If you or someone you know is a Medicare policyholder struggling to cover their healthcare costs, it’s a good idea to look into Medicare Savings Programs (MSPs). It is common for people to be unaware of these programs, and they are forced to take on massive debt while trying to keep up with their healthcare costs—it doesn’t have to be like that, though. MSPs are state-run programs that exist to help low-income individuals and married couples cover their healthcare costs associated with Medicare Part A, Part B, and Part D (prescription medication). If you’re not sure whether you qualify, contact a trusted benefits advisor such as Aging Benefits Advisory or a loved one that can help you navigate the qualifications for these plans and their application process. Please keep in mind that Medicare is ever-evolving, and this information is subject to change at any time.
Qualified Medicare Beneficiary (QMB)
The Qualified Medicare Beneficiary program has the lowest income threshold of all of the programs, and it also has the most comprehensive coverage assistance. The QMB program helps to cover premiums for both Part A and Part B, deductibles, copayments, and coinsurance. If you qualify for the QMB program, then you also automatically qualify for a program called Extra Help, which lowers the cost of your prescription drugs covered by Medicare.
Specified Low-Income Medicare Beneficiary (SLMB)
The Specified Low-Income Medicare Beneficiary program has a slightly higher income threshold than the QMB program, but it’s still quite low. To qualify, you must have both Medicare Part A and Part B—however, this program only covers Part B premiums. Like the QMB program, qualifying for the SLMB program automatically qualifies you for the Extra Help program, which will lower the cost of your prescription drugs covered by Medicare.
Qualifying Individual (QI)
The Qualifying Individual program has a slightly higher threshold than the SLMB program, and it also only covers Medicare Part B premiums. Qualifying for the QI program also automatically qualifies you for the Extra Help program. The important difference between the QI program and other programs is that these benefits are limited, and they are offered on a first-come, first-served basis. These benefits need to be renewed every year, and those who were enrolled in the program in the previous year have priority for receiving the benefits the following year. Qualifying for the QI automatically qualifies you for Extra Help, as well.
Qualified Disabled and Working Individuals (QDWI)
The Qualified Disabled and Working Individuals program is unique because it is explicitly for those who have a disability but have returned to work, losing their premium-free Medicare Part A, as well as Social Security disability benefits. This program has the highest income threshold of all of the programs, and it only helps to cover Medicare Part A premiums.
Contact Aging Benefits Advisory Today!
If you need help navigating the world of senior health insurance, our advisors at Aging Benefits Advisory are here to assist. Take advantage of our free consultation to ensure that you receive the plan for your budget and needs. We specialize in Medicare Advantage, Medicare Supplements, Dental, Vision, and Final Expense insurance for the senior market of Pinellas County, Pasco County, Manatee County, Hillsborough County, Polk County, Sarasota County, Citrus County, and Marion County, Florida. If you would like a free consultation, contact us online or give us a call at 727-800-4835. For more information, follow us on Facebook, Pinterest, and YouTube.