Prescription drug costs are one of the fastest-growing expenses for retirees. Many Medicare beneficiaries struggle to afford medications, even when they already have coverage. What many people don’t realize is that a federal program called Extra Help can dramatically reduce prescription drug costs, sometimes saving thousands of dollars each year. In fact, the program can cover premiums, deductibles, and copayments for Medicare Part D drug plans.
The surprising part is that millions of people who qualify for this benefit never apply. Government estimates have suggested that millions of Medicare enrollees may be eligible for the program but remain unenrolled. Many seniors simply assume their income is too high or that the program is too complicated to qualify for. If you’re unsure whether you qualify, there are several subtle clues that you may already be eligible for Extra Help without realizing it.
