How Medicare Savings Programs May Help You
Do you worry month to month how you will cover your medical expenses
? Are you concerned about paying your monthly Medicare premiums and still meeting your other financial needs? You may qualify for one of four state-run Medicare Savings Programs for people with limited income and resources. These program help pay some or all of Medicares premiums. In addition, they may pay Medicare deductibles and coinsurance.
The Four Medicare Savings Programs
It might seem nearly impossible for those with low incomes to carve out additional money from an already tight monthly budget, says Alan Weinstock, insurance broker at http://www.MedicareSupplementPlans.com, So states have four programs that help pay for Medicare Part A (hospital insurance) and/or Medicare Part B (medical insurance) premiums.
The programs include:
Qualified Medicare Beneficiary (QMB)
Specified Low-Income Medicare Beneficiary (SLMB)
Qualifying Individual (QI)
Qualified Disabled & Working Individuals (QDWI)
Medicare Part A is free to those who qualify. Part B premiums, on the other hand, are tied to your annual income and whether you are a current Medicare beneficiary.
If youre new to Medicare or dont have your Part B premiums automatically taken from your Social Security checks, the 2010 premium is $110.50 per month for single taxpayers with an income of $85,000 or less. If you already have Medicare, your premiums are deducted from your Social Security checks and you make $85,000 or less, your premiums should stay at the current rate of $96.40 for 2010.
In addition, if you qualify for QMB, SLMB, or QI, you automatically qualify for extra help paying the costs of Medicare prescription drug coverage.
How to Qualify for One of the Four Medicare Savings Programs(MSP)
To help you understand what each program offers and what it takes to qualify, here is a chart which provides more details.
MSP Single MIL Couples MIL Helps to Pay for
QMB$903$1,215Part A and Part B premiums and other costs like deductibles, coinsurance and copayments
SLMB$1,083$1,457Part B premiums only
QI$1,219$1,640Part B premiums only
QDWI$1,805$2,428Part A premiums only
For each program your resource limit (Monthly Income Limit, i.e., MIL) is $4,000 for singles and $6,000 for couples. Resources include money in a checking or savings account, stocks and bonds. Resources dont include your home, car, burial plot, up to $1,500 for burial expenses, furniture or other household items. The asset limits are the same for all programs.
Weinstock, whose http://www.MedicareSupplementPlans.com offers Medigap insurance to Medicare beneficiaries in California notes, Even if you are working, you may qualify for benefits. Many states figure income and resources differently, so you may be eligible in your state even if you think you exceed the limits.
Call 1-800-MEDICARE (1-800-633-4227) and ask about getting help paying for your Medicare premiums. TTY users should call 1-877-486-2048.
by: Dallas
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