Q & A
Is There Any ‘Extra Help’ is available to cover Medicare Part D expenses?
Full Question: I have a Medicare prescription drug plan (Part D). The premium is about $32 a month and I have copayments and co-insurances that vary according to the tier assigned to each medication. I take several prescription drugs, and it has become quite expensive to take my medications. My monthly Social Security benefit is approximately $1,000 and I have very little savings. Is there a program that can help me pay these expenses?
Answer: Medicare beneficiaries who have limited income and resources may be eligible for the Low-Income Subsidy, commonly referred to as Extra Help. If you qualify for Extra Help, most or all of your plan premium will be paid (depending on the plan you select), you will have no plan deductible and lower prescription drug copayments and co-insurances, and, most importantly, no coverage gap (also referred to as the “donut hole”). The Social Security Administration estimates that Extra Help can save beneficiaries up to $4,000 in prescription drug costs. Before we get to the application process, let’s define “copayments” and “co-insurances.” Copayments are flat dollar amounts that you pay for your prescriptions, such as $5 or $10. Co-insurances are a percentage of the prescription cost. Make sure that you know the difference when you enroll in, or change, your Part D plan. Read more…
Source: Larry Grimald, Chief of program development at the Rhode Island Department of Human Services, Division of Elderly Affairs, via providencejournal.com, 9/29/2014
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