The cost of prescription drugs can have severe impacts on a family budget. Making ends meet should not mean going without your medications.
All people with Medicare, as well as their family and friends, need to be aware of a special program that offers assistance to Medicare beneficiaries who might have trouble paying for their prescription drugs.
Medicare’s “Extra Help” program helps pay the costs of a person’s Medicare prescription drug coverage. If you qualify, you’ll get help paying for Medicare prescription drug coverage premiums, co-payments and deductibles.
The Centers for Medicare and Medicaid Services estimates that more than 2 million people with Medicare may be eligible for this help, but aren’t currently enrolled to take advantage of the savings.
A recent law changed the way income and assets are counted. Life insurance policies don’t count as assets, nor does any help you get from relatives, friends and others to pay for household expenses like food, mortgage, rent, heating fuel or gas, electricity, water and property taxes.
As a result of these changes, many people qualify for Extra Help and don’t know it.
To qualify, you must make less than $16,755 a year (or $22,695 for married couples). Even if your annual income is higher, you still may be able to get some assistance. Your assets must also be limited to $13,070 (or $26,120 for married couples). Assets include bank accounts, stocks and bonds, but not your house or car.
This year, people who qualified for the full amount of Extra Help paid no more than $2.60 for each prescription for a generic drug and $6.50 for each prescription for a brand name drug.
Applying for Extra Help is free and easy. Even if you were previously turned down for Extra Help due to income or resource levels, you should reapply.
For more information about the Extra Help program or to find out if you qualify, contact the Massachusetts State Health Insurance Assistance Program (SHIP) at 1-800-243-4636.
Ray Hurd is Acting Regional Administrator, Centers for Medicare and Medicaid Services, Boston Regional Office.
