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.