Great news: thanks to the new prescription drug law, the Inflation Reduction Act, in 2024 people with Medicare may qualify for even more savings through the Extra Help program. This program helps some people pay their Medicare drug coverage (Part D) costs, like premiums, deductibles, coinsurance, and other costs. In 2024, the program will expand and you may qualify.
In 2024, everyone who qualifies for Extra Help will pay: $0 for your Medicare drug plan premium; $0 for your plan deductible; A reduced amount for both generic and brand-name drugs; The ability to change prescription drug plans during the year if you are not satisfied with the one you have.
Never being subject to the coverage gap or “donut hole.”
If you get any level of Extra Help now, and meet the qualifications for next year, you’ll get these cost savings automatically — you don’t need to reapply. In most cases, you must have income and resources below a certain limit. The income limit is based on your income from the previous year.
Your annual income must be below $21,870 or $1,823 a month for an individual, or $29,580 or $2,465 a month for a married couple in 2023. Your resources must be below $16,600 for an individual, or $33,240 for a married couple in 2023.
Resources include money in a checking, savings, or retirement account, stocks, and bonds. Resources don’t include your home, one car, burial plots, up to $1,500 for burial expenses if you’ve put that money aside, furniture, and other household and personal items. These limits can change each year. Even if you don’t qualify for Extra Help now, you can reapply for Extra Help any time, if your income and resources change.
Some people qualify automatically, but if you don’t, it’s easy to apply for Extra Help. The application is very short, and no supporting documents are required. All you need to know is your Medicare number, your annual or monthly income from all sources, and the amount of your resources.
To apply for Extra Help, you can visit Social Security online at ssa.gov/extrahelp, call Social Security at (800) 772-1213, or call Maury River Senior Services at (540) 261-7474 for an appointment with a state-certified Medicare insurance counselor.