Medicare Savings Programs (MSP) offer help with paying Medicare premiums and, in some cases, Part A and Part B out-of-pocket costs. Sometimes these plans are called Medicare Buy-In Programs or Medicare Premium Payment Programs.
If you’ve never heard of Medicare Savings Programs before, here’s what you need to know.
Medicare Savings Programs
Through Medicare Savings Programs, state agencies help you pay your Medicare premiums and other out-of-pocket Medicare costs. There are four different types of Medicare Savings Programs.
They are:
Qualified Medicare Beneficiary (QMB) Program
The monthly income limit for QMB program members is $1,153 for individuals and $1,546 for married couples. With this program, Medicare providers aren’t allowed to bill you for services and items that Medicare covers, including deductibles, coinsurance, and copayments. Though, they can bill you for outpatient drugs. Pharmacists may charge a limited amount for prescription drugs covered by Part D of Medicare.
Specified Low-Income Medicare Beneficiary (SLMB) Program
This program helps pay Part B premiums for people who have Part A and limited income and resources. The individual monthly income limit is $1,379, and the limit for married couples is $1,851. If you have income from working, you may still qualify if your income exceeds the listed amounts.
Qualified Individual (QI) Program
This state program helps pay Part B premiums for people who have Part A and limited income and resources. You must apply every year to be kept in this program. Benefits are granted on a first-come, first-serve basis. Priority is always given to people who had QI benefits in the previous year. The income limit for individuals is $1,549, and the limit for married couples is $2,080.
Qualified Disabled Working Individuals (QDWI) Program
This program helps pay Part A premiums. You can qualify for QDWI if you have a disability and work but have lost your Social Security disability benefits and premium-free Part A because you returned to work. The monthly income limit for individuals in this program is $4,615. For married couples, the limit is $6,189.
Enroll In a Medicare Savings Program
Some Medicare Savings Programs only offer enrollment at certain times of the year. To ensure that you get into the Medicare Savings Program of your choice, you should work with an agent. Magellan Healthcare can help you get started with a free consultation.
