| By :
Wiley Long
One million more low-income seniors will not be able to receive prescription drug benefits under the Medicare program. As of January 1, 2010, the seniors who are now eligible for the expanded drug coverage will be able to take advantage of the benefits under the "extra help" program. The expanded program will not only benefit qualifying seniors, but in many cases, the program will also benefit their families; many eligible seniors are those who have been regularly receiving funds from their families in order to pay for their household expenses, but who previously didn't qualify for medication benefits because they had too many assets or too much income. There are income and asset limits under the expanded program and eligible seniors need to meet the limit qualifications in order to receive their coverage. Single seniors must make $16, 245 or less and married couples who are living together must make $21, 855 or less per year. Additionally, single seniors must have less than $12,510 in stocks, bonds, and bank accounts. Married seniors must have less than $25,010 in assets. However, homes and automobiles are excluded when assets are determined. Under the former law, Medicare beneficiaries had to include the value of their life insurance policies as an asset and any money they received from relatives as income. With the new laws in place this month, one million seniors can now begin to receive prescription drug coverage they need. Seniors who were previously rejected from the coverage program prior to January 1, 2010 need to reapply for coverage if they wish to receive it. Currently, there are about 32 million seniors enrolled in the Medicare Part D program, which provide financial assistance for prescription medications. About 30 percent of those enrolled in the Medicare Part D program are also enrolled in the extra help program, which is also called the "low-income subsidy." Benefits under the extra help program vary based on the beneficiary's income. However, many qualifying beneficiaries will receive coverage for their premiums and annual deductibles. Moreover, their co-pay charges for generic drugs may be as little as $1.10 and as much as $3.30 for brand name medications. Many Medicare beneficiaries without prescription drug coverage are paying thousands of dollars a month for their essential medications. In addition to the Medicare extra help program, there are other programs available to help seniors more easily afford their health care. Two popular programs include Medicare Advantage options and the Medicare Supplemental insurance program, which can both help seniors to get the health care coverage and service they need for their unique health care situations and budgets. The Medicare Supplemental insurance program is an option that is available to many Medicare beneficiaries that helps to provide participants with coverage during the coverage gap in their original Medicare plans. The coverage gap is a period of time that beneficiaries have to pay out-of-pocket for their health care services and products until their Medicare coverage begins again. Medicare Advantage programs help seniors retain more control over who they select for their health care providers and which health care services they use. Many seniors appreciate the enhanced freedom of choice that Medicare Advantage programs offer, including the breadth of health care coverage available through the program. It is important for seniors to routinely examine their health care status and Medicare options, as Medicare plan options change regularly on a national level. Seniors should consult with a qualified Medicare specialist to learn more about how their current Medicare programs can be improved or altered to provide the best possible health care options available at rates that seniors can afford.
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