to those who qualify based on income and asset requirements. There are four programs available: the Qualified Medicare Beneficiary (QMB) Program, Specified Low-Income Medicare Beneficiary (SLMB) Program, the Qualifying Individual Program (QI) and the Qualified Disabled and Working Individuals (QDWI) Program.
Qualified Medicare Beneficiary Program
The QMB helps pay for Medicare Part A and Part B premiums, as well as deductibles, coinsurance and co-payments. In order to qualify for the QMB in 2014, an individual must not have a monthly income greater than $993, and for married couples, not greater than $1,331.
Specified Low-Income Medicare Beneficiary Program
This program covers Medicare Part B premiums only. For individuals in 2014, the monthly income limit is $1,187. For married couples, it is $1,593.
Qualifying Individual Program
The QI program also covers part B premiums, but it’s monthly income limits are slightly higher than the SLMB program. In 2014, the limit is $1,333 for individuals and $1,790 for married couples.
Qualified Disabled and Working Individuals Program
This program covers Part A premiums. The monthly income limit in 2014 for individuals is $3,975, and $5,329 for married couples.
In order to qualify for a Medicare Savings Program, you must (in addition to qualifying for Medicare Part A), have less than a certain amount of resources or assets. This includes things such as money in bank accounts, stocks, and bonds. It does not include your car, house or physical possessions. “Resource limits for the QMB, SLMB, and QI Medicare Savings Programs are $7,160 for one person and $10,750 for a married couple. Resource limits for the QDWI program are $4,000 for one person and $6,000 for a married couple,” according to medicare.gov.
Help Paying For Prescription Drugs
You may also qualify for help paying for prescription drugs under Medicare depending on your income and resources. According to Medicare.gov, “In 2014, you may qualify if you have up to $17,505 in yearly income ($23,595 for a married couple) and up to $13,440 in resources ($26,860 for a married couple).” The definition of resources is the same as above. Even if you don’t qualify for help, there are state programs to that help you pay for prescription drugs, which can be found via your State Medical Assistance office or State Health Insurance Assistance Program.
About Global Premier Benefits
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