The 4 Medicare Savings Programs (MSPs)
Did know that thousands of Medicare beneficiaries around the country are eligible for Medicare Savings Programs and don’t even know it? It’s true! We’ve outlined the four most common Medicare Savings Programs so you can take a look and figured out whether or not you’re eligible. If you think you may be missing out on savings, great news! Our partners at Medicare Plan Finder can meet with you to help you find a good plan that makes sense for your needs.
There are 4 basic kinds of Medicare Savings Programs.
- Qualified Medicare Beneficiary (QMB) Program
- Specified Low-Income Medicare Beneficiary (SLMB) Program
- Qualifying Individual (QI) Program
- Qualified Disabled and Working Individuals (QDWI) Program
If you qualify for a QMB, SLMB, or QI program, you automatically qualify to get Medicare Extra Help to pay for Medicare prescription drug coverage.
Qualifying Individuals Program:
For those who fall between 120% and 135% of the federal poverty level have a yearly income of:
- Family of 1 – $14,568 – $16,389
- Family of 2 – $19,752 – $22,221
Qualified Disabled Working Individuals (QDWI) Program:
For those who are disabled, employed, at 200% or less of the Federal Poverty Limit, and fall under the following limits:
- Family of 1 – Income limit of $24,280 and have asset limit of $4,000
- Family of 2 – Income limit of $32,920 and asset limit of $6,000
Qualified Medicare Beneficiaries (QMB) Program:
For those who are at 100% or less of the Federal Poverty Level and meet the following limitations:
- Family of 1 – Income limit of $1,012 and asset limit of $7,560
- Family of 2 – Income limit of $1,372 and asset limit of $11,340
Specified Low-Income Medicare Beneficiaries (SLMB) Program:
For those who are between 100% and 120% of the Federal Poverty Level and meet the following limits:
- Family of 1 – Income limit of $12,140-$12,568 and asset limit of $7,560
- Family of 2 – Income limit of $16,460-$19,752 and asset limit of $11,340
Choosing a Plan
If you haven’t chosen a Medicare plan or if you’re interested in switching into a better plan, contact Medicare Plan Finder to set up an appointment. They have licensed agents throughout the state of Tennessee who can come to your home to sort through your options with you. Their agents are able to sell nearly every plan in Tennessee, so there is no bias when they help you select a plan. To get started, click here or give them a call at 833-438-3676.
*This post was originally published in November 2015, but updated in November 2018.