How to Qualify for Medicare Prescription Co-Pays

No matter which company you choose for your Medicare prescription coverage, also known as part D of Medicare, there are still out-of-pocket costs. In addition to the monthly premium, you may have deductibles and co-pays, some of which can reach into the hundreds depending on your prescription. There is extra help available through Social Security to help with these costs, and all it takes is a few minutes to determine if you should apply and complete the needed forms.

Things You'll Need

• Social security numbers for you and your spouse (if applicable)
• Statements for all financial accounts
• Most recent tax return
• Most recent pay stub
• Most recent Social Security benefits letter
• Most recent statement for any accounts currently providing income

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Instructions

• 1

  Calculate your total savings. Include savings accounts, CDs, Individual Retirement Accounts (IRAs) and investment accounts like mutual funds, stocks and bonds. Also include the value of any real estate you own other than the house you live in.

• 2

  Compare your total savings to the annual income requirement for extra help. This number can change from year to year. In 2010, your savings can't exceed $12,510 if you are living alone or not married or $25,010 if you are married and living with your spouse for you to qualify for extra help. If your savings exceeds the threshold set by Social Security, you will not qualify for extra help.

• 3

  Apply for extra help. You can apply by phone by calling Social Security at 1-800-772-1213 or at the Social Security website.

• 4

  Review the letter you receive in response from Social Security. You may be denied or you may receive help with co-pays, deductibles and your premiums. The help can range from completely covering these costs to partial coverage.