Help from Social Security with Prescription Costs for Low Income Individuals

May 6, 2012 Senior Medicare Issues

If you have limited income and resources and are on a tight budget, there is help for medical prescription costs available to you. Given the ever-increasing prescription costs and drug plan premiums, the government recognizes that there are many low income individuals having a substantial problem maintaining their prescription medication regimen.  Rather than see them stop taking many-times critically important medications—with potentially devastating consequences—the Social Security administration is willing to lend a helping hand.

If you or a loved one is covered by Medicare and can prove that your resources and income are limited and insufficient to continue paying for high priced prescriptions, then there is additional help of up $4,000 a year if you qualify.  Dependent on your financial situation, this program can actually pay part or all of your monthly premiums, prescription co-payments and annual deductibles.

As mentioned above and as with any government help program, there are qualification parameters.  The Social Security Administration will require such information as you or your loved one’s total income, savings, stocks and bonds, investments and—with exception of the person’s primary residence—real estate owned.  Currently, the limits of total resources is just slightly above $13,000 for an individual living alone and slightly over $26,000 for a married couple living together.

According to the rules, there may still be some degree of assistance available for prescription-related expenses if the individual’s resources are higher.  This is true if you or a spouse help to support other family members living with you or if you continue to draw an income form a work-related salary.

You can find out more specifics and actually complete an online application for prescription drug assistance at the following link: http://www.socialsecurity.gov/prescriptionhelp.  Additionally, you are always able to go to a local Social Security field office to apply for this help coverage.  If you would rather apply by phone or mail, call the Social Security Administration at: 800-772-1213.  You will need to request form number SSA-1020 Application for Help with Medicare Prescription Drug Plan Costs.

For those looking to actually start or change a Medicare Part-D prescription drug plan and the authorized enrollment periods, you can call 800-633-4227 or go to http://www.medicare.gov.