Are subsidies available for low-income beneficiaries?
Yes. According the Congressional Budget Office (CBO), $192 billion is included in the new law to extend coverage to the 14 million Medicare beneficiaries at or below 150% of poverty. For those at or below 100% of poverty (about $9,000 for individuals and $12,000 for couples), there will be no monthly premiums, no annual deductible and no gaps in coverage (i.e., the “doughnut hole”). The only cost will be minimal cost-sharing ($1 for a generic and $3 for a brand name prescription medication), cost sharing would be waived for persons residing in institutions. For those beneficiaries between 100% and 135% of poverty there will be no premium and co-payments will be limited to $3 for a generic and $5 for a brand name prescription medication. All beneficiaries below 135% of poverty would be subject to an asset limit of $6,000 for individuals and $9,000 for a couple (indexed to inflation). Like the current Medicaid asset test, this will exclude a residence and an automobile. It is expected th
Related Questions
- What can beneficiaries do if they are concerned that they might no longer automatically qualify for low-income subsidies? Will they still be eligible for Medicare Part D?
- How can beneficiaries find out if they qualify for the Medicare drug benefit low-income subsidy?
- Does TNT provide subsidies for low-income families?
