Need To Cut Medical Costs? Medicare Savings May Be Right For You
(AscendHealthy.com) – When you apply for Medicare, your insurance includes coverage for medical care, hospitalization, special procedures, and prescription drugs. However, individual premiums vary depending on the number of years of Medicare insurance coverage and the level of coverage. Although Medicare costs less than private health plans, it increases co-pays, copays, and deductibles, placing a financial burden on people with fixed incomes.
The government offers four Medicare savings to the sick by paying or lowering the cost of Medicare insurance. Here’s an overview of each program and the criteria it provides for receiving aid.
Qualified Disabled and Working Individuals (QDWI) Program
The QDWI program assists with Part A payments for disabled people age 65 who are working and have lost Social Security (SSD) benefits and free Part A payments since they return to work. By 2022, the revenue and funding goals for the QDWI program are:
- $4,615 per month for singles and $6,189 per month for couples
- Single asset limit of $4,000 and married asset limit of $6,000
To qualify for the QDWI program, you cannot receive health benefits from the state where you live.
Qualifying Individual (QI) Program
The QI program is another Medicare Advantage program that helps people pay for their Part B premiums if they also have Medicare Part A. You must apply for QI benefits each year and show that you have a low income. get and resources. Benefits are awarded on a first-come, first-served basis, and priority is given to individuals who have received QI benefits in previous years. By 2022, the revenue and funding goals for the QI program are:
- $1,549 per month for singles and $2,080 per month for couples
- The single resource limit is $8,400, and the double resource limit is $12,600
QI income limits are slightly higher than in SLMB areas, which creates a significant difference between the two programs: if you call for Medicaid, you do not call for QI program benefits.
Qualified Medicare Beneficiary (QMB) Program
The Secondary Education Program (QMB) helps people pay for Part A and B premiums, deductibles, co-payments, and copayments for covered goods and services. The QMB program is a real income and support program for individuals and couples. These limits change every year. So, they are:
- The average monthly income is $1,153 for a single person and $1,546 per month for a couple
- The single resource limit is $8,400, and the double resource limit is $12,600
Note: the limits are higher in Alaska and Hawaii. You should apply if you live in both places and your income and assets are low. It is still called the QMB project.
Those eligible for the QMB program cannot make reservations for services or goods without a medical prescription. By 2022, pharmacists will not be able to charge you more than $4.00 for any drug covered under Medicare Part D.
Specified Low-Income Medicare Beneficiary Program (SLMB)
The SLMB program helps eligible people pay for Medicare Part B, which covers various medical services, outpatient care, medical supplies, and preventive services. The SLMB program also has income and support bonds. By 2022 the goals are:
- $1,379 per month for singles and $1,851 per month for couples
- The single resource limit is $8,400, and the double resource limit is $12,600
As with the QMB program, limits in Alaska and Hawaii are slightly higher for the SLMB program.
If you are eligible for Medicare and have limited resources and income to pay premiums, you may be able to find help from one of the four programs listed above. Go to the Medicare website and select your state to begin the application process.
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