Medicare Savings Programs: Another Way to Save Money on Medicare!

If you need assistance paying for your Medicare monthly premiums, copays, and coinsurance there are programs available to you that can help with your Medicare Expenses.

Qualified Medicare Beneficiary Program (QMB)
Specified Low-Income Medicare Beneficiary Program (SLMB)
Qualified Individual Program (QI)
Qualified Disabled and Working Individuals Program (QDWI)


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Medicare Savings Programs are Medicaid administered programs. So, they are jointly funded by the individual states and Medicaid. The benefits can vary quite a bit, but in general these programs are designed to help pay for monthly premiums, copays, and coinsurance associated with Medicare. First, of course, you must be enrolled in Medicare. If you are not automatically enrolled, contact your state’s social security office.

Most people do not have to pay for Medicare Part A, but there is a premium, based on your income, for Medicare Part B. Additionally, you may have copays or coinsurance for covered services. Based on the type of program you qualify for, you may be able to receive assistance.

To be eligible for the Qualified Medicare Beneficiary Program, you must meet resource and monthly income limits. Your resources are namely your liquid assets:
Money in a checking or savings account
Stocks
Bonds

***You do not have to count up to $1500 set aside for any funeral expenses.

If you are eligible for the Qualified Medicare Beneficiary Program, you will receive assistance paying for Part A and/or Part B premiums. Medicare providers aren’t allowed to bill you for services and items Medicare covers, including deductibles, coinsurance, and copayments, except outpatient prescription drugs. You will be automatically enrolled in “Extra Help”, which is the program that helps pay for Medicare Part D. Pharmacists may charge you up to a limited amount no more than $3.90 for a generic covered drug.


Like the QMB Program, the Specified Low-Income Medicare Beneficiary Program has monthly income limits and resource limits. Because the income requirements are a little less stringent, the SLMP Program only helps pay for Medicare Part B premiums. However, you will still be automatically enrolled in the Extra Help program for Medicare Part D.

The Qualified Individual Program is a little but different. The income limits are a little bit less stringent, but it is harder to enroll. Applications are granted on a first-come, first-served basis and you must re-apply every year. That being said, priority is given to those who are re-enrolling. Also, you cannot get QI benefits in conjunction with Medicaid benefits. The QI program will help pay for your Part B premiums and you will still be automatically enrolled in the Extra Help program for Medicare Part D.

Finally, there is the Qualified Disabled and Working Individuals Program. The QDWI program will only help to pay for Medicare Part A, which for many people is already free. With the QDWI program, you will not be automatically enrolled in Extra Help, however you can still apply. For that, you’ll need form SSA-1020B.

Medicare Savings Programs are administered by Medicaid. Many who are eligible for these programs can use them in conjunction with a Dual Special Needs Plan. DSNP’s are a type of Medicare Advantage Plan that encapsulates the benefits of Medicare A, B, C, & D PLUS Medicaid. They are a great way to save money and have access to additional benefits. Not all Medicare Savings Programs work with DSNP’s though, so make sure to talk with your broker to discuss all available options.

If you’re unsure whether you qualify, you can contact your local medicaid office or head over to medicaid.gov for further details.


If you have any further questions, please feel free to contact us here at iHealthBrokers at 888-410-0344 or https://ihealthbrokers.com/


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Form SSA-1020B
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