Medicare savings programs provide eligible beneficiaries with savings on their Medicare premiums.
Medicare savings programs offer low-income beneficiaries of Medicare and Medicaid programs the opportunity to save money on medical expenses. The programs have eligibility guidelines that focus on limited income and resources for benefits that may reduce or eliminate premiums, and they have additional options for seeing health care providers.
Qualified Medicare Beneficiary Program
An individual who wants to apply for the Qualified Medicare Beneficiary Program(QMBP) must meet eligibility requirements. He must be eligible, but not enrolled, for Medicare Part A insurance. Monthly income must meet, or be less than, 100 percent of the annual federal poverty level, based on information from The Center for Medicare Advocacy. He must also use the asset test for low-income subsidy, which states the amount beneficiaries can earn annually and still meet eligibility guidelines. The amounts as of 2010 are $8,100 for an individual, and $12,910 for a couple. Program benefits include premium payments for Medicare Parts A and B, coinsurance and deductibles, according to The Center for Medicare Advocacy. Beneficiaries in Medicare managed care also receive these benefits.
Specified Low Income Medicare Beneficiary Program
The Specified Low Income Medicare Beneficiary Program(SLMB) covers the costs for a beneficiary's Medicare Part B premiums. It also permits doctor visits and medical treatment for non-emergency conditions, reports Today's Senior. To qualify for SLMB, an applicant must be eligible for Medicare Part A, maintain a net income that meets, or is lower than, 135 percent of the federal poverty level and possess resources worth no more than $4,000. Resources consist of financial items, such as stocks, cash and bonds.
Additional Low-Income Medicare Beneficiaries Program
The Additional Low-Income Medicare Beneficiaries Program (ALMB) pays an individual's Medicare Part B premiums for a year through the SLMB program. To qualify, the applicant must have an income between 120 and 135 percent of the federal poverty level, and meet the asset test for the QMBP program, according to The Center for Medicare Advocacy. This program is not open to applicants with any form of Medicaid.
Tags: Beneficiary Program, Medicare Beneficiary, Medicare Beneficiary Program, Medicare Part, Center Medicare
