If your income seems above Medicare Savings Program (MSP) Medicare Savings Programs (MSPs), also known as Medicare Buy-In programs, help pay your Medicare costs if you have limited income and savings. There are three main MSPs, each with different benefits and eligibility limits: Qualified Medicare Beneficiary (QMB), Specified Low-Income Medicare Beneficiary (SLMB), and Qualifying Individual (QI) program. The Qualified Disabled Working Individual (QDWI) program is a less common MSP for people who are under 65, have a disabling impairment, and continue to work. Â income and asset guidelines in your state, you should still apply. You may qualify for an MSP because certain income and assets Assets are resources such as savings and checking accounts, stocks, bonds, mutual funds, retirement accounts, and real estate. may not be counted when determining your eligibility.
Note: How your income and assets are counted to determine eligibility varies from state to state. Call your State Health Insurance Assistance Program (SHIP) to find out if you are eligible for an MSP in your state.
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If you live in New York, the Medicare Rights Center can help you enroll in various Medicare cost-savings programs. Please answer a few questions to see if we can connect you with a trained benefits enrollment counselor.
Contact your local State Health Insurance Assistance Program
Each state offers a SHIP, partly funded by the federal government, to give you free counseling and assistance. A SHIP counselor may be available by phone or in person.
Visit www.shiptacenter.org to find your local SHIP office.
Contact your local State Health Insurance Assistance Program
Based on the information you provided, you do not appear to be eligible for Medicare cost-saving programs.
[glossary_exclude]Each state offers a State Health Insurance Assistance Program (SHIP), partly funded by the federal government, to give you free counseling and assistance. A SHIP counselor may be available by phone or in person.[/glossary_exclude]
Visit www.shiptacenter.org to find your local SHIP office.
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In all states, the following income is not counted:
- The first $20 of all income
- The first $65 of your monthly wages
- Half of your monthly wages (after the $65 is deducted)
- Food stamps (Supplemental Nutrition Assistance Program (SNAP) support)
In addition to the above, some states may disregard or exclude other income, such as the cost of certain health insurance Health insurance (sometimes called health coverage) pays for some or all of the cost of health services you receive, like doctors’ visits and hospital stays. Programs like Medicare and Medicaid are public health insurance offered through the government. Health insurance can also be administered by private companies that offer individual policies, group health plans, and supplemental insurance. premiums (like Part D Part D, also known as the Medicare prescription drug benefit, is the part of Medicare that provides prescription drug coverage. Part D is offered through private companies either as a stand-alone plan, for those enrolled in Original Medicare, or as a set of benefits included with a Medicare Advantage Plan. premiums). Also, in some states the eligibility limits may be higher if there are more than two people in your household.
In all states, the following assets are not counted:
- Your primary house
- One car
- Household goods and wedding/engagement rings
- Burial spaces
- Burials funds up to $1,500 per person
- Life insurance with a cash value of less than $1,500
Many states do not count other types of assets. In addition, some states have no asset test. Call your SHIP to learn more.