Understanding the Extra Help Program: Save Money on Prescription Medications
Medicare beneficiaries in Missouri often face the challenge of affording prescription drugs, especially if they are managing chronic conditions or multiple medications. Thankfully, the Extra Help program provides a valuable solution by lowering the costs associated with Medicare prescription drug plans (Part D). This article explains how the Extra Help program works, who qualifies, and how it can benefit you.
What is the Extra Help Program?
The Extra Help program is a federal initiative designed to help Medicare beneficiaries who have limited income and resources afford their prescription drug costs. Administered by the Social Security Administration (SSA), Extra Help provides subsidies that lower monthly premiums, annual deductibles, and prescription drug copayments under a Medicare Part D plan.
With the rising cost of healthcare, the Extra Help program can significantly reduce the financial burden of prescription medications, enabling beneficiaries to stay on top of their treatments.
Eligibility for Extra Help
To qualify for Extra Help, you need to meet both income and resource limits. These limits are adjusted annually, so it’s essential to check the current year’s guidelines. For 2024, the income limits are:
$21,870 per year for an individual
$29,580 per year for a married couple
In addition, resources (such as savings, investments, and property) must not exceed:
$15,510 for an individual
$30,950 for a married couple
If you qualify for Medicaid, Supplemental Security Income (SSI), or other assistance programs, you may automatically qualify for Extra Help.
How Extra Help Can Benefit You
If you qualify for Extra Help, it can reduce your prescription drug costs in the following ways:
Part D Premiums: Extra Help can reduce or even eliminate the premium you pay for your Medicare prescription drug plan.
Part D Deductibles: The program can reduce or eliminate your plan’s annual deductible, which is the amount you must pay out-of-pocket before your plan starts to cover costs.
Prescription Copayments: Extra Help can lower the amount you pay for each prescription, making it more affordable to get the medications you need.
With these cost reductions, Extra Help ensures that you’re not paying more than necessary for your prescriptions.
How to Apply for Extra Help
Applying for Extra Help is a straightforward process. You can apply online through the Social Security Administration’s website, or you can fill out a paper application and submit it via mail. If you’re already enrolled in programs like Medicaid or Supplemental Security Income, you may automatically qualify for Extra Help and will be notified of your eligibility.
How Riverside Insurance Professionals Can Help
At Riverside Insurance Professionals, we specialize in helping Missouri residents navigate the complexities of Medicare and Extra Help. Our licensed agents can assist you in determining your eligibility for Extra Help and can help you find the best Medicare Part D plan to meet your needs.
Contact Us
At Riverside Insurance Professionals, we’re here to guide you through the Medicare process in Missouri. Our licensed agents are ready to answer your questions and assist with applying for Extra Help. Feel free to reach out:
Phone: (573) 535-6044
Email: Jennifer@RiversideInsuranceProfessionals.com
Office Hours: Monday – Friday, 9:00 AM to 5:00 PM
For additional official Medicare resources, visit the Extra Help page on the Social Security website.