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What Are Medicare Savings Programs?

Medicare Savings Programs are not health insurance policies in and of themselves, but they can provide considerable relief when you’re struggling to make Medicare payments. The Medicare Savings Programs consist of Qualified Medicare Beneficiary (QMB), Specified Low Income Medicare Beneficiary (SLMB), Qualifying Individual (QI), and Qualified Disabled and Working Individual (QDWI).

What Do Medicare Savings Programs Require?

Medicare Savings Program eligibility requires being at or below a certain monthly income level, depending on whether you are single or married. 

You also must have limited resources, which are the amounts you have in stocks, bonds, and checking and savings accounts. QMB, SLMB, and QI programs share the same resource limits – $7,970 for single individuals, and $11,960 for married couples. For QDWIs, the resource limits are $4,000 for singles and $6,000 for married couples.

What Costs Do Medicare Savings Programs Cover?

These programs strictly cover Medicare-related costs. The coverage for some is more extensive than others. But mainly, Medicare Savings Programs help with premium payments.

How Does The QMB Program Work?

In order to qualify for a QMB program, your monthly income must be at these amounts or lower:

  • $1,094 if single
  • $1,472 if married

This offers the greatest amount of coverage out of all Medicare Savings Programs. It helps pay Part A and/or Part B premiums, and it forbids healthcare providers from billing you for anything that Medicare covers. This includes deductibles, coinsurance, and copayments.

How Does The SLMB Program Work?

This Medicare Savings Program’s monthly income requirements are:

  • $1,308 if single
  • $1,762 if married

The SLMB program solely helps with Medicare Part B premiums. While this seems like a small benefit, it’s not insignificant in any way. Without any discount, Part B premiums are $148.50 every month.

What Is The QI Program?

The QI program is similar to the SLMB program in that it strictly helps with Medicare Part B premiums. The main difference between SLMB and QI programs is monthly income eligibility.

In order to qualify for the QI program, your monthly income must be:

  • $1,469 if single
  • $1,980 if married

What Is The QDWI Program?

This is limited to those who are disabled and working. It stands out from the rest for this reason, and its income limits are higher than those for other Medicare Savings Programs.

In order to qualify, your monthly income must be no more than:

  • $4,379 if single
  • $5,892 if married

The QDWI program helps with Medicare Part A premiums, which can be anywhere from $259 to $471 each month. It can be argued that the QDWI program has the second most coverage, just behind the QMB program.

Get Your Medicare Savings!

If you have a lower income, Medicare Savings Programs are the perfect way to get more breathing room when it comes to paying for medical expenses. And at Peritia Advisors, we’re here to make that happen. We help you because you deserve to get the coverage you need, stress-free. To learn more about Medicare Savings Programs and what they can do for you, give us a call today.