Anyone who has Medicare can get Extra Help with Medicare prescription drug coverage.
Some people with limited resources and income also are eligible for Extra Help to pay for the costs such as monthly premiums, annual deductibles, and prescription co-payments related to a Medicare prescription drug plan.
The Extra Help is estimated to be worth an average of $3,900 per year.
Many people qualify for these big savings and don’t even know it.
To find out if you qualify, Social Security will need to know the value of your savings, investments, and Real Estate (other than your home), and your income.
If you are married and living with your spouse, they will need information about both of you.
To help Social Security determine if you are eligible for the Extra Help, you will need to file an Application for Extra Help with Medicare Prescription Drug Plan Costs (Form SSA-1020).
Note: Beginning January 1, 2010, more Medicare beneficiaries may qualify for Extra Help because some things no longer count as resources and income.
Social Security will no longer count as a resource any life insurance policy, and will no longer count as income the help you receive from someone else to pay your household expenses such as food, mortgage, rent, heating fuel or gas, electricity, water, and property taxes.
Author’s Info: Tonza Borden is a 20-year finance and digital marketing expert with a passion for coaching and training. She is also an advocate for people with disabilities and the working poor. Visit her website at RuralMoney.com for exclusive community resources and strategies for your financial future. Google+
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