Help Paying Medicare Costs If Income or Assets Are Too High for Medicaid

How Medicaid Works: Page 5

By , Caring.com Expert
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Are any benefits available if income and assets are a bit too high for Medicaid?

If you have low countable income, few assets (not counting your home, a car, and other personal possessions), but your income or assets are slightly too high to qualify for Medicaid, you may still be eligible for another program that provides substantial financial help with medical costs. These other programs are called Qualified Medicare Beneficiary (QMB), Specified Low-Income Medicare Beneficiary (SLMB), and Qualifying Individual (QI). Here are the basics about these three programs:

  • QMB: You may qualify as a QMB if your counted income is up to about $950 per month (varying slightly from state to state). You may also have nonexempt assets of up to $4,000 ($6,000 for a couple). If you are eligible to be a QMB, your state will pay all of your Medicare Part A and Medicare Part B premiums, deductibles, and coinsurance amounts.
  • SLMB: You may qualify as an SLMB if your counted income is up to about $1,150 per month. You may also have nonexempt assets of up to $4,000 ($6,000 for a couple). If you qualify as an SLMB, the program will pay your monthly Medicare Part B premium.
  • QI: You may qualify as a QI if your counted income is up to about $1,300 per month and your nonexempt assets are no more than $4,000 ($6,000 for a couple). If you qualify as a QI, the program may pay your Medicare Part B monthly premium, but each state's QI funds are limited and there's no guarantee of coverage.