Are you eligible for financial assistance?

Are you eligible for financial assistance?
September 27, 2011|Sun Sentinel

You can save a ton of money on Medicare if you qualify for Florida Medicaid or one of the federally funded subsidy plans run by Medicaid. In some cases, coverage can be free.

Medicaid: Lower-income seniors and disabled people automatically qualify for Medicaid if eligible for Supplemental Security Income (SSI) as determined by Social Security.

In general, you can receive SSI benefits if you earn up to $1,433 a month ($2,107 for a couple) or collect up to $694 a month in unearned income ($1,031 for a couple).

But it's worth applying even if you make more. SSI rules can be very complex, and certain income and assets do not count toward SSI. If you even think you can qualify, apply.

Medicare subsidies: As of fall 2009, about 241,250 Floridians qualified for the three subsidies. These can save you $1,157 a year in monthly Medicare part B premiums. One spares you from other costs, too.

QMB: The qualified medicare beneficiary program pays your part A and B premiums, your co-pays and your deductibles if your income is below the federal poverty level. That's $14,570 per year for a family of two. If you qualify, you get enrolled automatically.

SLMB: The specified low-income medicare beneficiary program pays your part B premiums if your income is below 120 percent of the federal poverty level. That's $17,484 for a family of two. If you qualify, you get enrolled automatically.

QI-1: The qualified individual program pays your part B premiums if your income is below 135 percent of the poverty level. That's up to $19,670 a year for a family of two. But funding for QI-1 is limited, so not everyone who qualifies gets covered. You must apply.

Drug cost subsidies: The so-called extra help program in part D saves you as much as $3,900 a year on drug costs by covering some or all of your premiums and co-pays.

You may qualify if your income falls below $15,600 ($21,000 for couples). An estimated 650,000 Floridians are eligible but experts say tens of thousands have not signed up – usually because they don't know about it or don't want to take what they consider a handout.

Social Security will send a letter if you are eligible. But they don't know about everyone. Even if you don't get the letter, experts suggest you check yearly to see if you qualify. The worst that can happen is nothing.

Qualifying is key, too, because lower-income people can qualify for "special needs" Medicare Advantage plans that offer free or deeply discounted premiums, deductibles and co-pays. Special needs plans also are available for people who are institutionalized or have certain chronic diseases, such as diabetes.