Yes. If your income is above the income and asset guidelines, you should still apply. You may still qualify for a Medicare Savings Program because certain income and assets may not count.
How your income and assets are counted to determine eligibility varies from state to state.
In all states, the following income will never be counted:
- The first $20 of all income
- The first $65 of monthly wages
- One-half of your monthly wages (after the $65 is deducted)
- Food stamps
Some states may not count more income, and/or may exclude things from your income, such as the money you use to pay health insurance premiums (like Part D premiums). Also, if there are more than two people in your household, in some states you can have higher income.
In all states, the following assets will never be counted:
- Your primary house
- Your car
- Household goods and wedding/engagement rings
- Burial spaces
- Burials funds for you and your spouse valued up to $1,500 each
- Life insurance with a cash value of less than $1,500
Many states do not count other types of assets. Some states have no asset test.