Just because Medicare is considered inexpensive doesn’t mean it’s affordable for everyone. Luckily, NJ Save has plans in place to help those struggling financially. No one is left behind, and with one of these programs, you can be rest assured that you will be able to get quality healthcare at an affordable price.
What is NJ Save?
NJ Save consists of a series of assistance programs provided by the New Jersey government. It is geared toward seniors ages 65 and older and disabled individuals between 18 and 64. This helps save on Medicare premiums and prescription costs, among other medical expenses.
Eligibility also requires being enrolled in Medicare first before joining a plan from NJ Save.
How Can I Get Help With Part B Premiums?
In order to get help with Part B premiums, you must earn below a specified income level. The Specified Low-Income Medicare Beneficiary (SLMB) is one of the Medicare Savings Programs.
There is also the SLMB QI-1, which offers similar savings but has different income criteria.
The SLMB program strictly pays for Part B premiums, either a large portion or all of it. In order to qualify for SLMB, your income must be at or below:
- $15,456 for individuals
- $20,904 for married couples
For the QI-1, the income limits are:
- $17,388 for individuals
- $23,520 for married couples
In order to get enrolled in a Medicare Savings Program, you must have proof that you also qualify for Medicaid.
In addition to the income requirements, you must also have no more than $7,970 in assets if you’re single, or $11,960 if you’re married.
What Can Help With Prescriptions?
There are two main ways to save on prescriptions – the Pharmaceutical Assistance to the Aged and Disabled (PAAD) and the Senior Gold Prescription Discount Program.
With PAAD, you pay no more than $5 for generic medications and no more than $7 for brand names
PAAD requires:
- Medicare Part D enrollment
- Income level below $28,769 for individuals, and less than $35,270 for married couples
The Senior Gold Prescription Discount Program is for those who earn too much to qualify for PAAD. This also helps save on prescriptions. The requirements are:
- Earning between $28,769 and $38,769 for individuals
- Earning between $35,270 and $45,270 for married couples
Like PAAD, the Senior Gold Prescription Discount Program requires Part D enrollment.
What Else Can NJ Save Cover?
Another feature of NJ Save includes Hearing Aid Assistance for the Aged and Disabled. Medicare doesn’t cover this cost, so it is key for older, lower-income individuals who need this type of coverage.
For Your Savings Needs…
Reach out to New Jersey’s very own Jersey Medicare Solutions! We dive deep into all the ways in which you can save more and get the most out of your Medicare plan. To learn more about enrolling in Medicare and what you can do to save more on costs, give us a call today.
Thomas M. Brzezinski is one of the founding partners of WMAG William & Michael Advisor Group LLC and Jersey Insurance Solutions. He has been involved in the insurance industry for over ten years and specializes in developing client relationships that last a lifetime.
