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 these 2023 Medicare Savings Programs to help.

The Four Medicare Savings Programs (MSPs)

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 table lists 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.

2023 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: $1,215/$1,235   Married: $1,643/$1,663	Single: $9,090   Married: $13,630
Specified Low-Income Medicare Beneficiary (SLMB)	Part B premiums	Single: $1,458/$1,478   Married: $1,972/$1,992	Single: $9,090   Married: $13,630
Qualified Individual (QI)***	Part B premiums	Single: $1,640/$1,660   Married: $2,219/$2,239	Single: $9,090   Married: $13,630
Qualified Disabled and Working Individuals (QDWI)****	Part A premiums	Single: $4,945   Married: $6,659	Single: $4,000   Married: $6,000

2023 MSP Income & Asset Limits in Alaska and Hawaii

Name of Program	Income Limits in Alaska*	Income Limits in Hawaii*
Qualified Medicare Beneficiary (QMB)	Single: $1,518/$1,538   Married: $2,053/$2,073	Single: $1,398/$1,418   Married: $1,890/$1,910
Specified Low-Income Medicare Beneficiary (SLMB)	Single: $1,821/$1,841   Married: $2,464/$2,584	Single: $1,677/$1,697   Married: $2,268/$2,288
Qualified Individual (QI)	Single: $2,049/$2,069   Married: $2,772/$2,792	Single: $1,887/$1,907   Married: $2,552/$2,572
Qualified Disabled and Working Individuals (QDWI)	Single: $6,155   Married: $8,299	Single: $5,675   Married: $7,645

Other Benefits of Medicare Savings Programs

Of course, you get the financial benefit of reduced Part A and Part B premiums, deductibles, and copays. There are even more advantages for you!

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. (2023). Social Security Administration. https://www.ssa.gov/cola/

Current US Inflation Rates: 2000-2023. (2023). US Inflation Calculator. https://www.usinflationcalculator.com/inflation/current-inflation-rates/

Medicare Savings Programs Eligibility and Coverage. (2023). 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

 

Past Year: 2022

Current Year: 2023