Medicare Savings
Want to save up to $2,100 a year (according to a government estimate) on Medicare? Don’t mind a little (well, a lot, really) of paperwork? Persistence will pay off for low income/savings persons who plan to take part in the new Medicare prescription drug benefit starting next January. The savings will come from participating in a plan for Medicare beneficiaries with income below $14,355 a year, and no more than $11,500 in savings in bank accounts, stocks, and bonds. If you receive Medicaid, SSI, or have your Medicare premiums paid by your state government, you already qualify for this extra help, and you don’t need to apply. The Social Security Administration which is managing this program is sending out 19 million notices to Medicare beneficiaries who may qualify based on government benefits.
You can find out more about this new plan from Social Security (or call 800-772-1213), through the Administration on Aging’s Benefits Check Up (or call 800=424-9046), or visit the Access to Benefits Coalition.
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