{"id":8283,"date":"2024-11-21T09:24:48","date_gmt":"2024-11-21T09:24:48","guid":{"rendered":"https:\/\/finderica.com\/medicare-extra-help-could-slash-drug-costs-with-expansion\/"},"modified":"2024-11-21T09:24:48","modified_gmt":"2024-11-21T09:24:48","slug":"medicare-extra-help-could-slash-drug-costs-with-expansion","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=8283","title":{"rendered":"Medicare Extra Help Could Slash Drug Costs With Expansion"},"content":{"rendered":"\n
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\"ScoreCard<\/p>\n

Millions of Americans are eligible for a Medicare prescription drug savings program but aren\u2019t signed up.<\/p>\n

You might be one of them.<\/p>\n

Extra Help is a federal assistance program for people with low incomes that helps pay some, if not all, of a Medicare beneficiary\u2019s out-of-pocket drug costs.<\/p>\n

It\u2019s estimated to save enrollees about $5,300 per year<\/a> on drug plan premiums, annual deductibles and prescription copayments.<\/p>\n

Starting in 2024, the income threshold for the full Extra Help benefit will experience a modest increase.<\/p>\n

Currently, the income threshold for full benefits is 135% of the federal poverty guideline<\/a> ($19,683 for a single person in 2023). Starting in January 2024, the income threshold for full benefits increases to 150% of the federal poverty level ($21,870 for a single person in 2023).<\/p>\n

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Our team has compiled a list of creative ways<\/a> you can fatten your bank account this week.<\/p>\n

This is a long list, so don\u2019t get overwhelmed. Go ahead and start now, but be sure to bookmark this post so you can easily return later. We\u2019ll keep it updated as offers changes or expire.<\/p>\n

Check it out!<\/a><\/p>\n<\/div>\n<\/div>\n

An estimated 300,000 people who already receive partial Extra Help benefits will soon enjoy full benefits<\/a> thanks to this expansion, according to a June 12 release from the Department of Health and Human Services.<\/p>\n

\n\t\t\t\t\t\tNeed a refresher on Medicare? Check out these frequently asked questions on how Medicare works.\u00a0
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What Is Extra Help?<\/h2>\n

Extra Help is a prescription drug assistance program for Medicare beneficiaries with limited incomes and resources. It\u2019s administered by the Social Security Administration.<\/p>\n

About 13 million Medicare beneficiaries are currently enrolled in Extra Help.<\/p>\n

Another nearly 1.8 million Medicare beneficiaries were eligible for the full Extra Help program in 2021 but weren\u2019t enrolled, according to HHS data.<\/p>\n

The provision to expand Extra Help eligibility was included in the Inflation Reduction Act, a sweeping piece of legislation passed in August 2022.<\/p>\n

The law also gives Medicare the power to directly negotiate prices for some of the program\u2019s costliest drugs, cap insulin copays to $35 and limit out-of-pocket beneficiary drug costs to $2,000 a year.<\/p>\n

How to Qualify for Extra Help<\/h3>\n

To qualify<\/a> for Extra Help, your annual income must be limited to:<\/p>\n