The online search for free government money and grants continues, though most people only qualify for benefit programs instead of outright cash and loans. There are; however, occasional government money giveaways that you never pay back, such as those from the economic stimulus programs.
A more common government money program is Social Security. It is important that Social Security be protected, as about half the workforce does not have any retirement plans through their employers. Many low to middle class workers need some plan to save for retirement years. Don't think money will fall from the sky during those years, try to save more money now to make those years as comfortable as possible. The government will not be handing out large sums of money to people during their old age years, planning to save money out of every paycheck, is the best way to make sure you have enough money to get by, after retiring.
Many seniors are abused and neglected from people responsible for their care, and many more are exploited each year. Having the finances in place to live in a comfortable environment has never been more important. The government is not likely to go over and beyond, and supply tons of money to people to live a lifestyle they were use to during younger years. Getting money and benefits from the government means applicants must qualify for specific programs. Getting help from any program can take time and effort, and may or may not yield positive results. To check on government programs and getting money from the government, you only need to visit their website and search for information. It may be an enlightening experience.
Another government money benefit is Medicare's prescription drug program. Some may be eligible to pay no more than $2.50 for generic drugs and $6.30 for each brand name drug. This is due to changes to Medicare’s Low-Income Subsidy Program (also known as LIS or “Extra Help”) that take effect this year. The changes make it easier for people on Medicare, with limited incomes, to save on drug costs. They estimates that they can save eligible Medicare beneficiaries as much as $3,900 per year. It is estimated that more than 1.8 million people with Medicare may be eligible, but are not enrolled in the subsidy program.
Changes in the law, in the Medicare Improvements for Patients and Providers Act (MIPPA) make it easier for Medicare beneficiaries to qualify for extra help by changing the way income and assets are counted in 2010. When determining eligibility for “Help,” the Social Security Administration, who handles enrollment in the program, will no longer count life insurance policies as a resource. In addition, help received from family and friends to pay for household expenses like food, mortgage, rent and utilities will no longer count as income.
The changes to the extra help program may make it easier for more people to get help paying for their prescription drugs. Even for those turned down should reapply. If you qualify, you will receive help paying for Medicare prescription drug coverage premiums, co-payments and deductibles. Medicare beneficiaries’ incomes must be less than $16,245 a year (or $21,855 for married couples) and have resources limited to $12,510 (or $25,010 for married couples). Resources include bank accounts, stocks, and bonds, but do not include houses, cars, or life insurance policies.
There is no cost to apply for Medicare beneficiaries and you can apply online at www.socialsecurity.gov/prescriptionhelp or call Social Security at 1-800-772-1213 (TTY users should call 1-800-325-0778) and ask for the Application for Help with Medicare Prescription Drug Plan Costs. Medicare beneficiaries could receive assistance in their local communities from their State Health Insurance Assistance Program (SHIP). Local SHIP contact information can be found on the back of the Medicare & You 2010 handbook or online at the medicare.gov website.
Most beneficiaries enrolled in a Part D plan whose income is too high to qualify for the extra help and could receive a one-time, tax-free rebate check of $250 to help out with high prescription drug costs thanks to the Affordable Care Act. The new law has important new benefits to help seniors and others who are caught in the coverage gap. The donut hole is the period in the prescription drug benefit in which beneficiaries generally pay 100 percent of the cost of their drugs, until they hit the catastrophic coverage. Beneficiaries who qualify for Medicare “Extra Help” do not have a donut hole.
