Medicare offers “Extra Help” (Low-Income Subsidy) for Medicare enrollees who can’t afford their Part D prescription drug coverage. If you’re a single person earning less than $1,843 per month ($2,485 for a couple), with financial resources that don’t exceed $16,660 ($33,240 for a couple), you may be eligible for “Extra Help” (note that these income and asset limits change annually). The program will reduce or eliminate your Part D plan’s premium and deductible, and also lower the cost of prescription drugs to a very small amount.
Through the end of 2023, Extra Help is available either partially or in-full, depending on the person’s financial situation. But under the Inflation Reduction Act, starting in 2024, everyone who qualifies for Extra Help will get the full benefits, including people who would previously only have qualified for partial Extra Help.
Here’s more information about Extra Help, including details about the type of notice you might receive from Medicare or Social Security, that you can then send to your Part D plan.
Certain MSP enrollees automatically receive Extra Help, as do Medicare enrollees who receive full Medicaid or Supplemental Security Income (SSI).