Do you know about Medicare Savings Programs?Posted: May 10, 2021, 10:33AM
Medicare offers 4 programs to assist beneficiaries with out-of-pocket costs that Medicare does not pay. There are income and asset guidelines for each program.
Program 1 or Qualified Medicare Beneficiary (QMB) pays Part A deductible, Part A coinsurance, Part B deductible, Part B coinsurance, and Part B monthly premiums.
Program 2 or Specified Low-Income Beneficiary (SLMB) pays the Part B monthly premium.
Program 3 or Qualifying Individual (QI-1) pays the Part B monthly premium.
Program 4 or Part D Extra Help pays up to $6550 per year on Part D prescriptions.
The income limts vary for each program.
Contact your State's SHIP program or the Medicare Helpline at 1 877 987-4463 for more information or go to https://www.medicare.gov on Medicare Savings Programs.