Q & A
My uncle is interested in the Medicare Part D prescription help, but he has about $10,000 in the bank. Would he still be eligible?
Answer: Based on his resources, yes. However, there are other factors to consider. This year a person’s total resources are, in most cases, limited to $13,440 (or $26,860 if married and living with spouse) to qualify for Extra Help with Medicare prescription drug costs. Resources include the value of the things he owns, such as real estate (other than the place you live), cash, bank accounts, stocks, bonds, and retirement accounts like IRAs or 401(k)s. There are exceptions. To learn more, go to www.socialsecurity.gov.
Source: Pantagraph.com, May 7, 2014
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