Buy-in programs may help seniors

I love saving cold hard cash. And I love helping people save money, from telling them about a great sale to writing about the Medicare Buy-In programs.

You may remember a couple weeks ago when I told you about changes in the Medicare Savings Programs. In case you missed it, here is the bottom line.

The Low Cost Drug Card, or DEL, gives income-eligible individuals an 80 percent discount on many of their daily medications. This program does not have an asset test, which means that the state will not ask what you have in your bank accounts, retirement funds, stock, bonds or IRAs. The only consideration is your monthly income and any income generated by interest on the above account.

The Medicare Savings Plan has savings in two different areas. If your income is below $1,650 per month for a single person or $2,211 per month for a married couple, you may qualify for one of the Medicare Savings Programs. This would cover your part B premium, currently $93.50 per person and give you full drug subsidies for part D.

You will simply pay a small co-pay, less than $5.35 per prescription. This program does not have an asset test either. Income guidelines are the same as with DEL.

“We have been getting calls and signing people up daily, so if you haven’t called us, please do so and maybe we can save you money as well,” said Stacie Sparkman, Medicare Part D specialist at Eastern Agency on Aging.

“Some people will save the $93.50 per person and have drug costs of $5.35 or less, while others will qualify for the highest savings program, the Qualified Medicare Beneficiary program,” she said. “The QMB also saves them co-pays for Medicare A & B including deductibles, which could allow them to drop their supplemental insurance. These policies vary in price, but are typically about $130 per month.”

Now prepare yourself to be impressed.

“My best example of savings involves a couple who currently spend $93.50 per month for part B each,” said Sparkman. “Also, they each spend $135 on a supplemental insurance, or Medigap, policy, and $25.90 for a drug plan. They each have approximately $250 a month for medications and both have already fallen into the ‘doughnut hole.’ That is a family cost of $1,008.80 per month.”

This couple qualified for the QMB program. Now their out-of-pocket cost for their medications has been reduced to approximately $75 a month. This is a potential saving of $933.80 a month or $11,205.60 a year, Sparkman added.

Another couple already had some state program, so were unsure whether to call EAA. But at a family member’s insistence, they picked up the phone and found out that they were qualified for even more state programs. After Sparkman did the calculations, the happy couple was informed that they would save a little more than $5,000 a year.

So the moral of the story is, do not prescreen yourself.

“It is really important to call us,” said Sparkman. “The process is quick and painless and you may walk out of Eastern Agency on Aging’s offices with a little more money in your pocket. And if you can’t come to us, we will come to you, so put the coffee pot on.”

Carol Higgins is director of communications at Eastern Agency on Aging. For information on EAA, call 941-2865, toll-free (800) 432-7812, e-mail info@eaaa.org, or visit www.eaaa.org. TTY 992-0150.