The Qualified Medicare Beneficiary (QMB) Program according to the Centers for Medicare Services (CMS) is a “Medicare Savings Program sponsored by Medicaid”.
This program helps helps low-income Medicare beneficiaries cover their Medicare costs and the key is that anyone who qualifies for it will also avoid IRMAA automatically.
For those qualifying for the QMB coverage includes:
- Premiums for Medicare Part B and Part A if they apply.
- Both Part A and Part B Deductibles if they apply.
- Any coinsurance and copayments for Medicare-covered services that may include hospital stays, doctor visits, and or medical procedures.
- Includes Skilled Nursing Facilities regardless of the number of days.
If you qualify for this QMB program you are automatically receive enrollment into the Part D Extra Help program too.
How to qualify for the QMB program:
To qualify you must meet certain income and assets limits which in 2024 are:
Income:
- Income per individual per month = $1,275
- Income per couple per month = $1,724
- The income limits may be higher in Alaska and Hawaii.
Assets:
- $9,430 for an individual.
- $14,130 for a married couple.
Assets include:
Investments, any type of savings and all retirement accounts.
Assets that do not count:
Primary residency, one vehicle, burial plot and up to $15,000 for burial expenses, personal items and Life Insurance.
Please note that each individual state may have other regulations that you may have to meet.
What the Qualified Medicare Beneficiary (QMB) Program Reinforces:
If a retiree in Medicare has no visible income and their income source comes directly from Life Insurance there health coverage through the Qualified Medicare Beneficiary (QMB) Program is completely free of charges.
This means that a person can be completely IRMAA free!
Under the current financial planning strategies all people seem to be doing is creating savings accounts that will eventually just go directly to everyone but themselves.
It appears that even Medicare itself is stating that people should plan for a retirement that has plenty of Life Insurance.
