You Can Help Family And Friends Save On Medicare Prescription Drug Costs
Chances are you or someone whom you know
could benefit greatly from the new Medicare prescription drug program
that goes into effect in January 2006. And, if certain income and
resource criteria are met, you or they might even qualify for extra
financial help to pay for part of the monthly premiums, annual
deductibles and prescription co-payments under the new prescription drug
program.
Beneficiaries can enroll in the new Medicare
prescription drug program from November 15, 2005, to May 15, 2006. But
now is the time for Medicare beneficiaries with limited incomes and
limited resources to apply for the extra help, which could save them an
average of $2,100 per year in prescription drug costs.
What you need to know:
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To qualify for the extra help, a person
or married couple living together must have limited income and
resources. For an individual, total annual income must be below
$14,355 and resources limited to $10,000. The limits for a married
couple living together are higher: $19,245 in combined annual income
and $20,000 in resources. These resources can be slightly higher --
an additional $1,500 per person -- if some of the money will be used
for burial expenses.
-
Some beneficiaries will automatically
qualify for the extra financial help. Anyone who has both Medicare
and Medicaid, or Medicare and Supplemental Security Income, or
anyone whose state pays his or her Medicare premiums, will
automatically qualify and will not have to complete an eligibility
application.
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Also, it is important that all
beneficiaries understand that even if they qualify for the extra
help, they still need to enroll in a Medicare-approved prescription
drug plan to obtain both coverage and the extra help.
People who think that they might qualify for
the extra help can complete an online application at
www.socialsecurity.gov. Or they can contact Social Security at
1-800-772-1213 (TTY 1-800-325-0778) and ask for an application in the
mail, or request more information.
So, if you know a Medicare beneficiary --
perhaps one of your relatives, a neighbor, a friend or even you -- who
could use some extra help with prescription drug costs, find out more
about the program and to apply for the extra help that is available.
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