Many New Jersey Medicare beneficiaries have high deductibles and costly coinsurances on their prescription drugs, even when they have a Part D, drug insurance. Assistance programs are available in New Jersey for residents with a low to moderate income.
Senior Gold is state assistance program that helps with the soaring cost of prescription medication. The New Jersey state-funded program helps create a different, more manageable co-payment structure for those that are eligible and in need.
Eligible recipients have to meet a few requirements to apply, including:
Part D is Medicare's prescription plan, and it's managed by approved private insurance companies. You pay a separate premium for it, and it helps to handle prescription expenses that Original Medicare does not cover. There are different phases of the drug coverage including the deductible, initial coverage phase, coverage gap or “donut hole”, and catastrophic. During the coverage gap or “donut hole” phase of coverage you pay 25% of the cost of the medication. The Senior Gold system in New Jersey was developed to help close that gap for you.
It works like this:
You do have some responsibilities when it comes to your Medicare Part D coverage as this goes on, though:
NJ PAAD and Senior Gold are managed by the same department at the state and have the same application. If your income is lower than the thresholds for Senior Gold then you will qualify for the more generous program called NJ PAAD which stands for Pharmaceutical Assistance to the Aged and Disabled. This program will pay for the monthly Part D premium on certain plans and eligible medications will not be more than $7. More information about Senior Gold and NJ PAAD is available here.
It's possible you still have questions or concerns about your Medicare part D or the Senior Gold program, and before you brave a trip to the Social Security office, you can still talk with a professional. New Jersey Medicare Brokers can offer you free, unbiased advice and information on any of your Medicare questions or issues. Whether on the phone or in person, you can have access to their expertise virtually anywhere in the state.