I would imagine, if you are like most retirees (both in
New Hampshire and around the Nation), you have
uttered these words before:
“I’ve paid enough in taxes;
why can’t I get extra help?!”
Well, I don’t blame you for saying that; I’ve said it
myself. Whatever you may think of government and
politicians, much of what they do, while difficult for me to
say, is done with the best of intentions in mind. That
includes designing programs to help people when times
are tough.
Whether it’s Medicaid, subsidized housing, food
stamps, and myriad other programs- these programs are
designed to help those who are the most in need. While
these programs are developed to paint a broad brush on
those “most in need,” oftentimes, there are folks who fall
through the cracks.
While retirees may have paid taxes all their lives,
these programs generally have restrictions that are based
on income and assets. Government officials refer to these
restrictions as Means Testing, because there is no simple
way to determine who is in need of assistance.
Many of these programs are funded through state
and federal tax dollars, with the state generally
administering the day-to-day program operations. In my
opinion, we have gone substantially overboard in the
sheer number of programs that are offered to assist
those in need.
Now, don’t let that make you believe that I don’t care to help those in need. Oftentimes, in our urgency to help others, we throw money at problems, and it ends up not being enough money, too much money, or the impact of the programs seem to have no
real MEANINGFUL impact.
I want to highlight a program that affects most New
Hampshire retirees who are on Medicare: the Medicare
Savings Program (MSP). This program is funded by the
state and federal governments and generally
administered through the Department of Health and
Humans Services and is designed to offer assistance for
Medicare-related expenses. Medicare beneficiaries who meet
certain means-testing criteria could qualify for the incredible
benefits of this program. For instance, an individual
cannot have more than $9,090 in cash assets, while a
couple cannot have more than $13,630.
As far as the income criteria, there is an extensive
range of income amounts, but generally, if, as an
individual, your monthly income falls below $1,641 or, as a
couple, your combined monthly income falls below
$2,219, you could qualify for this program.
If you do qualify for this program, some of the
incredible benefits you could receive are: no longer
having to pay your Part B premium, which currently
stands at $164.90 monthly—receiving credit towards your
Part D Drug Plan, which could give you a $0
premium—lowered prescription drug co-pays of not
more than $4.30 for generics and $10.35 for brand names.
If you were being assessed, a late enrollment penalty for
Part B or Part D will be suspended while you qualify for
the program. Lastly, if you are broke enough, you may
qualify to have your medical co-pays and coinsurances
fully paid under the program.
What’s remarkable is that, according to the most
recent numbers, only 8% of eligible New Hampshire
retirees are on the program. In my experience, the reason
for this is simply lack of awareness. Sometimes, it’s pride
that keeps people from looking for extra help, but what I
have to say to that is “pride goeth before the fall.”
In the 14 years that I have been serving seniors, most
of the government programs I have seen- do not have
nearly the MEANINGFUL impact that the Medicare
Savings Program has had on retirees.
Seriously, ask yourself: what could be a better
measure of a program’s success than when a retiree,
having now qualified for this program, looks in their bank
account and sees that they are no longer paying, on
average, the $2,300 a year in Medicare premiums, or their
other medical expenses?
Nothing jazzes me more than to know that after
we’ve asked all the right questions and found that a
client qualifies for this program, the MEANINGFUL
impact it will have on their life.
Sadly, the state of New Hampshire has very low
income and asset guidelines, which makes it difficult for
retirees to qualify for this program. There are six states in
the Nation that have higher guidelines, allowing more
retirees to qualify for this program, including our
neighbor, the state of Maine.
My team and I are working
diligently to petition the New Hampshire State
Legislature and the Governor to reassess this program
and make some MEANINGFUL updates that will make a
substantial difference in the lives of New Hampshire
retirees.
In the meantime, don’t make any assumptions about
whether you qualify for the program. Contact Hometown
Senior Solutions, and we will evaluate your circumstances
for free.
—Brad Dyer is CEO/Founder of Hometown Senior
Solutions, an Agency that specializes in providing
expertise to seniors primarily around Medicare Health
Plan options and many other issues seniors wrestle with.
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