Prescription medications are vital to maintaining one’s health. For many seniors, medication is an essential part of their health checkup. According to many reports, individuals aged 65 and older spend more than 3 percent of their income on prescription drugs. Here are the ways older adults can afford their medications via prescription financial assistance programs.
Medicare Can Help
People aged 65 and older can take advantage of the federal health insurance’s Medicare Program. Prescription drugs are properly covered under part D of the Medicare Program. Plans in Part D are offered by private insurance companies as a Prescription Drug Plan or PDP. It is also known as a Medicare Advantage Plan.
Get Extra Help from Medicare
Added financial assistance is provided to seniors who have limited resources when paying the costs of prescription drugs. The Medicare Extra Help Program allows the elderly to be eligible if an individual’s assets cost less than $13,820. Married couples’ assets must cost less than $27,600. These costs do not include their belongings, vehicle, and home.
Medicaid Offers Assistance
Disabled and low-income individuals are covered by a health insurance program. Low-income individuals are defined differently in each state and group. These groups include pregnant women, seniors, and healthy adults. A senior is required to have a monthly income that costs less than $2,205. Participants in the program normally need to make co-payments for their prescription drugs.
All in all, these are the ways the elderly can easily afford prescription drugs. It is important for them to understand the prescription benefits of their insurance. They must also be able to locate financial assistance that aids in paying for their insurance premiums or medication, deductibles, and co-pays. Make sure you have the right information when you apply for prescription financial assistance.