Am I eligible for a Medicare Savings Program?
Whether you are eligible depends on if your income and resources are at or below the threshold of at least one of the four Medicare Savings Programs. The limits are also higher for married couples.
Remember, even if your income is higher than what’s listed, you might still qualify for one of these programs. That’s because income from working doesn’t necessarily apply to these limits.
Your resources also help determine whether you’re eligible. These resources, considered separate of your income, include checking and savings accounts, stocks and bonds.
The limits change each year, and you can check the amounts on a site such as Medicare.Gov to see if you’re eligible.
What about Extra Help for prescription drugs?
If you're eligible for the QMB, SLMB or QI Medicare Savings Programs and you have a plan that includes prescription drug (Part D) coverage, you’re also eligible for Extra Help. This program helps cover prescription drug costs and waives late enrollment penalties for Part D. Further, if you’re eligible for Extra Help, the coverage gap stage will not apply to you.
While Medicare Savings Programs come from your state, Extra Help is a federal government resource. You can visit the Social Security website or local office to apply.
Many people are not aware they meet the requirements for these programs. Plus, it's possible to qualify for Extra Help even if you're not eligible for any of the Medicare Savings Programs. That’s why checking with Social Security to see if you qualify is worth your time. Just remember, it’s only for people with prescription drug plans, so if you have a Medicare Advantage plan, you won’t be eligible.