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The Medicare Extra Help Program will Expand in 2024

7/25/2023

 
Extra Help Medicare program - pays for drug coverage - Part D premiums
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: 
https://www.elderlawanswers.com/medicare-extra-help-program-set-to-expand-in-2024-19814

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.

Need Help?
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.

    Ted Czabanowski

    Licensed Insurance Agent in Rhode Island

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Ted Czabanowski from Elder Care Insurance Solutions, Inc. currently offers Medicare plans in 17 states but not in all service areas.
We do not offer every plan available in your area.  Currently we represent 6 of 7 organizations in our home state, Rhode Island, which offer 57 of 61 products based on service area. In all other states currently appointed, we represent 3-5 organizations each.  We currently offer in the states of Connecticut 37-42 plans out of 75-80; Florida, 25-30 plans out of 55-60; Georgia 37-42 plans out of 105-110; Indiana 25-30 plans out of 57-62; Maine 20-25 plans out of 57-62; Maryland 10-15 plans out of 45-50; Massachusetts 40-45 plans out of 77-82; Michigan 39-44 plans out of 93-98: Nevada 37-42 plans out of 87-92; New Jersey 20-25 plans out of 55-60; New York 35-40 plans out of 90-95; Ohio 25-30 plans out of 97-102; Pennsylvania 50-55 plans out of 100-105; So. Carolina 30-35 plans out of 70-75; Texas 25-30 plans out of 77-82; Virginia 10-15 plans out of 58-63.

Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program to get information on all your options.


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