Medicare is a great resource for many seniors as it provides much-needed healthcare coverage, but if you earn a low income and have limited resources, you may find that some of the out-of-pocket costs that come with Medicare may be too costly for you to handle.
Fortunately, there are resources available to you if you live in Florida. These resources are known as Medicare Savings Programs.
The Medicare Savings Program (MSP) is a program that helps people with limited resources and funds to pay off their Medicare premiums, deductibles, copayments, and coinsurance.
Who Qualifies for Medicare Savings Programs?
The Medicare Savings Program is not open to everyone under Original Medicare; if you meet any of these requirements, you may qualify for the MSP.
- You have or are eligible for Medicare Part A.
- Your income falls below or is at the income limit for any of the four Medicare Savings Programs listed below.
- You have limited resources that are below or at the program limits.
What Are The Medicare Savings Programs?
There are four types of MSPs. Each of them has varying resource and income limits, as well as varying coverage:
- Qualified Medicare Beneficiary (QMB) Program: It has an individual monthly income limit of $1,094 and a married couple’s monthly income limit of $1,472. The resource limit is capped at $7,970 for individuals and $11,960 for couples. It pays for Part A premiums, Part B premiums, deductibles, coinsurance, and copayments.
- Specified Low-Income Medicare Beneficiary (SLMB) Program: This pays for Part B premiums for people with Part A and limited income and resources. Its individual monthly income limit is $1,308 and has a married couple monthly limit of $1,762. Its resource limit is the same as the QMB Program listed above.
- Qualifying Individual (QI) Program: You must apply for this program every year to get its benefits of paying for the Part B premium. The individual monthly income limit is $1,469 and $1,980 for couples. The resource limit remains the same.
- Qualified Disabled and Working Individuals (QDWI) Program: This pays Part A premiums only. The individual monthly income limit is $4,379 and $5,892 for couples. The resource limit is $4,000 for individuals and $6,000 for married couples.
If you need more information about Medicare Savings Programs and how you may qualify for one in Florida, reach out to Medigap Supplement Headquarters today. We are here to help you get the coverage you need at affordable rates, and can help you compare all your options.