Save on Medicare Prescription Drug Costs

Linda Wells, ADS Planner

Chances are you or someone 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.  Go to www.benefitscheckupRX.org to find the best prescription drug plan to meet your needs, or call 1-888 435-3377 to speak to a live person. If you are or know someone who is a Medicare beneficiary with limited income and limited resources, you can also go to either of these resources to apply for the extra help, which could save an average of $2,100 per year in prescription drug costs. 

What You Need to Know

To qualify for the extra help, a person or married couple living together must have limited income and resources. For an individual, the 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.

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 to be sent by mail.   

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.