Who would not like the opportunity to save nearly $4,000 a year? While the question is rhetorical, the Social Security Administration insists that as we approach Mother’s Day, now is the best time to help her or any special woman in your life that use prescription drugs save money.
If your mother is covered by Medicare and has limited income and resources, she may be eligible for extra help to pay her monthly premiums, annual deductibles, and prescription co-payments. The extra help is worth an average of $3,900 per year.
These new savings are the direct result of a change of law that took a new ‘twist’ in 2010. So much of a ‘twist’ that Chubby Checker, who penned the poplar 1960 hit song “The Twist” became one of the spokespersons for the new law. “We are so excited about these changes and about Checker’s commitment that we’ve been doing the ‘twist’ since January,” said Paul Barnes, regional commissioner for Social Security in Atlanta.
Social Security can help with prescription drug coverage according to Barnes in so many ways. “There is no age requirement and recipients must have limited income,” he shared, adding, “The law also eliminated the need for the benefactor to match the value of their insurance policy.”
According to the web site, www.socialsecurity.gov/prescriptionhelp.com it is easy to figure out whether Mom is eligible for the extra help. To qualify, she must be receiving Medicare and:
• Have income limited to $16,245 for an individual or $21,855 for a married couple living together. Even if her annual income is higher, she still may be able to get some help.
• Have resources limited to $12,510 for an individual or $25,010 for a married couple living together. Resources according to Barnes include such things as bank accounts, stocks and bonds. “We do not count her house or car as resources,” he shared.
Barnes is very excited about the new law because according to him it gives everyone a fair break and opportunity of hope. “Thanks to this new ‘twist’ in the law, we no longer count any life insurance policy as a resource and we no longer count as income any financial assistance she (mother) receives regularly from someone else to pay her household expenses like food, mortgage or rent, utilities or property taxes.
Mothers or anyone interested are invited to view the above referenced website. “Maybe it’s been a few years since Mom has taken to the dance floor to do The Twist, but saving almost $4,000 a year on prescription drugs may cause her to jump up and dance,” Barnes said. “What better gift could you give her this Mother’s Day?”
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