Get Extra Help with Prescription Drug Plan Costs

Are you struggling to afford costs related to your Medicare prescription drug plan? If you are a Medicare beneficiary with limited income and assets, you may be eligible to receive “Extra Help,” also known as the Low Income Subsidy (LIS). Social Security offers Extra Help to reduce costs related to Medicare prescription drug plans such as monthly premiums, annual deductibles, and prescription co-payments. You may be eligible for full or partial help.

There are additional benefits for receiving Extra Help, apart from these cost savings. For those who receive Extra Help, there is no “donut hole,” or coverage gap. Also, those who get Extra Help can switch their Medicare prescription drug plans monthly, rather than waiting for official open enrollment periods.

“Our SHINE [Serving the Health Information Needs of Elders] counselors are available to provide no-cost counseling and assistance with filling out the Extra Help application,” said Regional SHINE Director Irene O’Donnell. “We want people to contact us to find out if they’re eligible for Extra Help, rather than assuming they will not qualify. We’re more than happy to help people apply, so call today!”

To get Extra Help, you must be enrolled in a Medicare prescription drug plan. Your resources must be limited to $12,510 for an individual or $25,010 for a married couple living together. Assets include real estate (but not your primary residence), bank accounts, stocks, bonds, mutual funds, IRAs, and cash. Assets do not include your house, car, or, as of January 2010, your life insurance policy. Your annual income must be limited to $16,245 for an individual or $21,855 for a married couple living together. There are circumstances in which you may qualify, even if your income is higher.

Don’t count yourself out by assuming you don’t qualify. Call MVES’ SHINE program at 781-324-7705, ext. 164 today to see if you can get Extra Help!