Medicare prescription drug coverage can be expensive for those with a limited income and therefore is why Extra Help exists. To give you a quick snapshot of how much you can save on your drug costs if you fall into the applicable income category, the costs are no more than $2.65 for each generic drug and $6.60 for each brand-name drug. You qualify for Extra Help if you have an individual yearly income of $17,235 or a joint (married couple) income of $23,265 and have $13,300 in resources and $26,580 in resources respectively to individuals and married couples. In addition, if you don’t qualify for Extra Help one year, you may reapply if you income changes.
Resources that are accounted into these amounts are money in checking or savings account, stocks, and bonds. Items that are not included in your resources are your home, one car, burial plot, furniture, and other household and personal items.
There are conditions that if you meet you qualify for Extra Help automatically. These conditions include if you have full Medicaid coverage, get help from your state Medicaid program paying your Part B premiums, and receive supplemental security income benefits. However, if you aren’t already enrolled in a Medicare drug plan and have paid for prescriptions since you qualified for Extra Help, you may be able to get back pat of what you paid by keeping your receipts and contacting your plan.
If you have questions choosing a Medicare plan that offers the coverage you need, contact us at MedicareSolutions at 1-800-328-7305 where a licensed sales agent will immediately assist you.