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Hunting
for a prescription drug plan is no game
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[January 26, 2012]
It’s
that time of year again.
“Open season” is right
around the corner for the Medicare Part D prescription drug plan.
Hunting down the best plan for you is no game. Newly eligible
Medicare beneficiaries, and current beneficiaries who are
considering changes to their Medicare Part D plan, should mark their
calendars for October 15. The “open season” will run from October 15
to December 7.
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The Medicare Part D
prescription drug program is available to all Medicare beneficiaries
to help with the costs of medications. Joining a Medicare
prescription drug plan is voluntary, and participants pay an
additional monthly premium for the coverage.
While all Medicare
beneficiaries can participate in the prescription drug program, some
people with limited income and resources also are eligible for “Extra
Help” to pay for monthly premiums, annual deductibles, and
prescription co-payments. The Extra Help is worth about
$4,000 a year.
To figure out whether you
are eligible for the Extra Help, Social Security needs to
know your income and the value of any savings, investments, and real
estate (other than the home you live in). To qualify, you must be
receiving Medicare and have:
- Income not over
$16,335 for an individual or $22,065 for a married couple living
together. Even if your annual income is higher, you still may be
able to get some help with monthly premiums, annual deductibles,
and prescription co-payments. Some examples where your income
may be higher include if you or your spouse:
—Support other family
members who live with you;
—Have earnings from
work; or
—Live in Alaska or
Hawaii; and
- Resources not over
$12,640 for an individual or $25,260 for a married couple living
together. Resources include such things as bank accounts,
stocks, and bonds. We do not count your house or car as
resources.
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You can complete an
easy-to-use online application for Extra Help at
www.socialsecurity.gov.
Go to the Medicare tab on the top of the page. Then go to “Apply For
Extra Help With Medicare Prescription Plan Costs.” To apply for the
Extra Help by phone or have an application mailed to you,
call Social Security at 1-800-772-1213 (TTY 1-800-325-0778) and ask
for the Application for Extra Help with Medicare Prescription
Drug Plan Costs (SSA-1020).
And if you would like more
information about the Medicare Part D Prescription Drug Program
itself, visit
www.medicare.gov
or call 1-800-MEDICARE (1-800-633-4227; TTY 1-877-486-2048).
So this open season
(October 15 to December 7), after you track down the perfect
prescription drug plan for you, hunt for something that could put
about $4,000 in your pocket — bag the best Medicare prescription
drug plan for you and see if you qualify for the Extra Help
through Social Security.
By Judith Bartels
Social Security District
Manager in Springfield, IL
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