Hundreds of Coloradoans maybe eligible for financial assistance with Medicare Part B premiums of $174 per month.
Colorado’s Medicaid program is responsible for paying Medicare Part B premiums for those whose gross income from all sources is less than $1,992 a month for a single person and $2,239 for a couple.
Individuals must have less than $12,430 in resources, with couples having less than $20,130. Resource exemptions include a home, one car, a term life insurance and an irrevocable burial plan.
Individuals who participate in this program are also exempt from the Medicaid Estate Recovery program, meaning that Medicaid cannot put a lien on the home. Individuals cannot be asked to sign a waiver that allows the state to put a lien on their home by the county department of human services.
Very low-income individuals qualify for the Qualified Medicare Beneficiary Program, which pays the Medicare Part B premium as well as the Medicare Part A and B deductibles, the Part A and B co-pays, and co-insurance. Those with a slightly higher income qualify for the Special Low Income Medicare Benefit or the QI-1 program, which pays only the Part B premium.
To qualify, you must apply either online at Colorado PEAK at https://co.colorado.gov/colorado-peak or submit a paper application.
All individuals who are eligible for financial assistance for Medicare Part B are also eligible for Medicare Part D assistance through the Low Income Subsidy (LIS) or Extra Help with prescription drug premiums, as well as deductibles and co-pays for prescriptions. To apply for LIS, submit your application online at Social Security or https://www.ssa.gov/medicare/part-d-extra-help or call the Social Security Administration at (800) 772-1213.
If you have questions or for more information, call (855) 293-6911.
