 Low-income beneficiaries can save close to $5,000 a year.
Save at least $1,000 with a Medicare Savings Program (MSP)
Most seniors and individuals with disabilities on Medicare pay $99.90 each month directly out of their Social Security check for their Part B premium.
If your annual income is less than $15,080 (if single) and $20,426 (if married), and your assets, not including your home and car, total less than $6,940 for a single person or $10,410 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 $36.00. 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, at least half the cost of their medication.
If your annual income is less than $16,755 for a single person or $22,695 for a couple, and your assets, not including your home and car, total less than $13,070 for a single person or $26,120 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 11 different assistance programs including a Low Income Subsidy or Medicare Savings Program.
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