Even though Medicare is considered to be “affordable” health care, not everyone can afford it. This is especially true when the Cost of Living Adjustment (COLA) for Social Security usually covers the annual rate increases for Medicare premiums and not much else. Thank goodness there are Medicare Savings Programs that can help.

The Four Medicare Savings Programs

There are four federal subsidy programs that can help pay for different parts of Medicare when you have low income and few assets. According to the Centers for Medicare & Medicaid Services, more than 10 million people turned to one of the following four Medicare Savings Programs for support in 2021.

The following tables list what each program covers, what the income requirements are EACH MONTH (you need to have equal to or less than this amount), and how many assets you can have to qualify. These requirements change every year so don’t hesitate to reach out to your local Medicaid office to find out if you qualify.

2022 MSP Income and Asset Limits in All States But Alaska and Hawaii

Name of Program	What the Program Covers	Income Limits*	Asset Limits
Qualified Medicare Beneficiary (QMB)	Part A: Premiums Hospital deductible Hospital copay SNF copay    Part B: Premiums Deductible Coinsurance	Single: $1,153    Married: $1,546	Single: $8,400    Married: $12,600
Specified Low-Income Medicare Beneficiary (SLMB)	Part B premiums	Single: $1,379    Married: $1,851	Single: $8,400    Married: $12,600
Qualified Individual (QI)**	Part B premiums	Single: $1,549    Married: $2,080	Single: $8,400    Married: $12,600
Qualified Disabled and Working Individuals (QDWI)***	Part A premiums	Single: $4,615    Married: $6,189	Single: $4,000    Married: $6,000

2022 MSP Income & Asset Limits in Alaska and Hawaii

Name of Program	Income Limits in Alaska	Income Limits in Hawaii
Qualified Medicare Beneficiary (QMB)	Single: $1,436    Married: $1,928	Single: $1,323    Married: $1,775
Specified Low-Income Medicare Beneficiary (SLMB)	Single: $1,719    Married: $2,309	Single: $1,583    Married: $2,126
Qualified Individual (QI)	Single: $1,932    Married: $2,596	Single: $1,779    Married: $2,390
Qualified Disabled and Working Individuals (QDWI)	Single: $5,749    Married: $7,715	Single: $5,295    Married: $7,105

Other Benefits of Medicare Savings Programs

When you qualify for an MSP, any prior Part B late penalties you had will go away — forever. Even if you lose eligibility for the MSP in the future, those Part B late penalties won’t come back.

If you aren’t already enrolled in Part B when you qualify for an MSP, you get a chance to sign up right away. Normally, you would have to wait for the General Enrollment Period (January 1 – March 31) to sign up for Part B if you did not sign up during your Initial Enrollment Period.

Cost-of-Living Adjustment (COLA) Information. (2022). Social Security Administration. https://www.ssa.gov/cola/

Medicare Savings Programs Eligibility and Coverage. (2022). National Council on Aging. https://ncoa.org/article/medicare-savings-programs-eligibility-coverage

Tsai, D., & Engelhardt, T. (2021). Opportunities to Increase Enrollment in Medicare Savings Programs. Centers for Medicare & Medicaid Services. https://www.medicaid.gov/federal-policy-guidance/downloads/cib11012021.pdf

 

Current Year: 2022

Subsequent Years: 2023