When people think about their prescription needs, many think of their finances. Often, they know they need the prescription drug insurance but they can't afford to pay the premiums for the insurance nor can they afford to pay the copays for the medications they are prescribed. Those that find themselves in this situation often go without their medications and their health suffers dramatically.
The Social Security Administration and Centers for Medicaid and Medicare Services understand there are some people that are unable to pay for a Medicare part D drug plan. There are many different ways to receive help with a Medicare prescription plan. There are federal and state assistance programs that are recognized for their help with these costs.
LIS (Low Income Subsidy)
Low Income Subsidy is a federal assistance program that can be used to help pay for the costs associated with a Medicare prescription drug plan. These costs include the premiums and copays for prescription medications that are Medicare part D approved.
There are many people that are eligible for this program because of their income. Single individuals that have an annual income of $16,755 and below qualify for the assistance. Married couples with an income of less than $22,695 also qualify for the assistance. To apply for LIS, those that need it and meet the financial eligibility should contact the Social Security Administration to apply for the benefits. When the benefits have been approved, there will be a letter mailed to the beneficiaries.
SPAPs (State Pharmaceutical Assistance Programs)
A state pharmaceutical assistance program that is state sponsored assistance program. Not all states have those programs but those that do offer help to those that meet their eligibility standards.
Many of the states that have these programs offer assistance in different ways. Some programs offer to pay the premiums for those that have prescription drug plans. Other programs will only pay for prescriptions when they reach a certain level of coverage in their prescription drug plans. For those that want to know if their state has an assistance program, they can speak with their insurance provider, their case worker or call their state's Department of Health and Senior Services.
Pharmaceutical Assistance Program
The fact that medications are expensive is something that can’t be hidden or looked over. There are some people that don't meet the criteria to get assistance from the Social Security Administration and their state doesn't offer an SPAP. They still need help.
For those that still need the help, help can be found with a pharmaceutical assistance program. These are programs that are established by the actual makers of those medications. Although they are for specific medications, the relief they can offer is tremendous. Some people are prescribed medication they can't afford. These programs can eliminate the cost of these medications completely for some. To apply for this help, Medicare beneficiaries should contact the makers of their medications and ask if they have an assistance program.
There are many different things that people can do to get help with their medications. The fact that medications are expensive is something that can't be hidden or denied. Not everyone can afford to pay the premiums for their Medicare part D plan or the copays and coinsurance for their medications. When people need help, they should know what resources to turn to for help.
Many people don't realize they can contact the Social Security Administration or their state's Department of Health and Senior Services to find different assistance programs that are available in their state. There are different ways that people can get assistance with their Medicare part D. There is no reason for lack of finances to stop a person from getting their medications.