Thursday, April 14, 2016

Question: Is there Help Available for My Prescription Costs?

Question: Is there Help Available for My Prescription Costs?

Yes, in 2016, if you qualify for Extra Help, your co-pays for drugs will be $2.95 for generics and $7.40 for brand names. There is no coverage gap and all drugs on the Medicare formulary are included.
To qualify, you cannot exceed certain income and resource limits.
  1. Yearly income must be less than $17,820 year / $1,505 month for an individual and $24,030 year / $2,003 month for a married couple living together.
Some items that WOULD NOT count as income:
  • Food stamp assistance
  • Home energy assistance
  • Medical treatment & drugs
  • Housing assistance
  • Disaster assistance
  • Victim’s compensation
  1. Total resources must be limited to $13,640 for an individual and $27,250 for a married couple living together.
Total resources WOULD include:
  • Money in a checking or savings account
  • Stocks
  • Bonds

Total resources WOULD NOT include:

  • Your home
  • One car
  • Burial plot
  • Up to $1,500 for burial expenses if you have put that money aside
  • Furniture
  • Other household and personal items

If you think you might qualify for LIS and want apply, click here: Social Security
Most of the questions on the application deal with income and resource limits. Social Security will not ask for documentation to support the information you provide, but will match your information with data available from other federal agencies.
Even if you do not have all of your information or cannot find the right documents, you should file for the extra help if you think you will be eligible.
Once you have an LIS letter, call me. I will help you get the right plan for you  so you can start saving money.
Sonia Ashford


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