Savings Program for Medicare Part D
The Extra Help program may be available to people wanting to participate in a Medicare Part D insurance plan. When someone enrolls in Medicare’s Part A and Part B medical insurance, they have the additional option of also enrolling in a Part D plan to help cover the costs of prescription drugs. Those people meeting certain eligibility requirements may receive additional help paying for extra out-of-pocket prescription drug costs through the Extra Help program.
Understanding Part D
Medicare contains an optional Part D plan that provides coverage for prescription drugs. This plan provides many savings benefits for a long list of prescription drugs. While coverages may vary based on the insurer, every plan is required to cover two drugs at a minimum within each of the most prevalent drug categories.
Qualifying for Extra Help Program
The Extra Help program may also be referred to as the Part D Low-Income Subsidy. This program may help eligible participants pay for the costs associated with their prescription drug plan. Eligibility is determined based on income and assets. An applicant must fall into the specified range in order to qualify. In some cases, you may qualify automatically. Someone who is enrolled in Supplemental Security Income or Medicaid may often qualify automatically. Those that are enrolled in the Medicare Savings Program, will automatically qualify.
How Does it Help?
The Extra Help program provides many benefits that will help ease the financial burdens of covering prescription drug costs. These benefits include paying a portion of Part D premiums as well as lowering the out-of-pocket drug costs. The program also provides a yearly special enrollment period to allow enrollees to switch plans if they so choose. And finally, Extra Help will allow late enrollees to enroll in a Part D plan without the penalties.
With all these benefits, there is really no reason not to enroll if you are eligible. The savings could provide someone with extra funds to put towards any number of other household costs. The program is certainly a great option to consider.
Got Medicare Questions?
We hope this information about the Medicare Extra Help Program is helpful to you.
If you have questions about your Medicare coverage, call Empower Brokerage today. We would love to help answer any questions you may have. Call 1-888-446-9157 or click here to get an INSTANT QUOTE
See our other websites: