Tips for Seniors - Subsidized Health Insurance
The government has taken steps to help low-income seniors with the rising cost of health insurance and prescription drugs.
A federal program called Medicare Prescription Low Income Subsidy offers help to lower prescription costs and copayments.
For those who qualify, the program, offered by Medicare, can reduce generic prescription copayments to as low as $1 to $2.15. For brand-name drugs copayments could be reduced to $3.10 to $5.25. Some qualified persons with lower income and assets could receive extra help and a 15% coinsurance on generic and brand name drugs.
An annual household income of $14,700 or less if single, if married $19,800 or less. (Or an annual income of 150% or less than the federal poverty level).
Eligibility for the program means an individual’s total assets can not exceed $11,500, or $23,000 for couples. Some financial holdings are not counted as part of your assets, however, the exact level of assistance that would qualify one, depends on a combination of assets and income.
To check out the qualifications for assistance, contact the Social Security Administration.
Seniors may want to consider medicare supplemental insurance, also known as Medigap, to help cover the rising cost of health plans.
A federal program called Medicare Prescription Low Income Subsidy offers help to lower prescription costs and copayments.
For those who qualify, the program, offered by Medicare, can reduce generic prescription copayments to as low as $1 to $2.15. For brand-name drugs copayments could be reduced to $3.10 to $5.25. Some qualified persons with lower income and assets could receive extra help and a 15% coinsurance on generic and brand name drugs.
An annual household income of $14,700 or less if single, if married $19,800 or less. (Or an annual income of 150% or less than the federal poverty level).
Eligibility for the program means an individual’s total assets can not exceed $11,500, or $23,000 for couples. Some financial holdings are not counted as part of your assets, however, the exact level of assistance that would qualify one, depends on a combination of assets and income.
To check out the qualifications for assistance, contact the Social Security Administration.
Seniors may want to consider medicare supplemental insurance, also known as Medigap, to help cover the rising cost of health plans.
