Prescription drug costs can add up quickly, especially if you take medications regularly. If you have Medicare and limited income and resources, Medicare Extra Help may lower what you pay for prescription drug coverage and covered medications.
Extra Help is a federal program designed to make Medicare prescription drug coverage more affordable. Knowing how it works, who may qualify and how to apply can help you take the next step toward lowering your medication costs.
Key takeaways
- Medicare Extra Help may lower prescription drug plan premiums, deductibles, copays and coinsurance.
- Eligibility is based on your income and certain financial resources, such as savings or other assets that may count toward program limits.
- Some people qualify automatically if they receive Medicaid or participate in a Medicare Savings Program.
- You can apply for Medicare Extra Help through the Social Security Administration.
What is Medicare Extra Help?
Extra Help is a federal program that helps eligible individuals pay for Medicare prescription drug coverage costs.
Depending on your eligibility, Extra Help may help lower:
- Monthly prescription drug plan premiums
- Annual deductibles
- Prescription copays
- Coinsurance for covered medications
Who qualifies for Medicare Extra Help?
Eligibility is based on income and financial resources.
You may qualify if you:
- Are enrolled in Medicare
- Meet certain income requirements
- Meet certain resource limits
Some individuals may automatically qualify for Extra Help if they also receive Medicaid or participate in a Medicare Savings Program.
How Medicare Extra Help can reduce prescription drug costs
Extra Help may lower several costs associated with Medicare prescription drug coverage.
| Prescription cost | How Extra Help may help |
|---|---|
| Monthly premium | May reduce or eliminate premiums |
| Deductible | May lower or eliminate annual deductibles |
| Copays | May reduce prescription costs at the pharmacy |
| Coinsurance | May lower your share of covered drug costs |
These savings may make medications more affordable and help reduce overall health care expenses throughout the year.
How to apply for Medicare Extra Help
You can apply for Extra Help through the Social Security Administration.
Before applying, gather information about your income, savings and other financial resources. Having these details available can help you complete the application more easily.
How Extra Help may affect your Medicare plan choices
If you qualify for Extra Help, your prescription drug costs may be lower. That can change how you compare Medicare plans, including monthly premiums, covered medications, pharmacy networks and out-of-pocket costs.