Page 56 - April 2023 Issue.indd

it as borrowing from Peter to pay Paul 3) Impose an exclusion of benefi ts based those still working, the first $65 of your
and put those saved funds to good use on preexisting conditions during the monthly wages and half of your monthly

by buying a Sup. You will be very glad Guaranteed Issue Period. wages (after the $65 is deducted) is not
you did when the plan starts paying counted as income. Food stamps are also

your doctor bills or the coinsurance for Once again, beneficiaries eligible for this not counted as income.
a hospital stay! Guaranteed Enrollment Period are not
required to answer health questions that - Qualified Medicare Beneficiary

Please note that those who are verifi ed as appear on an application. The state has (QMB)- 100%FPL- Pays for Part A & B
eligible for QMB need to double check mandated that agents representing all premiums, deductibles, copays.
their eligibility with Social Services insurance companies provide a specifi c
Gross monthly income Max: $1,235 /
and Social Security. Income and assets statement on the application form
Individual and $1,663 /Couple
determine eligibility for QMB. If one informing the applicant that the health
truly qualifies for QMB they will not use questions do not need to be answered -Specified Low Income Beneficiary

that 63 day Guaranteed Issue to buy a to buy a plan. Carriers are required to (SLMB)-120%FPL Pays Only Medicare
Supplemental Plan, because QMB acts as submit these forms that address the B premium for those who have A in
their supplemental Medigap insurance. requirements of House Bill 536 ASAP to place. Does not cover any Medicare
As a matter of fact, it is illegal to sell a the Maryland Insurance Administration. costs other than part B premium so it is
Medigap policy to a QMB benefi ciary! recommended that these benefi ciaries

This is one reason why the agents will Eligibility standards for Medicare purchase a Medicare Supplemental plan
want to see that letter of termination! Savings Plans (MSP) for 2023 are to cover the expenses A & B do not cover.
Read on for qualifying parameters for now available. MSPs help low-income Gross monthly income Max: $1,478 /

all Medicare Savings Programs. beneficiaries who have limited resources
afford Medicare. Income standards are Individual and $1,992/ Couple.

During the next 12 months, those who based on the Federal Poverty Level. -Qualifying Individual (QI) 135%
are eligible for the Guaranteed Issue (FPL) These are Federally funded FPL Known in Maryland as SLMB ll,
under House Bill 536 are: programs, (since Medicare is a federal helps pay the part B premium for those
program) that are facilitated through who have A in place. It only applies to
1) An individual who is enrolled in
the states, so applications are processed
Medicare Part B while enrolled in the
by the Department of Human Services.
Maryland Medical Assistance Program
DSS, the Department of Social Services
during the Covid-19 state of emergency.
in Denton, processes them in Caroline
2) An individual who remained in County.
Medicaid due to the suspension of
terminations ordered during the Asset limits are the same for all three
Public Health Emergency and was not programs, and for 2023 are set at $9,090
dis-enrolled or terminated until at least for single individuals and $13,630 for
six months following the eff ective date a couple. Assets are bank accounts,
of Medicare part “B” enrollment. Stocks, Bonds, IRAs, or any accounts
that are liquid and can become ready
** The Individual’s Guaranteed Issue cash. Assets include real estate that is not ĂŝůLJ ĐƟǀŝƟĞƐ
period must be provided within 63 the property your primary residence is RN on Call

days after the beneficiary’s dated letter on. Your vehicle, personal possessions, ,ŽŵĞ ŽŽŬĞĚ DĞĂůƐ͕

of termination or dis-enrollment, or and home are not considered assets. If ^ŶĂĐŬƐ Θ ĞǀĞƌĂŐĞƐ
an official letter showing the date of one will be using $1,500 of cash reserves >ĂƵŶĚƌLJ Θ ,ŽƵƐĞŬĞĞƉŝŶŐ
termination from the Maryland Medical for burial funds, that is not counted, >ŝĐĞŶƐĞĚ ƚŽ WƌŽǀŝĚĞ
Assistance Program. nor is your burial plot. Life insurance ĂƌĞ ĨŽƌ >ĞǀĞůƐ ϭ͕Ϯ͕ϯ
During Guaranteed Issue, Insurance with a cash value of less than $1,500 is DĞŵŽƌLJ ĂƌĞ
Agents may not: also not counted but be careful with life ^ƉĞĐŝĂů ŝĞƚ Θ ŝŶŝŶŐ ƐƐŝƐƚĂŶĐĞ
insurance policies carrying a higher cash WŽƐƚͲƌĞŚĂďŝůŝƚĂƟŽŶ WĂƌƚŶĞƌƐŚŝƉƐ
1)Deny or place conditions on the
value. It might be worth considering ǁŝƚŚ ŽĐƚŽƌƐ ĂŶĚ dŚĞƌĂƉŝƐƚƐ
Supplemental policy that is off ered and
signing higher valued life insurance over ĂŶĚ ŵƵĐŚ ŵŽƌĞ͘͘͘
available to issue to new enrollees by
to your chosen funeral parlor and prepay
the carrier. www.arcadia-living.com
your services if you need to qualify for
these programs.
2) Discriminate in the pricing of this
Guaranteed issue supplemental policy

In all states, the first $20 of your income is
because of health, claims experience,

not counted. Th is first $20 is considered
medical conditions, or receipt of health Come Home to Arcadia
the “twenty-dollar disregard.” For
care.
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