Vermont Medicare Insurance Plans
Medicare is a federally sponsored health insurance program available to those over the age of 65, as well as to individuals who have certain disabilities. At the state level, however, there exist specific organizations that help beneficiaries better understand the Medicare process, and Medicare recipients may even qualify to receive state subsidies, depending on their circumstances. Consider the following information if you are interested in obtaining Medicare coverage in the state of Vermont.
Medicare Savings Programs In Vermont
If you are receiving Medicare coverage in Vermont, you may be able to receive assistance in paying for premiums and other costs through one of the following four Medicare Savings Programs.
*The following data is from 2016 and is based on federal amounts. These amounts may increase in 2017. If your income and resources are slightly higher, you should still apply, you may qualify for benefits even if your income is higher than the limits listed.
- *Qualified Medicare Beneficiary: covers Medicare Part A and B premiums, copays, deductibles, and coinsurance. You may qualify if you make $1,010 or less per month or you and your spouse make $1,355 or less monthly.
- *Specified Low-Income Medicare Beneficiary: covers Medicare Part B premiums and is available for individuals or couples who earn less than $1,208 or $1,622 a month, respectively.
- *Qualifying Individual: covers Medicare Part B premiums. You may qualify if you earn less than $1,357 per month alone or $1,823 per month combined with your spouse.
- *Qualified Disabled and Working Individual: covers Medicare Part A premiums. Certain individuals and couples may qualify if they monthly earn less than $4,045 or $5,425, respectively.
Some individuals or couples may also be eligible to receive Extra Help paying for prescription medication. In 2016, you may qualify if you have up to $17,820 in yearly income ($24,030 for a married couple).
*Data from Medicare.gov
According to ssa.gov, you should be aware that several States may even disregard all resources for individuals or couples in certain categories.
Some Medicare beneficiaries find that their coverage does not meet all of their needs. If this is the case, they may choose to buy supplemental insurance, known as Medigap. These policies are available through private insurers in Vermont. Vermont does require Medigap insurance companies to sell you a Medigap policy, even if you’re under 65.
Mini-COBRA in Vermont
Some individuals choose to utilize the insurance coverage provided by their employers as they transition. There are some instances that an employee may lose their job in which Vermont law allows these individuals to retain coverage for a limited period of time. This is true for employers with 20 or more employees. If you work for an employer with less than 20 full-time employees, you will fall under the Vermont continuation state law. You may be eligible for up to 6 months of continuing coverage.
Extra Help From the State (SHIP)
Oftentimes Medicare beneficiaries may simply need additional information about insurance coverage or have questions on how to compare Vermont Medicare insurance plans. Because of this, the state of Vermont offers the Vermont State Health Insurance program, (SHIP), an organization dedicated to providing Medicare assistance to beneficiaries throughout the state. Through this entity, counselors are available who can answer questions and provide other information.
Furthermore, Medicare beneficiaries can turn to Medicare Solutions for help. We can help you compare plans and figure out the plan that best fits your needs and budget.