If you are enrolled in Original Medicare, you have the option to purchase additional prescription drug coverage through Part D of the program. When you sign up, make sure to find out whether you qualify for Extra Help. The Extra Help program provides Medicare beneficiaries with help paying for some out-of-pocket costs associated with prescription drug coverage.
To learn more about the Extra Help Program, continue reading.
What Is Medicare Part D
Medicare Part D is the prescription drug coverage component of Medicare. You can only purchase Part D if you have either Part A hospital insurance or Part B medical insurance.
Each Part D plan has a formulary that states the covered drugs and how much they cost. Plan members are responsible for paying some out-of-pocket costs, like coinsurance, copayments, and deductibles. Premium payments are required as well.
What Is Extra Help?
Extra Help is a federal program that helps pay for most out-of-pocket costs associated with Medicare prescription drug coverage. This program is also known as the Part D Low-Income Subsidy. The program pays for the following:
- Eliminates Part D late enrollment penalty
- Pays your Part D premium up to a state-specific amount
- Pays some of the cost of prescription drugs
Special Enrollment Period
When you get into the Extra Help Program, you get a Special Enrollment Period that can be used to enroll in a Part D plan or switch between plans during a 9-month period. This can be helpful because you can only enroll at certain times of the year otherwise.
How To Qualify For Extra Help
If your income is below $1,719 in 2022 and your assets are below specified limits, you could be eligible for extra help. To get help signing up and completing the application process, contact an insurance agent. Magellan Healthcare can guide you through the process during a free consultation. Give us a call at 866-779-3553 to reach an agent.
