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Can I get help paying my Medicare premiums?

Can I get help paying my Medicare premiums?

If you are struggling to pay your monthly premiums for Medicare, you are not alone. Many Medicare beneficiaries need help with their monthly Medicare premiums. Those who cannot pay their Medicare premiums may be able to get help through the Medicare Savings Programs (MSPs). The Medicare Savings Programs are programs run by the state government to help Medicare beneficiaries with limited income and assets pay for their monthly premiums.

There are four different MSPs that can help you pay for some or all of your Medicare premiums and may also pay coinsurance, copayments, and deductibles. Here is what you need to know about each Medicare Savings Programs.

Qualified Medicare Beneficiary Program (QMB)

QMB is the most comprehensive Medicare Savings Program that helps seniors pay for Original Medicare premiums as well as deductibles, copayments, and coinsurances. In 2020, you can qualify for this program with an income of $1,084/month and resource limits of $7,860. For a couple, the income limit is $1,457/month, and the resources limits are $11,800.

Specified Low-Income Medicare Beneficiary Program (SLMB)

This type of Medicare Savings Programs only helps with the payments of Medicare Part B premiums. To qualify for this program, your income and resources limit as an individual are $1,296/month and $7,860. For a couple, the income limits are $1,744/month, and the resources limit is $11,800.

Qualifying Individual Program (QI)

Qualifying Individual Program only helps you cover your Medicare Part B premiums. Those who qualify for Medicaid cannot apply for this program. You can qualify for this program in 2020 with an income and resources limit of $1,456/month and $7,860, respectively. As a couple, you can qualify for this program with a combined income and resources limit of $1,960/month and $11,800. If you qualify for this program, you must reapply each year, and assistance is offered on a first-come, first-served basis.

Qualified Disabled Working Individuals Program (QDWI)

This type of Medicare Savings Program is less common and more complex than the others. The QDWI only offer help with paying for Part A premiums. You may qualify for the program if you are under age 65, lost your free Medicare Part A, have a disabling impairment, and do not qualify for Medicaid. You must also meet the income and assets limit requirements.

The income limits are $4,339/month for an individual, and couples can qualify with an income of $5,833/month. The resource limits are at $4,000 for an individual, and couples must have resource limits of $6,000.

You can contact Cornerstone Senior Advisors for more information and assistance about getting the help you need to pay for your Medicare premiums.