More often than not, seniors are having issues when looking or paying for their prescription medications. Because of this, we wanted to make it easier for seniors to receive help when it comes to this.
Failure to obtain their prescription medications, seniors risk falling off the track from their doctor’s instructions, and this is obviously something that we should avoid.
In order to combat this, Social Security created a program named Extra Help With Medicare Prescription Drug Costs. The goal of this program is to cover the costs for Medicare prescription drug plans.
Thanks to this plan, seniors are eligible for up to $4,900 per year, something that will positively affect their quality of life and overall health, ensuring that eligible seniors are getting the medications they should.
The target seniors group are people that have low or no annual deductible, low or no monthly premiums, no “Medicare donut hole” coverage gap, resulting in them having to pay considerably less for their prescription medications.
In order to qualify for this program, senior will have to:
• Live in one of the 50 states or in the District of Columbia
• Have combined assets (like bank accounts, investments) less than $14,390 (individual or not living with spouse) or $28,720 (married living with spouse) – don’t include your home, vehicles, possessions, life insurance, burial plots/contracts, or back payments for Social Security or SSI
• Have annual income less than $18,735 (individual) or $25,365 (married living with spouse)
Keep in mind that even in the case of your senior’s annual income being higher than the guidelines, they still have a shot at qualifying for some sort of help. If you want to find out what kind of help your senior is qualified for, make an online application or talk to a Social Security representative.
While some seniors will automatically qualify for Extra Help, seniors on Medicare and Supplemental Security Income (SSI) or Medicare and Medicaid will receive the extra help automatically, without needing to apply.
There are three ways for seniors that qualify to apply for the Extra Help program, and those are:
• Apply online at www.socialsecurity.gov/extrahelp
• Call Social Security at 1-800-772-1213 to apply over the phone or to request an application
• Apply at the local Social Security office
Once Social Security is done with the review of your application, your senior will receive a letter making them aware of the results, and if they qualify, the next steps towards receiving the benefits of the Extra Help program.
It is also possible for seniors to get back some of the money they already spent on prescriptions. Once seniors are accepted in the Extra Help program, some of them might get back some of the money they spent on medications since their official qualification for the Extra Help program.
Therefore, seniors are advised to keep their receipts and call the plan. Alternatively, they can contact Medicare’s Limited Income Newly Eligible Transition (NET) Program at 1-800-783-1307 in order to get more informed.
After that, the last step is applying for the Extra Help program in order to get help with prescription drug costs.
We can Help! Our local advisors can help your family make a confident decision about senior living.