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1697

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  Will economic stimulus payments count as income or resources in determining whether I’m eligible for extra help with my Medicare Prescription Drug plan?
  Question
  Starting in May, most Social Security beneficiaries will get an economic stimulus payment as part of the Economic Stimulus Act of 2008 (Public Law 110-185). These stimulus payments will be as much as $600 per adult and $300 for each minor child in the household. Will the stimulus payments count as income in determining whether I'm eligible for extra help with my Medicare Prescription Drug plan? Will they count as resources?
  Answer
 

Income Consideration:

No, any tax rebate or refund, including the stimulus payments, will not be counted as income.  

Resource Consideration:

When we decide if you are eligible for extra help, your stimulus payment will not be counted as a resource for the month you get it and the following 2 months.  By resources, we're talking about such things as money in bank accounts, investments and cash you have at home or elsewhere. To understand when we would count your stimulus payment as a resource, consider the following example.  If you get a stimulus payment in May 2008, and decide to keep it or invest it, it would not count as a resource for May, June, or July 2008.  Beginning in August 2008, your stimulus payment would count as a resource if you had not spent the money before then.


 
 
 
  
 
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