Millions of Americans are eligible for a Medicare prescription drug savings program but arent signed up.
You might be one of them.
Its estimated to save enrolleesabout $5,300 per yearon drug plan premiums, annual deductibles and prescription copayments.
Need a refresher on Medicare? Check out these frequently asked questions onhow Medicare works.
Starting in 2024, the income threshold for the full Extra Help benefit will experience a modest increase.
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What Is Extra Help?
Extra Help is a prescription drug assistance program for Medicare beneficiaries with limited incomes and resources.
Its administered by the Social Security Administration.
About 13 million Medicare beneficiaries are currently enrolled in Extra Help.
There are also no deductibles and premiums.
If you qualify for Extra Help, you may also qualify for aMedicare Savings Program.
These programs can help cover other Medicare health care costs, including your Part B premium.
Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder.
She focuses on Medicare, retirement, investing and taxes.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
