If you are struggling to pay for your Medicare Part D prescription drug plan, you may be eligible for assistance through a program called Extra Help. This program is designed to help individuals with limited income and resources afford their medications. In order to qualify for Extra Help in 2024, you must meet certain financial requirements. For individuals, the income limit is set at $22,590, while married couples must have a combined income of less than $30,660. Additionally, individuals must have resources totaling less than $17,220, and married couples must have resources totaling less than $34,360.
Medicare Extra Help is overseen by the Social Security Administration and is based on income. The program can help participants save up to $5,900 annually on their prescription drug costs. To qualify for Extra Help, you must be eligible for Medicare and enrolled in parts A and B. The income limits for the program are based on the federal poverty level, which is recalculated yearly to reflect changes in the cost of living and average income in each state.
It’s important to note that not all forms of income are counted towards the income limit for Extra Help. For example, payments from government programs such as SNAP, housing assistance, and earned income tax credit payments are not considered when determining eligibility. Additionally, certain types of aid received in emergency situations, as well as scholarships and grants for education, are also excluded from the income calculation.
In terms of resources, individuals must have total resources below $17,220, while married couples must have resources below $34,360. Resources include savings accounts, stocks, IRAs, bonds, and real estate (excluding your primary home). Large payments such as life insurance policy payouts or tax refunds are not counted as resources.
If you already receive assistance from programs such as Medicaid, SSI, or an MSP that pays your Part B premiums, you may automatically qualify for Extra Help. In this case, you do not need to apply separately or submit income information again. However, if you do need to apply, you can do so online, by mail, by phone, or in person at your local Social Security or Medicaid office.
Once approved for Extra Help, you will need to enroll in a Part D plan. Medicare considers your approval for Extra Help a qualifying event, allowing you to select a plan outside of the standard enrollment period. Your eligibility for Extra Help lasts for a year, but Social Security will periodically review your eligibility. If your income changes, your Extra Help benefits may be adjusted accordingly.
In conclusion, Medicare Extra Help can provide valuable assistance to individuals with limited income and resources who are struggling to afford their prescription drug costs. By meeting the program’s income and resource requirements, you can save money on your medications and ensure that you have access to the healthcare you need. If you believe you may qualify for Extra Help, it’s worth exploring your options and applying for assistance to ease the financial burden of your Medicare Part D plan.
