How to Get Extra Help with Prescription Drug Costs in Missouri
Prescription medications can be a significant expense for many Medicare beneficiaries in Missouri. Fortunately, there is a program called Extra Help that provides financial assistance to those who have limited income and resources. Extra Help is designed to reduce the costs associated with Medicare prescription drug coverage (Part D), making it more affordable for eligible individuals.
What is Extra Help?
Extra Help, also known as the Low-Income Subsidy (LIS), is a federal program administered by the Social Security Administration (SSA) that helps eligible individuals with their Part D prescription drug plan costs. This assistance can lower or eliminate premiums, deductibles, and copayments for those who qualify.
Medicare beneficiaries who qualify for Extra Help can experience significant savings on their prescription drug costs, ensuring they can afford the medications they need without financial hardship.
Eligibility for Extra Help
To be eligible for Extra Help with prescription drug costs, you must meet certain income and resource limits set by the federal government. These limits change annually, so it's important to review the current guidelines each year.
In 2024, to qualify for Extra Help, your income must be at or below:
$21,870 per year for an individual
$29,580 per year for a married couple
Additionally, your resources (savings, investments, etc.) must be limited to:
$15,510 for an individual
$30,950 for a married couple
Resources do not include your primary residence, car, or burial plot, but other assets such as bank accounts, stocks, and bonds are counted.
How Extra Help Can Lower Prescription Drug Costs
If you qualify for Extra Help, your prescription drug costs can be significantly reduced. The program can cover:
Monthly premiums: Extra Help can reduce or even eliminate your Part D plan premium.
Annual deductibles: Extra Help can lower your annual deductible, depending on your level of assistance.
Prescription copayments: Copayments for prescription drugs may be reduced to a nominal amount, depending on your income and resources.
Extra Help ensures that beneficiaries in Missouri who have limited income and resources can still access the medications they need.
How to Apply for Extra Help
Applying for Extra Help is simple. You can apply online through the Social Security Administration’s website, or you can complete a paper application and mail it in. In some cases, you may be automatically enrolled if you already receive other forms of government assistance, such as Medicaid, Supplemental Security Income (SSI), or Assistance with Low-Income Energy Bills.
For assistance with the application process or questions about eligibility, you can reach out to Riverside Insurance Professionals.
Contact Us
At Riverside Insurance Professionals, we’re here to guide you through the process of applying for Extra Help and selecting the best prescription drug plan in Missouri. Our licensed agents are ready to answer your questions and help you find the best solution for your prescription drug needs. 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.