If you are one of the many beneficiaries of prescription drugs, know that even if you have Medicare Part D prescription drugs, the costs for which you are generally responsible are still missing. The costs of prescription drugs, such as late payments, co insurance and deductibles, can increase dramatically, depending on how often you take your medications and whether they generic drugs or brand name. If you enter the insurance gap for Medicare Part D (or “period without insurance”), your costs may be much higher. The Medicare Extra Help Program provides financial support to beneficiaries with limited income. Here is a general description of how it works and how to apply.
What is the additional utility of Medicare Part D?
The Medicare Extra Help program (or the low-income program) is for people who need financial help to cover Medicare Part D. Prescription drug insurance is available through a Medicare prescription drug policy (that works with Original Medicare) or a Medicare Advantage Prescription Drug Policy (if you have Medicare Part C). The both types of policies are available at private insurance companies recognized by Medicare. If you qualify for the Medicare extra help program, the amount of support depends on your income and financial resources. The program limits the costs you pay for covered generic and brand drugs. In 2018, participants who receive Extra Help will not pay more than $ 3.35 for each generic drug and $ 8.35 for each brand-name drug. Also, depending on your income and wealth, you can receive Medicare Part D deductibles and premiums.
Who qualifies for the Extra Help for Medicare Part D?
Eligibility for Medicare Part D additional assistance depends on your income and assets, and the limits are altered annually. You may be eligible for Medicare Extra Help if: Individual: your annual income is no more than $ 18,090 and the value of your assets is below $ 13,820. Couple: your total income is below $ 24,360 and the value of your assets is below $ 27,600.
When you count your resources to determine eligibility for extra help, Medicare includes items like:
- Stocks and bonds
- Bank accounts
- Real estate beyond your primary residence
- Stocks and bonds
Medicare does not consider the following resources when it comes to qualification:
- Your house
- Your vehicle
- Funeral policy and up to $ 1,500 for funeral expenses if you provide money for this purpose
- Personal or household items
- Piece of furniture
If you have Medicare, you can automatically qualify for extra help and also: Get full Medicaid insurance (that is, you are entitled to the full range of Medicaid benefits). Enrolled in a Medicare savings program that pays your Part B premium. Get SSI benefits. Even if you qualify automatically this year, you may not be able to change next year if your income or resources change, or if the Extra Help program adjusts your eligibility limits. If this is the case, you will receive a message by mail on gray paper by the end of September. Even if you receive this, you can still qualify, but you must reapply.