2008-06-11 / Other News

Help dad save his money

It may be that your father has always been there to provide advice, whether he was showing you how to throw the perfect pitch or cast a fishing line. Maybe he told you how to dress for your job interview or encouraged you to save for financial goals in your life, such as a car, a house and retirement.

Now it's your turn to give your dad a bit of helpful advice that he can take all the way to the bank. Show him how he can save as much as $3,600 per year on the cost of prescription drugs.

We all know the high cost of medicine can be a burden on fathers who have limited income and resources. But there is extra help - available through Social Security - that could pay part of his monthly premiums, annual deductibles and prescription co-payments. The extra help could be worth up of $3,600 per year.

To figure out whether your father is eligible for the extra help, he must be receiving Medicare and also have:

Income limited to $15,600 for an individual or $21,000 for a married couple living together. Even if his annual income is higher, he still may be able to get some help with monthly premiums, annual deductibles and prescription co-payments. Some examples where income may be higher include if he or his spouse:

- Support other family members who live with them;

- Have earnings from work; or

- Live in Alaska or Hawaii; and

Resources limited to $11,990 for an individual or $23,970 for a married couple living together. Resources include such things as bank accounts, stocks and bonds.

For more information contact social sercurity at www.socialsecurity.gov or Medicare at www.medicare. gov. So this Father's Day, give your dad a bit of advice and help him save up to $3,600 a year on his prescription drugs. He'll appreciate the tip as much as you appreciate him.

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