Under a new law, Medicare beneficiaries could qualify for extra assistance on the cost of their prescription drugs. These laws went into effect in January, 2010 and may help many that were unable to get assistance in the pass because some things no longer count as a resource and/or income.
Life Insurance will no longer count as a resource to you or a spouse. Also, if you receive assistance from someone else to pay for your household expenses such as mortgage/rent, utilities and/or property taxes, this will also not count against you.
Your resources could not exceed $12,510 for an individual or $25,010 for a married couple living together. Your resources would include bank accounts, stocks, and bonds. Your home and cars would not count against you as well.
Your annual income must not exceed $16,245 for an individual or $21,855 for a married couple living together. If your income is slightly higher you may still want to apply or speak with a Social Security representative because you may still be able to receive some assist.
The new law also allows you to start the process for a Medicare Savings Program when applying for the extra assistance on your prescription drugs. The Medicare Savings Program is a state program and Social Security will notify your state of your interest in trying to qualify for the Medicare Savings Program. The Medicare Savings Program may assist you with paying for some of Part B premium and some of the deductibles and co-pays that goes along with Part A and Part B.
If you or someone you know would like to apply for this valuable coverage, go online to www.socialsecurity.gov/extrahelp and apply, contact Social Security at 1-800-772-1213, or go to your local Social Security branch.
Benefits Solutions is dedicated to spreading the word to all our clients and those that may benefit from this type of assistance. We feel any guidance or information that can make Medicare beneficiaries’ life better is important to spread.