What You Need To Know About Low-Income Medicare Benefits

low income medicare benefits

Being familiar with all the different kinds of Medicare programs is crucial to making an informed decision. Everyone’s situation is different, so it is important to study your budget and health to gauge what Medicare program fits you best. One way to start is by reading this informative article that will explain the ins and outs of every kind of Medicare program. If you feel overwhelmed by some of the complexities of certain Medicare programs, your local Medicare broker is a great resource for making this life-changing decision

4 Kinds of Medicare Savings Programs 

Qualified Medicare Beneficiary 

Some of the limits for this program include: Individual monthly couple limit of $1,084, married couple monthly income limit of $1,457, individual resource limit of $7,860, and married couple resource limit of $11,800. This program helps pay for Part A and B premiums, as well as deductibles, coinsurance, and co-payments.

Specified Low-Income Medicare Beneficiary 

This program works to help individuals that have Part A and limited income resources by paying Part B premiums only. Some of the limits for this program include: Individual monthly income limit of $1,296, married couple monthly income limit of $1,744, individual resource limit $7,860, and married couple resource limit of $11,800.

Qualifying Individual Program 

This program helps pay Part B premiums to individuals that have Part A and limited income or resources. In order to qualify for this program, you must apply every year for QI benefits. These benefits are processed in a first-come, first-served basis. Those that received QI benefits the previous year have priority. The QI income and resource limits include: Individual monthly income limit of $1,456, married couple monthly income limit of $1,960, married couple monthly income limit of $1,960, individual resource limit of $7,860, and married couple resource limit of $11,800. To find more information on where to apply you can visit here.

Qualified Disabled and Working Individuals Program 

This program helps pay for Part A premiums if you qualify if any of these conditions apply to you: a working disabled person under 65, lost premium-free Part A when you went back to work, aren’t getting medical assistance from your state, or you meet the income and resource limits required by your state. The income and resource limits include: Individual monthly income limit of $4,339, married couple monthly income limit of $5,833, individual resource limit of $4,000, and married couple resource limit of $6,000.

Make sure to be aware of the most recent news on Medicare as these amounts may increase each year.

What Is Included in the Medicare Savings Program Resource Limits? 

  • Stocks
  • Bonds
  • Money in checking or savings account

It’s important to be aware of the many resources that can be made accessible for you during these times. Depending on your individual status, you may qualify for different kinds of programs such as the Qualified Medicare Beneficiary Program, Specified Low-Income Medicare Beneficiary, Qualifying Individual Program, and the Qualified Disabled and Working Individuals Program. Now that you have knowledge of all the facts that can impact your decision, talk to an insurance professional so that you can make the best decision possible.

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