If you’re enrolled in Original Medicare and receive both Part A hospital insurance and Part B medical insurance, you can also sign up for Part D prescription drug coverage. If you meet certain criteria, you may also qualify for Extra Help, which helps pay for some or most of the out-of-pocket costs associated with purchasing prescription drugs. If you’re curious about your Extra Help eligibility, here’s what you need to know.
What Is Medicare Part D
Medicare Part D is the prescription drug coverage component of the Medicare program. When you sign up for Part D benefits, you gain access to cost-saving benefits that apply to an extensive list of pharmaceutical drugs. The drugs that are covered by your plan are decided by your insurer, but all plans must cover at least two drugs in the most common categories.
What Is Extra Help?
Extra Help is a program that will help you pay for your Medicare prescription drug coverage. It is also known as Part D Low-Income Subsidy. In order to qualify for Extra Help, your income and assets must fall into a specified range. There are some instances in which you may automatically qualify for Extra Help. For example, people who are enrolled in Medicaid or Supplemental Security Income (SSI) often qualify automatically. Similarly, anyone enrolled in a Medicare Savings Program (MSP) will automatically qualify for Extra Help benefits.
Extra Help Benefits
Once you enroll in the Extra Help program, you’ll begin to receive a range of highly useful benefits. They include the following:
- Part D premiums paid up to a specified amount.
- Lowered out-of-pocket costs for prescription drugs
- Automatic special enrollment period that allows members to switch plans once per year.
- Eliminates Part D late enrollment penalties for new enrollees.
Should You Get Extra Help?
If you’re eligible for Extra Help, there’s no reason not to get it. The lowered costs for prescription medications can give you more funds to put toward other health care expenses. Speak with an insurance agent now to determine if you’re eligible for Extra Help benefits.
Find Extra Help Part D Coverage
You should look into whether you qualify for Extra Help. Doing so could save you a lot of money each year. Get in touch with our agents now to get started. Use our contact form to reach out to us and schedule a consultation.