Do you ever wonder how you will pay for your medical expenses? Do you need more money for things like prescription drugs, electricity bills or food? If you are a Medicare beneficiary and answer “yes” to either of these questions, there may be help available for you.

“Many North Carolina Medicare beneficiaries are unaware they may be eligible for this assistance,” said Insurance Commissioner Wayne Goodwin. “SHIIP, the Seniors’ Health Insurance Information Program, can help people understand the benefits of these important cost savings programs.”

Medicare Savings Programs assist low-income Medicare beneficiaries with the out-of-pocket expenses associated with Medicare.

If your individual monthly income is below $1,278 and your assets total $8,440 or less, or if you are married and living with your spouse and your combined income totals no more than $1,723 and your assets do not exceed $13,410, then you may qualify for a Medicare Savings Program.

Medicare beneficiaries can apply for the Medicare Savings Program through their county’s Department of Social Services office or through the SHIIP office by calling 1-800-443-9354.

If your individual monthly income is below $1,396 and your assets total $13,070 or less, then you may qualify for Extra Help for your Part D Prescription drug expenses in 2012. If you’re married and living with your spouse, your combined monthly income must not be higher than $1,891 and your assets must not exceed $26,120. This means that you will have reduced co-payments for generic drugs at $2.60 each and for name brand drugs at $6.50 each, as well as lower monthly premiums for your Part D plan. This Extra Help is also referred to as the Low Income Subsidy (LIS) program.

You need to have a Medicare Part D drug plan to receive the benefits of the Extra Help program. If you don’t already have a Part D plan and are eligible for Extra Help, you can enroll in a Part D plan outside of normal enrollment periods. This means you will have the Extra Help benefit as soon as your drug plan begins, and you will not be charged a premium penalty for delayed Part D enrollment. If you sign up for Extra Help but fail to enroll into a Part D plan, Medicare will automatically enroll you in one. If you were automatically enrolled and do not like your new plan, you have a Special Election Period to switch your Part D plan up to once a month with coverage beginning on the first of the following month.

The SHIIP office can assist you with applying online for the Extra Help program through the Social Security Administration website at socialsecurity.gov. Medicare beneficiaries may also apply online themselves or contact the Social Security Administration at 1-800-772-1213.

SHIIP provides information about Medicare, Medicare supplements, Medicare Part D, Medicare Advantage and Health Plan Options and long term care insurance through its toll free line, 1-800-443-9354. SHIIP also has volunteers in every county in North Carolina who are available for free, one-on-one counseling sessions.

For more information, contact Kim Reid, Extension Agent with the North Carolina Cooperative Extension Service at (910) 592-7161.