Maximize Your Healthcare Budget with Medicaid and Medicare Assistance
Discover how to make the most of an extra $135.50 - $168 each month by exploring eligibility for Medicaid and Medicare assistance programs. From help paying for prescriptions to coverage for Medicare Part A and B, find out how to leverage these resources for financial support.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
What could you do with an extra $135.50 - $168 each month? If you have limited income and assets, You may be eligible for Medicaid Help paying for Medicare Part A & B Help paying for prescriptions under Medicare Part D
What could you do with an extra $135.50 - $168 each month? Medicaid Program Administered by MI Dept. of Health & Human Services Program Criteria Medicaid (Healthy Michigan) (19 - 64 yrs of age) Single $1384/month or less NO asset test $1874 /month or less NO asset test Married Medicaid (AD-Care) (Disabled or 65 yrs and older) Single $1061/month or less Assets of $2000 or less $1430/month or less Assets of $3000 or less Married LTC / Waiver / PACE Individual $2313/month or less Assets of $2000 or less Assets do not include your home, car, or personal items but do include savings, stocks, CD s, life insurance policies, etc.
What could you do with an extra $135.50 - $168 each month? Medicare Savings Program Administered by MI Dept. of Health & Human Services Single Person Monthly Income of $1426 or less Assets of $7730 or less 3 levels of assistance - At 100% FPL ($1061/month) Pays Part B premium, Part A & B deductibles, and co-pays Married Couple Monthly Income of $1923 or less Assets of $11600 or less Assets do not include your home, car, or personal items but do include savings, stocks, CD s, life insurance policies, etc.
What could you do with an extra $135.50 - $168 each month? Extra Help paying for prescriptions under Medicare Part D Administered by Social Security Administration Single Person Monthly Income of $1581 or less Assets of $14,390 or less Several levels of assistance (depending on income) At 100% of FPL ($1061/month or less) - Help paying Part D premium & low co-pays for prescriptions (i.e. $1.25 for generics And $3.80 for brand) Married Couple Monthly Income of $2134 or less Assets of $28,720 or less Assets do not include your home, car, or personal items but do include savings, stocks, CD s, life insurance policies, etc.
What could you do with an extra $135.50 - $168 each month? Consider someone eligible for MSP and Extra Help and getting full assistance Part B premium savings = 12 x $135.5 / month = $1626 / year Part D premium savings = ~ 12 x $32.50 / month = $390 / year TOTAL Medicare premium savings = ~ $2016 / year And Part A & B deductibles and co-pays paid (MSP) Low cost generic and brand name prescriptions (Extra Help)
What could you do with an extra $135.50 - $168 each month? How does receiving assistance impact MI Property Tax Credit? Income Part B & D Premium (per month) (per year) Household Income Rent (per month) Property Tax Credit Difference (TY 2018) Net Gain in PT credits $15,000 168 $2,016 $12,984 $500 $750 $965 $1,500 $15,000 0 0 $15,000 $500 $750 $900 $1,500 ($65) $0 $1,951 $2,016 paid by Extra Help & MSP programs Income Part B & D Premium (per month) (per year) 168 Household Income Property Tax Property Tax Credit Difference (TY 2018) $750 $335 $1,250 $835 Net Gain in PT credits $15,000 $2,016 $12,984 $15,000 0 $0 $15,000 $750 $270 ($65) $1,951 paid by Extra Help & MSP programs $1,250 $770 ($65) $1,951
