Team Clark is adamant that we will never write content influenced by or paid for by an advertiser. To support our work, we do make money from some links to companies and deals on our site. Learn more about our guarantee here.
Having trouble paying your Part A and Part B premiums for in-hospital stays and outpatient visits, respectively?
There are several little-known Medicare savings programs that could help you foot the bill.
January 1, 2019 marked a historic day for health care. With the start of a new year came a new requirement: Hospitals are now required to post their prices online.
While there are some problems with the implementation of this law, at least it’s a first step in the right direction toward transparency in the cost of medicine.
But what if you can’t afford your Part A premiums for hospitalization in the first place — or your Part B premiums, for that matter?
That’s where secret Medicare savings programs can help. There are four such programs that can assist with paying for premiums and more.
Each of the four programs has its own income and resource limitations that you must meet to qualify.
When looking at your resources, Medicare will count money in the bank (either checking or savings), as well as any stocks and bonds you hold.
What won’t count against you is home ownership and the value of your home; ownership of one vehicle; having a burial plot; having up to $1,500 saved for burial expenses; furniture; and any other household and personal items. None of those things will automatically disqualify you from any of the programs listed below.
So without further ado, here are four Medicare savings programs you might not know about…
What it offers: Helping paying for both Part A and Part B premiums, plus deductibles, coinsurance and copayments
Income limitations:
Individual monthly income limit* | Married couple monthly income limit* | Individual resource limit | Married couple resource limit |
$1,032 | $1,392 | $7,560 | $11,340 |
* Note: Limitations are slightly higher in Alaska and Hawaii.
If you qualify for the QMB program, Medicare providers legally aren’t allowed to bill you for Medicare deductibles, coinsurance or copays. (You will, however, have to pay up to $3.70 in 2018 for prescription drugs under Medicare Part D at your pharmacy.)
But that doesn’t mean some providers won’t try to stick you with a bill you shouldn’t owe! If the provider doesn’t reverse the charge when you tell them about the law, Medicare advises QMB recipients to call 1-800-MEDICARE (1-800-633-4227) for help resolving the billing issue.
What it offers: Helping paying for Part B premiums, such as doctor’s appointments and outpatient visits
Income limitations:
Individual monthly income limit* | Married couple monthly income limit* | Individual resource limit | Married couple resource limit |
$1,234 | $1,666 | $7,560 | $11,340 |
Eligibility for the SLMB Program is twofold, according to this briefing from the Centers for Medicare & Medicaid Services.
First, you must also be eligible for Medicare Part A to be considered for SLMB. Second, your monthly income must fall between 100% and 120% of the annual federal poverty level — plus an additional $20, which is the amount of the monthly SSI income disregard.
What it offers: Helping paying for Part B premiums
Income limitations:
Individual monthly income limit* | Married couple monthly income limit* | Individual resource limit | Married couple resource limit |
$1,386 | $1,872 | $7,560 | $11,340 |
With QI benefits, you must apply each year anew, and the help this program offers is available on a first-come, first-served basis. Contact the regional office of your state’s Centers for Medicare & Medicaid Services to apply.
Being on Medicaid will disqualify you from receiving QI benefits. In granting QI benefits, priority is given to people who received QI benefits the prior year.
What it offers: Helping paying for Part A premiums, such as in-patient hospital stays
Income limits:
Individual monthly income limit* | Married couple monthly income limit | Individual resource limit | Married couple resource limit |
$4,132 | $5,572 | $4,000 | $6,000 |
To qualify for the QDWI program, you must meet at least one of the following criteria:
Get in touch with your regional office — find yours here. Medicare encourages people to apply even if their income and resources are higher than the figures listed above.
This post was last modified on January 16, 2019 9:40 am
Are you looking for a way to earn 2% back on every purchase you make…
You're not alone if you're running a balance on your credit cards. Collectively, Americans are…
A big part of saving money comes down to knowing how to comparison shop. But…
If you work for a big company as a full-time employee, chances are you have…
Are you a Peacock subscriber? You soon will have to pay more to watch NBCUniversal's…
If you’re shopping for a cheaper cell phone plan, you may have come across US…