The general consensus in Medicare literature is that possibly one-half the people who are eligible for some form of financial assistance are failing to take advantage of appropriate programs. This fact is not surprising in that financially strapped seniors are often quite elderly, disabled, or simply do not have the educational background to figure out how to apply.
FINANCIAL ASSISTANCE
One of the most important means of assistance is termed the “Low Income Subsidy” program that is sponsored by the federal government. If you have an income less than $16,000 as a single ($22,000 married) and resources less than $12,500 ($25,000 married) which does not include your home, then you are likely to qualify.
This assistance will take care of your prescription drug costs (Part D). Kaiser Family Foundation estimates 12.5 million people are eligible for this aid and approximately one-fifth of these are not receiving it.
Medicaid is another valuable source to help with Medicare costs. If you are qualified, you become what is known as a “Dual Eligible” (Eligible for Both Medicare and Medicaid) and you can receive significant assistance with your Part B premium and original Medicare co-pays and deductibles. Furthermore, many states have additional plans that may assist you.
It is best if you do not try to figure out how to apply for these programs on your own, and the publication “Medicare & You” tells you exactly how to proceed. Go to the “Programs for People with Limited Income and Resources” section and there are seven easy to read pages detailing your options.
Now if you just really don’t want to read these pages in Medicare & You, we have possibly an even better option. As previously discussed, every state has a SHIP or SHINE office and they specialize in assisting seniors with financial needs. The number for your state is printed on the back page of the Medicare & You booklet. Don’t be lazy because if you qualify, you owe it to yourself to obtain this wonderful free assistance.
SHIP & SHINE
MEDICARE & YOU BOOKLET
MEDICAID
LOW INCOME SUBSIDY PROGRAM
While we cannot go into depth on all of the various state and federal programs at the MedicarePhD.com site, we can tell you how to gain further information.
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