Social Security benefits most seniors never claim
Millions of Americans miss out on benefits they’re entitled to simply because they don’t know these programs exist. The biggest overlooked benefit? Medicare Savings Programs that can eliminate your Medicare premiums and drastically reduce your out-of-pocket costs. Understanding these options can mean the difference between financial struggle and security.
Qualified Medicare Beneficiary (QMB) covers everything
The QMB program covers your Medicare Part A and Part B premiums, deductibles, and copayments. For most people, this means saving the $174.70 monthly Part B premium alone. That’s over $2,000 per year. QMB is the most comprehensive of the four Medicare Savings Programs, as it helps individuals with limited income and assets pay not only for premiums, but also for deductibles and copayments.
SLMB pays Part B premiums
Specified Low-Income Medicare Beneficiary pays your Medicare Part B premiums, saving you that same $174.70 monthly. SLMB and QI programs only pay for the monthly Medicare Part B premium of $174.70 each month in 2024. Beneficiaries eligible for SLMB do not receive assistance with their Medicare Part A and Part B cost-sharing through MSP.
Income limits are higher than expected
The income limits are higher than most people realize. For QMB, individuals must have income below 100 percent of the federal poverty level. For SLMB, it’s 120 percent of the poverty level. States use different rules to count your income and assets to determine if you’re eligible for an MSP. If you qualify for one of the three main Medicare Savings Programs, your Medicare Part B monthly premium will no longer be deducted from your Social Security check.
Extra Help automatically included
When you’re approved for these programs, you automatically qualify for Extra Help with prescription drug costs, potentially saving hundreds more annually. Individuals enrolled in Medicaid or a Medicare Savings Program are automatically entitled to the full Part D Low-Income Subsidy. The Low Income Subsidy can save Medicare beneficiaries thousands of dollars a year in Part D drug expenses.
Half a million eligible not enrolled
According to the Centers for Medicare & Medicaid Services, more than half a million people who were eligible for the QMB program were not enrolled as of 2022. People who receive SSI benefits are automatically eligible for the QMB program. However, many have never enrolled.
Wrap up
Many seniors leave money on the table because they don’t know these programs exist. Contact your state Medicaid agency or call 1-800-MEDICARE for information.
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