Social Security or your state must count your resources to decide if you qualify for extra help. Your resources include cash and other things that you normally can convert to cash within 20 workdays. Examples of resources that are and aren’t counted when deciding if you qualify include (but aren’t limited to) the following:
Resources counted:
Accounts at financial institutions (like savings; checking; money market; time deposits or certificates of deposit; and retirement, such as individual retirement accounts (IRA) or 401(k) accounts)
Stocks
Bonds
Savings bonds
Mutual fund shares
Promissory notes
The value of property that isn’t connected to your home
Resources NOT counted:
Life insurance policies you own with a combined face value of $1,500 or less ($3,000 or less for you and your spouse)
The home you live in and the land it’s on
Resources such as family heirlooms and wedding/engagement rings
Property of a trade or business which is essential to your means of self-support
Non-business property which is essential to your means of self-support
Funds received and saved to pay for medical and/or social services
(Primary Source: Centers for Medicare and Medicaid Services - Your Guide to Medicare Prescription Drug Coverage 2008. This content may have been enhanced by Q1Group LLC to include further examples, explanations, and links.)
Medicare Supplements fill the gaps in your Original Medicare