Get Help Paying Your Medicare Costs
Low-income beneficiaries can save close to $5,000 a year.
Save more than $1,000 annually with a Medicare Savings Program (MSP)Most seniors and individuals with disabilities on Medicare pay $104.90 each month directly out of their Social Security check for their Part B premium.
If your annual income in 2014 is less than $15,755 (if single) and $21,236 (if married), and your assets, not including your home and car, total less than $7,160 for a single person or $10,750 for a couple, you can get the State of New Jersey to pay your Part B premium and save at least $1,000 each year on healthcare expenses. Lower income individuals may save even more.
Save an average of $3,900 with a Low Income Subsidy (LIS)The average monthly premium for a Medicare Part D prescription drug plan is $32.42. In addition, each time a senior and individual with disabilities on Medicare goes to the pharmacy, they must pay their co-pay and, in the donut hole, about half the cost of their medication.
If your annual income in 2014 is less than $17,505 for a single person or $23,595 for a couple, and your assets, not including your home and car, total less than $13,440 for a single person or $26,860 for a couple, you can get the State of New Jersey to pay your Part D premium, lower your co-pay amount and pay only that reduced co-pay amount throughout the year (i.e., you have no donut hole). People on LIS also pay no late enrollment penalty. The average person on LIS saves $3,900 each year in prescription costs.
To learn more about and apply for these programs contact your County State Health Insurance Assistance Program (SHIP). You can also complete a Low Income Subsidy application on-line at http://www.ssa.gov/prescriptionhelp/, or you can complete a state-issued Universal Application that screens and enrolls eligible individuals in up to 10 different assistance programs including a Low Income Subsidy or Medicare Savings Program.
In addition, ten agencies have received grant funding to promote and help individuals in their county enroll in these programs. Contact one of these agencies if you live in their county: