Social Security Disability and Medicare prescription costs
June 13th, 2012|
If you’ve ever wondered if there’s a time limit on collecting Social Security Disability benefits, The Sacramento Bee has the answer.
According to the newspaper’s Q&A section, if a medical review finds that your medical condition hasn’t improved and you remain unable to work, your Social Security Disability benefits will continue.
When you reach full retirement age, if you’re still receiving disability benefits, they will automatically convert to Social Security retirement benefits.
Another question posed to the newspaper is: If you’re interested in getting extra help with your prescription costs, but you have $10,000 in the bank, would you still qualify?
Under Medicare Part D, factors other than just your bank balance are taken into account. These factors include your income, the value of the things that you own, such as real estate (other than the place you live), cash, stocks, bonds, and retirement accounts such as IRAs or 401ks.
The resource limits shown on the application include a $1,500 per person exclusion for burial purposes.
In most cases this year, a person’s total resources are limited to $13,070 (or $26,120 if you are married and living with your spouse) to qualify for assistance with your Medicare prescription drug costs. There are some exceptions, however.
If you have more questions concerning disability benefits or if you or someone you know needs help with Social Security Disability benefits, contact a Social Security disability attorney at Fleschner, Stark, Tanoos & Newlin.