Social Security changes may mean help with prescriptions
June 17, 2010
Who says you can’t teach an old dad new twists? As Father’s Day approaches, experts with the Social Security Administration say this week is a good time to tell fathers, grandfathers and others of changes or “twists” in the Medicare Prescription Drug Plan that may help them qualify for extra help paying for the costs associated with prescription drugs through Social Security.
Changes to the plan went into effect in January, making some previously unqualified seniors eligible for benefits.
Those who are covered by Medicare and have limited income and resources could be eligible for help with monthly premiums, annual deductible and prescription co-payments expenses, which could amount to $3,900 annually.
With changes to the law, the agency no longer counts a life insurance policy as a resource and no longer considers as income any financial assistance a person receives regularly from someone else to pay household expenses like food, mortgage or rent, utilities or property taxes.
To qualify, an applicant must be receiving Medicare and:
- Have income limited to $16,245 for an individual or $21,855 for a married couple living together. But even if annual income is higher, an applicant may still be able to get some help with monthly premiums, annual deductible and prescription co-payments. Higher annual income may be considered if it supports other family members who live with the applicant or if the applicant has earnings from work or lives in Alaska or Hawaii.
Have resources limited to $12,510 for an-- individual or $25,010 for a married couple living together. Resources include such things as bank accounts, stocks and bonds. A house or car does not count as a resource.
To apply by phone or have an application mailed, call Social Security at 1-800-772-1213 (TTY 1-800-325-0778) or visit the nearest Social Security office.
More information about Medicare prescription drug plans and special enrollment periods is available by visiting www.medicare.gov or calling 1-800-MEDICARE (1-800-633-4227; TTY 1-877-486-2048).
