Medicare Savings Program
Understanding the Medicare Savings Program
The Medicare Savings Program (MSP) can help you with your Medicare costs, including premiums, deductibles, coinsurance, and copayments. Depending on your income and resources, you may qualify for one of the different MSPs available.
Eligibility for Medicare Savings Program
To qualify for an MSP, you must meet certain eligibility requirements that are based on your income and resources. These programs are designed to help people with limited income pay for their Medicare premiums and other costs.
- Qualified Medicare Beneficiary (QMB)
- Specified Low-Income Medicare Beneficiary (SLMB)
- Qualifying Individual (QI)
- Qualified Disabled and Working Individuals (QDWI)
How Social Security Affects Your Eligibility
Social Security benefits are a significant factor in determining MSP eligibility. If you receive benefits, these can be counted towards your income limits.
Low-Income Individuals and Medicare Savings Programs
Medicare Savings Programs are specifically aimed at helping low-income individuals. These programs provide assistance with paying Medicare premiums and other associated costs.
Applying for the Medicare Savings Program
Applying for an MSP can seem overwhelming, but it’s essential to get the benefits you deserve. Casa Arteaga Insurance in Plano, Texas, is here to guide you through the application process.
Medicaid and the Medicare Savings Program
Medicaid also plays a crucial role in the MSP. If you’re eligible for Medicaid, you might also qualify for MSPs, which can help reduce your Medicare expenses.
QMB: Qualified Medicare Beneficiary
The Qualified Medicare Beneficiary (QMB) program helps pay for Medicare Part A and Part B premiums, as well as other out-of-pocket costs like deductibles, coinsurance, and copayments.
SLMB: Specified Low-Income Medicare Beneficiary
The Specified Low-Income Medicare Beneficiary (SLMB) program helps pay the Medicare Part B premium for those who meet specific income and resource limits.
QI: Qualifying Individual
The Qualifying Individual (QI) program also helps pay for the Medicare Part B premium but has more flexible income limits compared to the SLMB program.
Extra Help with Prescription Drug Costs
People with limited income may also qualify for Extra Help to pay for Medicare prescription drug costs, such as premiums, deductibles, and pharmacy copayments.
Chart: MSP Eligibility and Coverage
Here’s a quick breakdown of the four Medicare Savings Programs and what they cover:
2024 Limits Obtained from CMS.Gov
| Program | Income Limits (2024) | Resources Limits | Benefits |
|---|---|---|---|
| QMB | $1,275 (individual) / $1,724 (couple) | $9,430 (individual) / $14,130(couple) | Part A and B premiums, deductibles, coinsurance, copayments |
| SLMB | $1,526 (individual) / $2,064 (couple) | $9,430 (individual) / $14,130(couple) | Part B premium |
| QI | $1,715 (individual) / $2,320 (couple) | $9,430 (individual) / $14,130(couple) | Part B premium |
Get Help from Your State
It’s essential to apply for an MSP through your state Medicaid program. Casa Arteaga Insurance can assist you in understanding the eligibility requirements and help you with the application process.
Call Casa Arteaga Insurance Today!
If you think you might qualify for a Medicare Savings Program, don’t hesitate to reach out. Casa Arteaga Insurance is dedicated to helping older adults and people with disabilities in Plano, Texas, save on their Medicare costs. Call us today at (972) 842-4716 to learn more and get started on your application.