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Understanding health insurance can be difficult! But it’s worth learning how to get the most out of your health insurance options. It’s also important to learn about Medicare-related benefit programs that can save you money if you qualify. Medicare savings programs and additional help for Medicare Part D help eligible people with their Medicare costs and Part D prescription drug costs. Read these frequently asked questions and answers to see if these programs could help you. help or help someone you know.
What are Medicare savings programs? Medicare savings programs help seniors with limited income and assets pay all or part of Medicare premiums, deductibles, and copayments.
What do Medicare savings programs help pay? Depending on your income, they will pay the Part B premium and possibly Part A and B deductibles and co-payments.
What is the Part B premium? Unless you’re already enrolled in a special program, most people with Medicare have the Part B premium automatically deducted from their Social Security checks each month. In 2022, the standard Part B premium is $170.10.
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What must my income be to qualify for Medicare savings programs? The 2022 monthly income limit for an individual is $1,528 per month or for a couple the limit is $2,059 per month.
What is counted as income? All of your income is taken into account, including Social Security, pensions, annuities, veteran’s benefits, rental income, and more. Additionally, you must include the amount that is automatically withdrawn from your Social Security check to pay the Medicare Part B premium as part of your income.
What are the asset guidelines to be eligible for the program? Individuals must have assets or resources less than $8,400 and couples must have assets less than $12,600.
What exactly qualifies as “active”? Your assets include money in checking accounts, savings accounts, CDs, stocks, bonds, mutual funds, IRAs, investments, cash, and any real estate other than your home.
Does my house or car count as an asset? The house you live in and your car are not considered assets.
What is “additional help” for Part D? Extra Help — also known as Low Income Subsidy (LIS) — is a program that helps people with limited income and assets pay premiums, deductibles, and copayments for their Medicare Part prescription drug insurance. D. Like Medicare savings programs, your income and assets are considered to determine how much help you can get.
What income can I have while being entitled to the additional assistance? Your income can reach $1,698/month for an individual or $2,288/month for a couple.
What is the asset limit to be eligible for additional assistance? Individuals can have up to $14,010 and couples up to $27,950.
If I don’t qualify for Extra Help, can I still get Part D drug coverage? Yes. Whether or not you qualify for additional assistance does not affect your eligibility for a Part D plan.
If my income is low enough but I exceed the asset limit, are there other programs I can qualify for? Senior Care is a low-cost prescription drug program that only considers your income, not your assets. You may want to check out this program if you go over the asset limit for the extra help, but your income is still limited.
For more information about Medicare savings programs or additional assistance for Medicare Part D, please call the Benefits Specialists at the Racine County Aging and Disability Resource Center at 262-833-8777 .