Get Help paying your Medicare Costs: Programs for Medicare Beneficiaries with limited income and assets 2016

Get Help paying your Medicare Costs: Programs for Medicare Beneficiaries with limited income and assets 2016.

If you are living on a low income and have limited resources,* you can start saving money right now on your Medicare costs.

Through a Low Income Subsidy (sometimes called “Extra Help”) you can save an average of $300 a month in Medicare Part D prescription costs and through a Medicare Savings Program, you can save more than $100 a month in Medicare Part B premiums.

New Jersey offers three types of Medicare Savings Programs based on your income and assets:

*Qualified Medicare Beneficiary (QMB).

*Specified Low-income Medicare Beneficiary (SLMB)

*Qualified Individual-1 (QI-1)

*Your home and one vehicle are not counted as assets.

Take a look at the chart below and see which programs best describe you and then call 1-800-792-8820.

Qualified Medicare Beneficiary (QMB):

Monthly Income:

For individuals, not more than $990

For a couple, not more than $1,335

Asset Eligibility:

For individuals, not more than $4,000 in assets.

For a couple, not more than $6,000 in assets

What it saves you:

Pays your monthly Medicare Part B premium.

Pays your Medicare deductibles and coinsurance.

Specific Low-Income Medicare Beneficiary (SLMB):

Monthly Income:

For Individuals, over $990 but less than $1,188.

For a couple, over $1,335 but less than $1,602.

Asset Eligibility:

For individuals, not more than $7,280 in assets.

For a couple, not more than $10,930 in assets.

What it saves you:

Pay your monthly Medicare Part B premium.

Automatically enrolled in LIS (see below)

Qualified Individual-1 (QI-1)

Monthly Income:

For individuals over $1,188 but less than $1,336.50.

For a couple, over $1,602 but less than $1,802.25.

Asset Eligibility:

For individuals, not more than $7,280 in assets.

For a couple, not more than $10,930 in assets.

What it saves you:

Pays your monthly Medicare Part B premium.

Automatically enrolled in LIS (see below).

Low Income Subsidy (LIS):

Monthly Income:

For individuals, not more than $1,485.

For a couple, not more than $2,002.50.

Asset Eligibility:

For individuals, not more than $13,640 in assets.

For a couple, not more than $27,250 in assets.

What it saves you:

Pays some or most of your Medicare Part D prescription costs.

You can save more than $100 a month with a Medicare Savings Program.

Most seniors and individuals with disabilities on Medicare pay $104.90 or $121.80 each month directly out of their Social Security check for their Part B premium.

All individuals enrolled in a Medicare Saving Program get the program to pay their Part B premium. Individuals on QMB also save money on Medicare deductibles and coinsurance.

You may save an average of $300 a month with a Low Income Subsidy.

The average monthly premium for a Medicare Part D prescription drug plan is $34.10. In addition, each time a Medicare Part D  beneficiary goes to the pharmacy they must pay their co-payment and in the donut hole, about half the cost of their medication.

Individuals enrolled in a Low Income Subsidy (LIS) get the program to pay their Part D premium, lower their co-payment amounts and avoid the donut hole. People on LIS also pay no Medicare Part D late enrollment penalty.

For more information on programs that help lower your Medicare costs, contact the following agency: For additional information call the NJ Division of Aging Services at 1-800-792-8820 or visit our website at http://www.aging.nj.gov.

*Disclaimer: I took this information directly from NJ Division of Aging Services pamphlet. I have never used this program before so I have no opinion yes or no to how it runs. Please call or email the above number for more information.

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About jwatrel

I am a free-lance writer and Blogger. I am the author of the book "Firehouse 101" (IUniverse.com 2005) part of trilogy of books centered in New York City. My next book "Love Triangles" is finished being edited and should be ready for release in the Fall. My latest book, "Dinner at Midnight", a thriller is on its last chapter. My long awaited book explains the loss of the 2004 Yankee game to Boston. I work as a Consultant, Adjunct College Professor, Volunteer Fireman and Ambulance member and Blogger. I have a blog site for caregivers called 'bergencountycaregiver', a step by step survival guide to all you wonderful folks taking care of your loved ones, a walking project to walk every block, both sides, of the island of Manhattan "MywalkinManhattan" and discuss what I see and find on the streets of New York and three sites to accompany it. One is an arts site called "Visiting a Museum", where I showcase small museums, historical sites and parks that are off the beaten track both in Manhattan and outside the city to cross reference with "MywalkinManhattan" blog site. Another is "DiningonaShoeStringNYC", featuring small restaurants I have found on my travels in this project, that offer wonderful meals for $10.00 and under. So be on the lookout for updates on all three sites and enjoy 'MywalkinManhattan'. The third is my latest site, "LittleShoponMainStreet", which showcases all the unique and independent shops that I have found on my travels throughout and around Manhattan. I have started two new blog sites for the fire department, one "EngineOneHasbrouck HeightsFireDepartmentnj" for the Hasbrouck Heights Fire Department to discuss what our Engine Company is doing and the other is "BergenCountyFireman'sHomeAssociation" for the Bergen County Fireman's Association, which fire fighters from Bergen County, NJ, go to the Fireman's Home in Boonton, NJ to bring entertainment and cheer to our fellow brother fire fighters quarterly.
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1 Response to Get Help paying your Medicare Costs: Programs for Medicare Beneficiaries with limited income and assets 2016

  1. jwatrel says:

    Please call or email the above number for more information.

    Liked by 1 person

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