Important reminder for Medicare beneficiaries with limited incomes
by Dan Moraski
Most Medicare beneficiaries who did not enroll in a Medicare drug plan by the May 15, 2006 deadline will have another opportunity during the current annual enrollment period, which ends December 31, 2007.
But if you are eligible for the extra help that is available under the Medicare Prescription Drug Program, you can join a Medicare drug plan at any time without paying a penalty in 2007. And in September, the Centers for Medicare & Medicaid Services announced the elimination of the 2008 late enrollment penalty for any beneficiary eligible for the Medicare Part D low-income subsidy. Medicare beneficiaries who qualify for the subsidy may enroll in a Medicare prescription drug plan with no penalty through December 31, 2008.
Basically, you may qualify for extra help if your income is below $15,315 a year as a single person or below $20,535 a year if you're married and living with your spouse. Your total resources must less than $11,710 if you are single or $23,410 if you are married and living with your spouse. Resources include such things as bank accounts, stocks, and bonds, but do not include your house and car. Resources can be slightly higher (an additional $1,500 per person) if you will use some of your money for burial expenses.
The extra help can pay for part of the monthly premiums, annual deductibles, and prescription co-payments under the new prescription drug program, and it could be worth an average of $3,700 per year. If you think that you might qualify for the extra help, you can complete an online application at www.socialsecurity.gov or call 1-800-772-1213 (TTY 1-800-325-0778).
Dan Moraski is the Social Security Administration Public Affairs Specialist in Springfield, MA.
