For retirees living on Social Security, a trip to the pharmacy can take a surprisingly large bite out of the monthly budget. Between prescription copays, insurance premiums, and deductibles, even medications taken for years can become difficult to afford. However, a federal program could dramatically reduce those expenses in 2027, and some eligible Medicare beneficiaries may not realize they qualify.
Medicare’s Extra Help program, also known as the Part D Low-Income Subsidy, helps people with limited income and financial resources pay for prescription drug coverage. For 2027, qualifying beneficiaries could pay nothing for their drug plan premium or deductible and no more than $5.80 for most covered generic prescriptions or $14.40 for covered brand-name medications.
