Saturday, October 5, 2013

Programs that Assist Seniors with Health Care Costs

Homecare and other forms of care for elderly individuals can become quite costly, although they are imperative to the wellbeing of many seniors. Despite the critical nature of such eldercare, though, many seniors find themselves having to forgo the support that they need due to financial limitations.

If your senior needs care but cannot afford it, there may be hope yet. There are actually several organizations that provide assistance to seniors who need help paying healthcare expenses. According to an article published by the Huffington Post, Medicare Savings Program and Extra Help are two initiatives that can assist elderly individuals in paying down their medical costs and maintaining the level of care that they need to stay as safe and healthy as possible.1

Medicare Savings Program
The Medicare Savings Program, or MSP, is an initiative that serves to assist Medicare beneficiaries who are at lower income brackets to pay for the costs associated with Medicare Parts A and B. With several different levels, MSP offers differing amounts of support based upon several factors.

Qualifying for this support occurs under the direction of Medicare. Seniors must make less than 135 percent of the federal poverty level and are subject to an asset test. The requirements may vary from one state to the next, though, so it is important that seniors get information from the local Medicare organization.

Extra Help
Prescription medications are often extremely costly, and many seniors have a difficult time keeping up with their prescriptions because they are so expensive. The Extra Help Program is able to assist with Part D prescription drug deductibles and premiums, as well as co pays, depending upon the level of income that your senior receives each month.

Qualifying for this assistance requires seniors to make less than $1,436 per month and to hold less than $13,300 in assets. To apply, seniors can contact the local Social Security office.

Paying for healthcare is something with which many elderly individuals struggle. With the assistance of these two programs, though, your senior may find it easier to keep up with the financial aspect of their physical wellbeing.


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