Stop Paying the $202.90 Part B Premium. How the 'Medicare Savings Program' Puts Cash Back in Your Social Security Check
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| Stop Paying the $202.90 Part B Premium. |
Every month, before your Social Security check even hits your bank account, Uncle Sam takes his cut. In 2026, the standard Medicare Part B premium has officially climbed to $202.90 per month.
That is over $2,430 a year vanished from your benefits.
But what if I told you that the state government might pay this bill for you? Millions of seniors are eligible for Medicare Savings Programs (MSPs) but never apply because they mistakenly believe they "make too much money."
Here is how to stop the deduction and effectively get a $202.90 "raise" on your Social Security check starting next month.
1. What Are Medicare Savings Programs (MSPs)?
MSPs are state-run programs designed to help people with limited income and resources pay for some or all of their Medicare costs. There are three main levels. Even if you don't qualify for the highest tier, the others can still save you thousands annually.
✅ The "Big Three" Programs
- QMB (Qualified Medicare Beneficiary): The Gold Standard. It pays your Part A & B premiums, AND it covers deductibles, copayments, and coinsurance. You effectively pay $0 for Medicare-covered services.
- SLMB (Specified Low-Income Medicare Beneficiary): It pays your full monthly Part B premium ($202.90). That's an instant $2,434 yearly savings in your pocket.
- QI (Qualifying Individual): Similar to SLMB, it covers the Part B premium, but funding is limited and granted on a first-come, first-served basis.
2. "Am I Eligible?" (2026 Federal Guidelines)
This is where most seniors make a costly mistake. They assume the limits are poverty-level low. However, many states (such as New York, Connecticut, Maine, and Massachusetts) have eliminated the asset test or raised income limits significantly above the federal minimums.
(Note: These are estimated federal baselines for 2026. Your specific state may be MORE generous.)
- Monthly Income Limit (Individual): Roughly $1,275 to $1,715 (depending on the program tier).
- Monthly Income Limit (Couple): Roughly $1,724 to $2,320.
- Asset Limit: Generally around $9,430 (individual) or $14,130 (couple). *Crucial: Many states do NOT count your primary house or car.
Pro Tip: Even if your income appears slightly higher, you should still apply. Certain expenses can be deducted from your countable income, potentially qualifying you.
3. The "Hidden" Benefit: Extra Help (LIS)
Here is the cherry on top. If you qualify for any MSP, you automatically qualify for the federal "Extra Help" program (Low Income Subsidy) for Part D prescription drugs.
This provides huge value:
1. Eliminates the "Donut Hole" coverage gap.
2. Drastically reduces co-pays for generic and brand-name drugs.
3. Waives any late enrollment penalties.
4. How to Apply (Do Not Call Medicare)
Because Medicaid offices administer these programs, you typically cannot apply directly through Medicare.gov. You have three best options:
- Contact your State Medicaid Office: Search online for "[Your State] Medicare Savings Program application."
- Call 1-800-MEDICARE: You can ask them to forward your information to your state program, though this may take longer.
- The Best Way (SHIP): Contact your local SHIP (State Health Insurance Assistance Program) counselor. They provide free, unbiased, one-on-one assistance to help you navigate the paperwork and maximize your benefits.
Secure Your $2,434 Annual Savings
If you are budgeting tightly due to rising medical costs, checking your eligibility is a financial must. Getting accepted into the SLMB program is mathematically equivalent to receiving a $2,400+ non-taxable stimulus check every single year.
Do not let hesitation or a lack of information stop you. Verify your status today—that money belongs in your pocket.
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