Anyone who has Medicare can get Medicare prescription drug coverage. Eligible beneficiaries who have limited income and/or assets may qualify for a government program that helps pay for Medicare Part D Prescription drug costs. This is called ExtraHelp. Medicare beneficiaries receiving ExtraHelp get assistance in paying for their Part D monthly premium, annual deductible, coinsurance, and copayments. Also, individuals enrolled in the ExtraHelp program do not have a gap in prescription drug coverage, also known as the coverage gap, or the Medicare “donut hole.” The amount of subsidy depends on the individual’s income compared to the Federal Poverty Level and resource limitations set by the Social Security Act.
ExtraHelp is estimated to be worth about $4,000 per year on average per person enrolled in ExtraHelp, according to Social Security. Many people qualify for these important savings and don’t even know it. Our producers have helped hundreds of individual apply for ExtraHelp saving them thousands of dollars.