Medicare Alternative

If you have spent years to pay into the medicare system and you are still finding yourself struggling with medicare premium or associated cost. This is not an uncommon phenomenon. Chances are, there are a lot of people out there that are feeling the same as well.

In order to get you ready for Medicare plans 2020, there are several other options that are available for you as well:

1.      Medicaid

Unlike medicare which is a federal program that is dedicated to people above 65 regardless of their income, Medicaid is a joint federal and state program that helps people with limited income pay their healthcare costs. Nearly 20% of Americans qualify for Medicaid. This number does not only reflect retirees, but also children, people with certain disabilities, and many others.

Each state has its own ruling on the qualifications for Medicaid. Medicaid is totally income-based, so some retirees have to elect to spend down their assets to become eligible.

2.      Qualified beneficiary program

This qualified beneficiary program is one of the four Medicare savings programs that qualify you to receive help from your state to help pay for part A and B premiums, deductibles, co-insurance, and co-payments. There are certain income limit criteria that are applicable for this program such as:

·         Individual monthly income no higher than $1,061

·         Married monthly income no higher than $1,430

·         Individual monthly income no higher than $7,730

·         Married monthly income no higher than $11,600

3.      Specified low-income medicare beneficiary program

This program is similar to the qualified beneficiary program with one sole difference. It helps retirees pay part B premiums only.

Ther are income limits that are applicable for this program:

·         Individual monthly income no higher than $1,269

·         Married monthly income no higher than $1,711

·         Individual monthly income no higher than $7,730

Married monthly income no higher than $11,600 

4.       Qualifying Individual (QI)

This program helps individuals with their Part B benefits. You have to apply every year for this benefit, and it is granted on a first come first serve basis. People who have benefited from this program in the previous year are given priority over new entries. Income limits for this program:

·         Individual monthly income no higher than $1,426

·         Married monthly income no higher than $1,923

·         Individual monthly income no higher than $7,730

·         Married monthly income no higher than $11,600 

5.      Qualified disabled and working individuals program

This helps people pay for their Part A premium. People who are qualified in this program sare only people who are under 65, and have lost their premium part A when they return to work and those people do not have any medical assistance from the state.

The income limit for this program:

·         Individual monthly income no higher than $ 4,249

·         Married monthly income no higher than $5,722

·         Individual monthly income no higher than $ 4,000

·         Married monthly income no higher than $6,000

More details can be found on the following website https://www.medicareadvantageplans2020.org/