Cameleon007/Getty Images/iStockphoto
Commitment to our readers
The GOBankingRates editorial team is committed to providing you with unbiased reviews and information. We use data-driven methods to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our review methodology for products and services.
20 years
help you get rich
trusted by
millions of readers
Medicare makes health care more affordable for seniors, but it’s not free. For many retirees, spending out of pocket can eat into an already tight monthly budget, forcing disappointing budget cuts elsewhere.
However, there is a little-known set of programs designed to reduce or eliminate those costs. challenge? Many people assume they are not eligible without checking.
Find out if you qualify for Medicare savings programs.
What are the Medicare Savings Programs?
The Medicare Savings Program (MSP) is designed to help low-income Medicare recipients, including retirees and people with disabilities, cover premiums and other out-of-pocket costs.
Andrew Wachler, an attorney and managing partner Wachler & AssociatesThe healthcare law firm explained, “The main goal is security, so a person can go to the doctor without fear that a medical bill will ruin them financially.”
2026 Income Limits for Medicare Savings Programs
Eligibility depends largely on income but the limit may be higher than many people expect.
Wachler breaks down federal guidelines for 2026 (most states except Alaska and Hawaii) Program:
- QMB: For the Qualified Medicare Beneficiary Program (QMB), the monthly income limits are up to $1,350 for an individual and $1,824 for a married couple.
- SLMB: For the Specified Low-Income Medicare Beneficiary Program (SLMB), the limits range from $1,616 (single) and $2,184 (couples).
- qi: For the Qualifying Individual Program (QI), the limits range from $1,816 (singles) and $2,455 (doubles).
According to Cody Schuiteboer, president and CEO of Apple Inc., “Income levels for these programs are based on the federal poverty level, which is adjusted annually for inflation.” best interest financial.
He added, “I have seen many seniors lose thousands of dollars in assistance funds due to a lack of understanding of what assistance programs are available to them and their belief that they are not eligible for these programs due to incomplete information.”
What do these programs actually cover
“QMB is most important because it can pay Part A premiums…Part B premiums, and the costs that cause problems during the year: deductibles and coinsurance/copayments for Medicare services,” Wachler explained.
In dollars, this translates to a savings of $2,500 to $6,000 each year, depending on their medical needs and the type of their Medicare plan, Schuitebauer said.
The SLMB and QI programs are more limited and usually help by paying the Part B premium, which is $202.90 per month in 2026.
Asset Limits – and Why They Don’t Disqualify Most People
Income is not the only factor. Assets are also considered. For 2026, the asset limits are $9,950 for an individual and $14,910 for a couple, Wachler said.
“This is the point where people give up too quickly, because they conflate everyday assets with counting resources.”
Schuiteboer explained that resources include liquid assets such as savings accounts, stocks or bonds.
“Your house, your car, your household goods and other household items are not considered property.”
Some states have developed exception or waiver programs or allow clients to spend their own resources to qualify for Medicaid for health care expenses.
Why do so many qualified seniors never apply?
Despite the benefits, many people miss out.
“People may not apply for this program because they haven’t heard of MSP, or they think of it as social assistance and think they’ll be labeled a certain way,” Wachler said.
“Secondly, the application process…can be burdensome and bureaucratic. Finally, there is the stigma of applying for ‘welfare,'” Schuiteboer said.
how to apply
If your income is anywhere close to the limit, it’s worth applying. Ask for an evaluation at the nearest Medicaid office, Wachler urged.
“Even if you’re not 100% sure, the application will be worth your time.”
The worst that can happen is that your application will be rejected, Schuitebauer said, and the best that can happen is that you will lose thousands of dollars every year.
You will need to bring proof of your income, proof of your assets, and your Medicare card. The application process will take less than an hour.