$4,000 To Help Cover Prescription Drug Costs
Thousands of Michigan seniors are missing out on prescription drug savings.
According to the latest data single seniors with an income less than $17,235 or a married couple with an income less than $23,265 may qualify for savings according to Howard Bedlin, vice president of public policy and advocacy for the Washington-based National Council on Aging, a nonprofit service and advocacy organization.
Many seniors just don’t know the help is out there for them to ask.
The Medicare subsidy reduces out-of-pocket costs for prescription drugs under Medicare Part D, a federal prescription drug program mostly for those older than 65.
Here is how it can happen once a senior is approved, his or her insurer is notified. And in 2014, that beneficiary will pay no premiums, no deductibles, and no more than $6.35 for an insured prescription — an average savings of $4,000 a year, according to the National Council on Aging.
According to the latest date nearly 1 in 5 Michigan seniors lives on less than $17,505 a year, or 150% of the poverty level.
So contact Medicare or the Council on Aging and find out how to receive these subsidies.