Extra Help for People with Limited Incomes: Medicare Prescription Drug Coverage
Key Words with Definitions
Assets - The value of things you own, including real estate, bank accounts, stocks, bonds, mutual funds and cash.
Co-payment - A part of a prescription's cost that you pay out of your pocket. A fixed amount for each prescription.
Deductible - The amount you must pay each year for your medicine or medical treatment before your insurance starts to help pay your costs.
Income - Money you receive from Social Security, a job, retirement benefits, veterans' benefits, and other sources such as interest from investments.
Medicaid - A joint federal/state-funded program, run by your state, that provides medical coverage for families, older people, and people with disabilities. Note: the Medicaid program in your state may have another name.
Medicare Savings Programs - Programs to help people who are in Medicare (but do not qualify for full Medicaid benefits) pay for some of the costs of Medicare.
Premium - The amount you pay each month to receive insurance coverage.
State Health Insurance Assistance Program (SHIP) - A state program that offers free one-on-one counseling and assistance to people with Medicare and their families. The name for this program may vary from state to state.
Supplemental Security Income (SSI) - A federal income program that provides cash to meet basic needs for food, clothing, and shelter for aged, blind, and disabled people with limited incomes and assets.
