Savings Through Extra Help Prog8ram
The Extra Help program provides assistance for lower-income individuals that wish to join a Medicare Part D coverage plan. In order to join a Part D plan, individuals must first join BOTH Medicare Part A and Part B. Joining Part D provides coverage for prescription drug costs. Further assistance to cover the out-of-pocket expenses of prescription drugs may be granted to individuals meeting certain requirements through the Extra Help program.
Medicare Part D
Part D of Medicare is an optional prescription drug coverage plan. The plan comes with benefits that provide savings on an extensive list of prescription drugs. Not every prescription drug is covered under an insurer, although, each insurer is required to provide coverage for at least two drugs in each of the most popular categories.
Who is Eligible?
Medicare’s Extra Help program is also called the Part D Low-Income Subsidy. Many of the costs associated with prescription drug coverage are covered under the program. Income and assets are used to determine whether or not someone qualifies for the program. Applicants must be within a certain range in order to be accepted. Qualifying may happen automatically in some situations. For instance, a person who is enrolled in the Medicare Savings Program will automatically be eligible.
Extra Help Benefits
Many of the burdens of prescription drug coverage and drug costs may be offset by the aid of the Extra Help program. The program may provide payment towards the premium expenses of the Part D drug coverage and it may also provide savings on the out-of-pocket drug costs. Under the program, participants will have a yearly special enrollment period to make changes in their coverage if they choose to do so. Late enrollment penalties for Part D coverage will also be waived under the program.
Considering all the great benefits of the plan, there really no reason not to apply if someone may be eligible. All the extra savings could be a welcomed financial break or serve as extra funds for other medical or living expenses. This program really is a wonderful option for those who need some financial assistance.
Health Insurance Questions?
We hope that you found this information on Extra Help for Medicare Part D to be helpful.
Empower Brokerage wants to help you understand the insurance coverage you need and how to save money getting it. Stay on top of your health and give us a call at (844) 410-1320
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