Being enrolled in Medicare insurance can save you from paying large amounts to cover your medical care. However, for some, Medicare premiums can be too much to consider. With a Medicare Savings Program, the state will help you pay your Medicare premiums and possibly any deductibles, coinsurance, or copayments that come with Medicare.
What are the different types of Medicare Savings Programs?
There are four different programs that you can qualify for:
- Qualified Medicare Beneficiary (QMB): The QMB program helps cover Part A and Part B premiums, as well as deductibles, coinsurance, and copayments.
- Specified Low-Income Medicare Beneficiary (SLMB): The SLMB program only helps cover Part B premiums.
- Qualifying Individual (QI): The QI program also only helps cover Part B premiums.
- Qualified Disabled and Working Individuals (QDWI): The QDWI program only helps cover Part Premiums.
You should always inform your healthcare provider if you are enrolled in a Medicare Savings Program, especially in the QMB program. You will need to provide proof by showing your Medicare, Medicaid, or QMB card every time you receive care. This should correct any billing issues you may have if you are being charged for deductibles, coinsurance, or copayments.
How can I apply?
All states require you to be eligible or enrolled in Medicare Part A, but still keep in mind that other qualifications, the application process, and required documents vary by state. For example, to be eligible for the QMB program, you need to fall within a certain resource limit, which also varies by state and program. When looking at eligibility, some counted resources include checking accounts, savings accounts, or mutual funds.
In many cases, you may need to provide your Social Security card, Medicare card, birth certificate, proof of address, and proof of income to complete an application. After completing an application, make sure to have a copy made to have evidence of applying. Within 45 days, you should receive a Notice of Action regarding your application status.
It is important to note that if you do qualify for the QMB, SLMB, or QI programs, you can also qualify for the Extra Help program, which helps cover prescription drugs.
If you are on a limited income and are unsure if you qualify for a Medicare Savings Program, reach out to an independent agent at Joseph Cioffi Insurance. I will answer all your Medicare-related questions with integrity, quality, and exceptional service.