What is the Extra Help Program?

Medicare Part D
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Prescription drugs can be expensive, but signing up for a Medicare Part D prescription drug plan can give you the cost savings to make your medication affordable. The team with Malhotra & Assoc. Insurance can help you find a Part D plan that matches your coverage needs, as well as help you find ways to save costs on your Part D coverage if you have limited resources and income.

The program Extra Help helps limit the amount that Medicare beneficiaries have to pay for each prescription along with helping to pay for the monthly Part D plan premiums and the deductible. This low-income subsidy program can lead to substantial cost savings for people who need it the most.

What is Extra Help?

Extra Help is a program designed to help people with low incomes afford their prescription medications. It acts as a source of funding for Medicare beneficiaries to lower their payments for prescriptions if they have Medicare Part D. The estimated yearly savings with Extra Help is $5,000.

How Does Extra Help Work?

When you have Extra Help, you pay only small copayments toward your prescription drugs. These costs are not more than the Low-Income Subsidy limit. In 2021, you pay $3.70 for each covered generic prescription drug and $9.20 for each covered brand-name prescription drug. Extra Help also helps to pay for your Part D monthly premiums and yearly deductible.

How Do You Qualify for Extra Help?

The Extra Help program is for Medicare beneficiaries with limited resources and income. You must live in the United States to qualify for Extra Help. The resource and income requirements to qualify for the program vary year to year. To find out if you qualify for assistance in paying for your prescription drug benefits, you can apply for Extra Help through Social Security.

How Do You Apply for Extra Help?

You can apply for Extra Help online through Social Security’s website. You could also call Social Security, request a paper application, or schedule an appointment to visit and apply at your local Social Security office. You can find instructions on Social Security’s website to help you fill out your application.

You do not need to already be enrolled in a Medicare Part D prescription drug plan when you apply for Extra Help. If you are accepted into the program, however, your assistance will not begin until you are enrolled in a Medicare Part D plan.

Making Medicare Affordable

Medicare programs like Extra Help make sure that all of America’s seniors and those with disabilities are able to access the care they need. Other programs available to help people afford their health care include the various Medicare Savings Programs, administered by the federal and state governments, and Medicaid.

The Medicare Savings Programs include the Qualified Medicare Beneficiary program, Specified Low-Income Medicare Beneficiary program, the Qualifying Individual program, and the Qualified Disabled and Working Individuals program. Each of these programs has income and resource requirements. These four programs help to pay for your Medicare Part A and Part B premiums, deductibles, copayments, and coinsurance.

Medicaid is a separate government health insurance program that you can qualify for based on your income and resources. While this program is not age-restricted, many seniors may qualify for help because of their fixed low incomes. This helps pay for all sorts of health care coverage, beyond Original Medicare.

To explore your Medicare low-income options, contact Malhotra and Assoc. Insurance. We will help you receive the assistance you need.

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