Mark Luigi Dacumos
Medicare does not have any income limits to receive its benefits. Instead, you can get the coverage as long as you’re 65 or older.
Where does income come into play? If you make more than a certain amount, which is set at $88,000 for 2021. If that’s the case, you can end up paying more for your premiums.
What if you don’t make that much money, though? What if you’re on a limited income and find it hard to pay your bills each month? If that’s your situation, you may be eligible for assistance that can help pay your Medicare premiums.
Low-Income Medicare Assistance
Living on a limited income can be challenging as you’re older, especially if you’re retired. Without a steady income from a job, you’ll have to make each dollar stretch. Having to pay Medicare premiums can make that a tough task, which is why it’s good to know there are assistance programs out there.
Here are some of the most popular Medicare assistance programs. Qualify, and you could receive help paying your Medicare Part A, B, and D costs.
Extra Help
This Medicare savings program deals with Part D prescription coverage. Since many seniors find themselves needed prescription drugs, Extra Help can save the day by limiting how much they pay for meds.
In 2021, for example, qualifying for Extra Help means you won’t have to pay more than $9.20 for brand-name prescriptions. Generics, meanwhile, will max out at $3.70, which is quite affordable.
Qualified Medicare Beneficiary (QMB) Program
With a QMB plan, you can waive costs for premiums, copays, deductibles, and coinsurance, saving you a ton of money in the process. To be eligible as an individual, your monthly income will have to be lower than $1,084, and your resources can’t exceed $7,860. Those amounts increase for married couples to $1,457 per month and $11,800.
Specified Low-Income Medicare Beneficiary (SLMB) Program
You won’t have to worry about your Medicare Part B premiums if you qualify for this program. This means that your costs for doctors’ and specialists’ visits, vaccines, medical supplies, ambulance rides, and other necessities will be covered.
Qualifying for SLMB requires an income lower than $1,296 per month and less than $7,860 in resources. If you’re married, those numbers jump to $1,744 and $11,800.
Qualifying Individual (QI) Program
This program covers Medicare Part B costs as well, but it’s administered on the state level. Funding is limited, and you won’t be able to qualify if you have Medicaid.
Eligibility requirements for QI include an income lower than $1,456 monthly and less than $7,860 in resources for individuals. Married couples will have to make less than $1,960 per month and have less than $11,800 in resources.
Qualified Disabled and Working Individuals (QDWI) Program
States run this Medicare Savings Program that offers Part A assistance if you’re under 65 and don’t qualify for free premiums.
To qualify for QDWI, monthly income must be below $4,339 for individuals and $5,833 for couples. Resources must be less than $4,000 for individuals and $6,000 for couples.
Medicaid
Qualifying for Medicaid clears you of healthcare costs. Since each state has its own eligibility rules, you can use this tool to see if you qualify.
