The Medicare Extra Help Program is set to expand in 2024. Seniors and disabled citizens will receive more access to the Medicare Extra Help Program as of the beginning of 2024. This expansion of benefits could enable up to 3 million people to reduce their prescription drug costs. The program was expanded through the Inflation Reduction Act, which President Biden signed in August 2022, by increasing the income limit to 150 percent of the poverty level ($21,870 for an individual and $45,000 for a family of four). When the program expands at the beginning of 2024, 300,000 participants will go from partial to full benefits. That means they will not have to pay a premium or deductible, and they will have lower, fixed co-payments on certain medications. Those who participate in the Medicare Extra Help Program could save nearly $300 per year.
Source - Elder Law Answers:
Extra Help Program Summary
“Extra Help” is a Medicare program that helps people with limited income and resources pay Medicare drug coverage (Part D) premiums, deductibles, coinsurance, and other costs1. A premium is the amount you pay for your health insurance every month. A deductible is the amount you pay for health care services before your health insurance begins to pay2. Coinsurance is the percentage of the cost of a covered health care service you pay (20%, for example) after you’ve paid your deductible2. A copayment is a fixed amount you pay for a covered health care service2.
If you qualify for Extra Help, you won’t have to pay a Part D late enrollment penalty while you get Extra Help. The Part D penalty is an amount added to your Medicare Part D premium if you don’t join when you’re first eligible.
You’ll get Extra Help automatically if you get full Medicaid coverage, help from your state paying your Part B premiums (from a Medicare Savings Program), or Supplemental Security Income (SSI) benefits from Social Security. You’ll get a letter about your Extra Help. It tells you things like how much you’ll pay and your new Medicare drug plan if you don’t have one already.
If you need help navigating your way through the ins and outs of Medicare or Medicaid coverage selection, connect with Ted Czabanowski for assistance now.