One of the biggest expenses for many seniors today is prescription drugs. Thankfully, Medicare Part D offers prescription drug coverage that can help in paying for some of these costs, easing the monthly expense burden. Part D is one of the best ways to offset the rising costs of prescription drugs, which can put a financial strain on a lot of Medicare enrollees.
Many seniors lack the steady income to purchase expensive medications they’re prescribed and so they go without. But not filling prescriptions can have obvious health consequences.
Yet, while anyone who has Medicare is allowed to get Medicare’s prescription drug benefits, there are some individuals who may find it difficult to pay the premiums, deductibles, and copayments that come along with this particular coverage. It’s important that anyone that needs prescription medications coverage to be able to get it, even if they are having financial complications making payments. This is where Medicare’s Extra Help program comes in.
What is Medicare’s Extra Help?
Medicare’s Extra Help program is designed for helping to pay Medicare enrollees’ prescription drug costs. These expenses may include the premium for Medicare Part D coverage, as well as the coinsurance, copayments, and deductibles for Medicare Part D.
By being a part of the Extra Help program, you don’t have to forgo getting the prescription medicines that you need due to financial limitations. Applying for the program is easy, and qualifying is based on residence and financial factors.
Qualifying for Extra Help
There are many people who may be eligible for Extra Help and not even realize it. It is estimated that the benefits of being in this program are worth approximately $4,000 per year – so it’s worthwhile to see if you qualify.
In order to qualify for Medicare’s Extra Help program (in 2018), you need to meet the following criteria:
- You must reside in one of the 50 U.S. states, or in the District of Columbia
- Your financial resources must be limited to either $14,100 if you are an individual, or to $28,150 if you are part of a married couple who resides together. (Resources include funds that are in a bank account, and investments such as stocks and bonds. Items that are not counted as resources include your home, your car, or any life insurance).
- Your annual income must be limited to $18,210 if you are an individual, or to $24,690 if you are part of a married couple who resides together. If, however, your income is more, it is possible that you could still qualify for some benefits in the Extra Help program. For example, your income may be higher than these amounts if you or your spouse support other family members who live with you, have earnings from work, or live in Hawaii or Alaska.
Taking the Next Step
If you qualify for Extra Help, or you’re not sure if you are eligible, you should talk to an agent who sells medicare. If you’re eligible, you’ll want to apply for the program as soon as possible in order to get the additional coverage that you need.
To apply for Extra Help, you can go directly to Social Security’s website, or you may do so via phone or in person. If you qualify, you will be able to choose a Medicare drug plan, or Medicare will choose a plan for your drug coverage. The Social Security office can answer any questions that you have about the application or walk you through the process.
Medicare Part D is an excellent way to get additional coverage that isn’t offered through original Medicare Part A and Medicare Part B. There are a lot of enrollees that want to protect themselves against some of the expenses that the program doesn’t pay for, one way to do this is by purchasing a Medicare Supplement insurance policy.
Should you opt to obtain a Medicare Supplement or Medicare Advantage plan, we can help you to compare quotes and to determine which plan can best fit your budgetary needs. By using the from on the side of this page you can start the process of obtaining a quote comparison.
There are dozens and dozens of different insurance companies that sell these plans, which means that you could spend hours talking to different companies. Instead, let us to all of the hard work for you.
These plans are excellent options for giving you more health care insurance to offset the rising costs of medical expenses and treatments. Private insurance companies sell these plans and they function similar to any other health insurance plan. There are ten different plans that are offered (depending on which state you live in) and all of them cover different expenses or portions of costs with Medigap Supplement Plan F being the most extensive of coverage. It’s important to note that none of these plans are legally allowed to offer any type of prescription coverage anymore, but they still have numerous benefits.
Because of the many different Medigap Plans available, deciding between them can be difficult, but we are here to help. It’s necessary to find coverage that fits your lifestyle. If you want additional drug coverage, but don’t think you’ll be able to cover the costs of a Part D Plan, the Extra Help Program could be perfect for you.
If you have questions about Medicare Advantage or Medicare Supplement, we’re here to help. Simply contact us, toll-free at 800-386-0824 with any questions or concerns and we’ll be happy to assist you further.