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How to Dramatically Lower Your Medicare Prescription Costs

Monday, February 19, 2024

Confusion to Clarity Video Blog/How to Dramatically Lower Your Medicare Prescription Costs

How to Dramatically Lower Your Medicare Prescription Costs

As we get older, understanding how Medicare works and how to deal with the cost of prescriptions becomes even more important. I’d like to share a valuable resource with you that could significantly reduce your prescription costs: the Extra Help program.

Understanding Extra Help

The Extra Help program is a government program that helps with the cost of Medicare prescription drugs. Some people may hear about it when they turn 65 or come across it on the Medicare website, but they may not realize how helpful it can be. Extra Help is not the same as Medicaid. Unlike Medicaid, which helps people with lower incomes, Extra Help is just for prescription costs and can help more people with varying incomes.

The Impact of the Inflation Reduction Act

The Inflation Reduction Act has made it easier for more people to qualify for Extra Help. Even though more people are now eligible, many of them don't apply, likely because they are unaware of this opportunity. The qualifications are much more flexible than they are with Medicaid, so more people are able to qualify. Even if you've previously thought you wouldn't be eligible, it's worth another look.

How to Apply for Extra Help

Here are the steps for applying for the Extra Help program:

This program can help with prescription premiums, deductibles, and copays. I have clients who have applied for this program and a $500 prescription is now only costing them $3 or $4.

Does Extra Help Affect Your Current Plan?

A common concern is how Extra Help integrates with existing Medicare plans. The good news is that it works seamlessly with your current Medicare Advantage or standalone Part D plan. You won't need to switch plans; everything coordinates automatically. Plus, qualifying for Extra Help grants you a special enrollment period, providing you with the flexibility to change plans as needed.

Why It Matters

This program represents more than just savings; it's about securing peace of mind in retirement. Whether it's for you or someone you care about, exploring eligibility for Extra Help could be a significant step towards achieving financial ease in your golden years.

Medicare coverage and managing prescription costs doesn't have to be overwhelming. With programs like Extra Help and a guiding hand to show the way, you can find not just savings, but also confidence in your healthcare decisions. Even if you don’t personally qualify for this program, this would be a great resource to share with older family members that could benefit. Sharing this knowledge could be the helping hand they need.

​For more information, follow along on my Facebook page or reach out for a consultation. We can work together to make sure you and your loved ones get the help and savings you deserve.

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Stephanie Pogue

Certified Medicare Insurance Planner

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Required Government disclosure: We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options..