Medicare extra help for drug plan/
I’m disabled from a spinal cord injury since July 2020. I had a law firm get my Disability, I originally had Medicare, Medicaid and Part D with extra help. I lost the Medicaid like a year ago because I made too much on Disability ($2345.00 after Medicare deduction) Now , losing Part D with extra help. I have gotten some money from a worker’s comp claim which has put me over the threshold for extra help. This money i received helps me pay for food, gas, car insurance and
etc. Would putting that money in a trust help to get extra help back. Thanks
Terry Says
Gosh, I’m not an expert on Medicare Help, but I see that it counts not only income for the year, but “resources” — and there is a strict limit, which changes every year. I havent seen the limits for 2025 yet, but here are the limits for 2024, so it will be roughly the same:
https://www.medicarefaq.com/faqs/medicare-extra-help-program/#4
If you’re single in 2024, you cannot have more than $17,220 in assets in your own name, outside of your home and a burial plan. I don’t know how large a settlement you received, but if you were cut off from extra help, it is likely more than that.
A good attorney might have considered the impact of the worker’s comp claim and created an IRREVOCABLE trust to receive the money, so it would not impact your current benefits. I’m not sure that can be done now, unless you gift that money to an independent trust — with an independent trustee.
I do know where you can get advice on that. Go to www.ProtectedTomorrows.com and ask to speak with one of their attorneys. You can trust their advice.
