It’s Medicare Part D open season and it’s time to set your target on the prescription drug plan that’s best for you.
Newly eligible Medicare beneficiaries, and current ones who are considering making changes to their prescription drug plan, should mark their calendars for Part D open season that runs from Nov. 15 to Dec. 31 each year.
Part D is available to all Medicare beneficiaries to help pay their prescription medicine costs. Joining a Medicare prescription drug plan is voluntary, and participants pay an additional monthly premium for the coverage.
While all Medicare beneficiaries can participate in Part D, some with limited income and resources also are eligible for extra help to pay monthly premiums, annual deductibles, and prescription co-payments. The extra help is worth an average of $3,900 per year.
To figure out whether you’re eligible for the extra help, Social Security needs to know your income and the value of any savings, investments, and real estate (other than the home you live in). To qualify, you must be enrolled in Medicare and also have:
* Income limited to $16,245 for an individual or $21,855 for a married couple living together. Even if your annual income is higher, you still may be able to get some help with monthly premiums, annual deductibles, and prescription co-payments. Some examples where your income may be higher include if you or your spouse:
-- Support other family members who live with you;
-- Have earnings from work; or
-- Live in Alaska or Hawaii; and
* Resources limited to $12,510 for an individual or $25,010 for a married couple living together. Resources include such things as bank accounts, stocks, and bonds. We do not count your house or car as resources.
You can complete an easy-to-use online application for the extra help at www.socialsecurity.gov. Click on Medicare on the top right side of the page. Then click on “Apply for help with Medicare prescription drug plan costs.” To apply for the extra help by phone or have an application mailed to you, call Social Security at 1-800-772-1213 (TTY 1-800-325-0778) and ask for an Application for Help with Medicare Prescription Drug Plan Costs (SSA-1020). Or go to your nearest Social Security office. If you would like more information about the Medicare Part D Prescription Drug Program itself, visit www.medicare.gov or call 1-800-MEDICARE (1-800-633-4227; TTY 1-877-486-2048).
So this open season, hunt for something that could put $3,900 in your pocket — bag the best Medicare prescription drug plan for you and see if you qualify for the extra help through Social Security.
John Williams is Social Security public affairs specialist for east central Indiana. His column appears every other Monday on the Business page.
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John Williams: Time to hunt for Medicare prescription drug plan
Open season runs from Nov. 15 to Dec. 31
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