Medicaid is a federally funded insurance program that is administered by the State of Hawai‘i. Persons of all ages can become eligible if they meet certain income and resource requirements. Coverage can vary from total coverage of all services to a little-known program that will cover your Medicare Part B premiums, called the “Specified Low-Income Medicare Beneficiary Program” (SLMB).
If you are eligible for Medicare Part A, you may qualify for SLMB. The Medicaid SLMB program pays your Medicare Part B monthly premiums, which are generally $104.90. You can find your Medicare Part B premium on your annual Social Security Award letter as a deduction from your Social Security Income. If you qualify for SLMB, this deduction will stop, and your monthly Social Security check will increase by $104.90.
Qualification for the SLMB program, like all Medicaid programs, is based on your monthly income and your countable resources. Countable resources can include bank accounts, stocks and the cash value of life insurance policies, as well as other assets.
In 2016, for a single person, resources must be below $7,280 and monthly income must be below $1,367. For a couple, the resource limit is $10,930 and combined monthly income must be below $1,843. If you qualify for Medicaid benefits this program, you could see an annual increase in your income of $1,258.80!
To see if you qualify or to apply, go to www.mybenefits.hawaii.gov.
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