Given the current economic climate, buying a nice gift for Mother’s Day may be more difficult than in years past. But people across the nation are discovering that the best gifts are often free.
This Mother’s Day, you can show Mom how to save an estimated $4,000 a year on her Medicare prescription drug costs. Here’s how.
If your mother is covered by Medicare and has limited income and resources, she may be eligible for Extra Help — available through Social Security — to pay part of her monthly premiums, annual deductibles and prescription co-payments. The Extra Help is estimated to be worth about $4,000 per year.
To figure out whether your mother is eligible, Social Security needs to know her income and the value of her savings, investments and real estate (other than the home she lives in). To qualify for the extra help, she must be receiving Medicare and have:
• Income limited to $16,755 for an individual or $22,695 for a married couple living together. Even if her annual income is higher, she still may be able to get some help with monthly premiums, annual deductibles, and prescription co-payments. Her income may be higher if she and, if married, her husband support other family members who live with them or have earnings from work.