Extra Help with Medicare Part D: Understanding the Qualifications

Extra Help with 2019 Medicare Part D: Understanding the Qualifications

If you are one of those taking prescription medications, you might be aware of the fact that even after having Part D prescription plan, there will still be some out of pocket costs which you will have to pay for. The costs of coinsurance, deductibles & copayments can rapidly skyrocket based on the kind of medications you take, how frequently you take them, and if they are generic or brand-name.

The Low-Income Subsidy or Extra Help Program under Medicare is aimed at individuals who require financial help while covering their Part D Medicare prescription plan. The coverage for prescription drugs is offered either through an exclusive Medicare Prescription Policy or through the Advantage Prescription Coverage(in case you’ve Part C Medicare). Both of these plans are offered via Medicare-authorized private insurance agencies.


In case you become eligible for the Extra Assistance program, the amount of assistance you will receive will depend on your financial as well as income resources. Also, depending upon your assets & income, you might get assistance with Part D Medicare deductibles & premiums.

What happens if you cannot qualify?


If, for some reason, you do not qualify for Extra Help, you will still be able to save some cash.


Below are various ways which can help you minimize costs for Part D Medicare prescription plan:


Opt for generic prescription drug coverage whenever it’s available (consult with your healthcare provider first).

Get info from your doctor about economical brand-name medications.

Match options of Part D Medicare coverage to locate plans with reasonable costs.

Utilize mail-order pharmacies that can help you save money if you order medications in bulk.

Know if your chosen pharmaceutical company provides any help to pay for medication cost.


Different Ways to Save Money Part D Medicare Costs:

Even in the event, you aren’t able to qualify for Extra Assistance Program, you can easily compare different plans and do your own research to save a good amount of money. Note that, the costs of Medicare Part D often change from one plan to other even if the prescription medications that are being covered are identical. Every Medicare policy which covers prescription medications normally places covered drugs into various ‘cost tiers,’ & the coinsurance and copayment costs which you’ll pay will depend on the type of tier your medications fall into. Normally, medicines on higher tiers are likely to have greater cost sharing sums. You can also consider Medicare Supplement Plans to cover costs of coinsurance, deductibles, and co-payments related to Part D Medicare prescription coverage.