Elder Angle
Saving Money with Medicaid
In the current economic climate, Florida's Seniors should look for ways to save money wherever possible. For certain Seniors on Medicare, there may be a way to save almost $100 every month.
Medicaid has several programs that will pay the monthly Medicare premium of $96.40 that is automatically deducted from Social Security checks.The Qualified Medicare Beneficiary program (QMB) covers the Medicare cost-sharing requirements for individuals who meet the eligibility criteria. For eligible Seniors, Medicaid will pay the premium for Medicare Parts A & B, Medicare deductibles and Medicare co-insurance.
For 2009, eligible Seniors for the Florida QMB program must:
Be a U.S. Citizen or qualified non-citizen;
Be a Florida resident;
Be enrolled in at least Medicare Part A;
Have a monthly income of less than $918 for an individual or $1,235 for a couple;
Have assets of less than $5,000 for an individual or $6,000 for a couple*
*Some assets are excluded, such as your home, one vehicle and $2,500 for burial expenses.
Seniors found ineligible for the QMB program because of higher incomes may still be eligible for other Medicaid programs such as the Special Low-income Medicare Beneficiary (SLMB) or the Qualifying Individuals 1 (QI-1) programs. Both the SLMB and QI-1 programs have higher income limits than QMB, but pay only the Medicare Part B monthly premiums.
An eligible Senior in any of these programs could save over $1,100 a year in Medicare premiums, and possibly thousands more depending on their health-care expenditures for the year. To find out if you or a loved one qualifies for any of these Medicaid programs, please contact Elder Options, your Aging Resource Center, at 1-800-96-ELDER (1-800-963-5337). §
