Getting help with Medicare costs

Two critical programs provide help to low-income seniors

Medicare covers more than 64.2 million Americans over age 65 or who have disabilities, and many struggle to get by. Half had income below $29,650 in 2019, and one in four was living on less than $17,000, according to the Kaiser Family Foundation.

Covering the cost of health care is especially challenging, but two important programs help low-income seniors cope.

Under the Medicare Savings Programs, state Medicaid programs help pay for premium and/or cost-sharing assistance for Medicare beneficiaries who have income and assets below certain levels, up to 135 percent of the federally defined poverty level.

Under the Extra Help program, the federal government subsidizes premiums, deductibles and cost sharing for Part D prescription drug benefits. The assistance varies according to income level — up to $20,385 for individuals and $27,465 for couples this year. The asset limit is $14,010 for individuals and $27,950 for couples.

Both programs are underutilized - sometimes due to lack of awareness, and because the enrollment process can be complicated.

Moreover, the programs are limited to people with very low incomes. But that is starting change. Fifteen states have expanded eligibility by last year; early next year, New York State will expand its criteria.

This weekend in The New York Times, I take a look at these critical programs.

What I’m reading

How to save on prescription drugs . . . Americans seeking ideal retirement spots have zeroed in on 162 rural counties . . . Think twice before filing for retroactive Social Security benefits . . . How working in retirement is being embraced by older adults and companies . . . Over 55 and not retired at all . . . A new training tool helps to assess whether some seniors can make informed choices about their own care and well-being . . . Virtual reality therapy lets seniors relive the past . . . A step towarde refreshing memory . . . Long-term care insurance pact may speed rate hikes . . .Can a Qualified Longevity Annuity Contract aid your retirement plan?