Are You One of 2 Million Medicare Beneficiaries Missing Out On Extra Help With Prescription Drug Plan Costs?
Would you like to save $4,000 per year on your prescription drug plan costs?
That’s how much Medicare estimates beneficiaries can save if they enroll in the Extra Help program. If you are enrolled in Medicare’s Part D prescription drug program, you know that you have to pay for premiums, deductibles and, if you reach the “doughnut hole”, at least half the cost of your prescription drugs. Medicare’s Low-Income Subsidy (LIS) or “Extra Help” Program can pick up many of those costs. The program can also reduce your co-pay to no more than $2.65 per generic drug prescription and $6.60 for each brand-name medicine in 2015. (In 2016, costs will be no more than $2.95 for each generic/$7.40 for each brand-name covered drug.)
How can you qualify?
You may qualify if:
- You are enrolled in Medicare Part A (Hospital Insurance) and/or Medicare Part B (Medical Insurance), and a Medicare Part D Prescription Drug Plan
- You live in one of the 50 states or the District of Columbia
- Your income is below $17,655 per year for an individual and $23,895 for a married couple; help received from family and friends to pay for such household expenses as food, mortgage, rent and utilities does not count as income
- Your assets are below $13,640 for an individual and $27,250 for a married couple; the value of your home, car, burial plot, or cash value of your life insurance does not count as an asset
Would you like to enroll?
If you think you may qualify for the Extra Help program, you should call the Social Security Administration at 1-800-772-1213 or visit socialsecurity.gov/extrahelp to apply online to complete an application. SSA will send you a letter to let you know if you qualify for the Extra Help.