Medicare Savings Plan
Medicare Savings Plan (MSPs) are Medicaid-run programs for people who come from Low-Income Subsidy groups and have limited means of paying for certain medical expenses. These plans help individuals pay for certain Medicare out-of-pocket expenses that include Part A and B premiums, copayments, coinsurance, few deductibles, etc.
There are four types of Medicare Savings Plans listed-
Qualified Medicare Beneficiary Program (QMB) – This pays for Medicare Part A premium (hospital insurance) and Part B (medical insurance) premium. QMB automatically qualifies you to be eligible for extra help such as prescription medication expenses, cost-sharing expenses, deductibles, copayments, etc.
Specified Low-Income Medicare Beneficiary Program (SLMB)– Those individuals earning a little more than the maximum bracket of QMB income, may qualify for the SLMB program. It does not pay for cost-sharing expenses or Medicare Part A premiums. But it does allow you to have extra help in the prescription drug program.
Qualifying Individual (QI) Program– If you do not qualify for QMB or SLMB, then you may try applying for QI instead. You are eligible to get help in Medicare Part B premiums but will need to reapply for this every year.
Qualified Disabled and Working Individuals (QWDI) program– This only pays for Medicare Part A premiums. You can apply for this only if-
You are disabled, currently working and below 65.
You are not getting any medical assistance currently
You meet the state prescribed pay and resource requirement
You returned to work but lost your premium-free Medicare Part A coverage.
It is important to check with Askhpm experts to understand your eligibility and know which type of medicare savings plan will be applicable for you. To know more, visit www.askhpm.com today!