Prescription costs can quietly consume hundreds of dollars from a retiree’s monthly budget, but some Medicare beneficiaries may qualify for assistance they’re not using. The Medicare Extra Help program, also known as the Part D Low-Income Subsidy, helps people with limited income and resources pay Part D premiums, deductibles, coinsurance, and other prescription costs. According to Medicare, someone receiving Extra Help in 2026 can have a $0 plan premium, $0 plan deductible, and copays capped at $5.10 for generic and $12.65 for brand-name covered drugs at participating pharmacies. Those savings can potentially add up to thousands of dollars depending on what someone’s Part D coverage and prescriptions would otherwise cost. Yet one of the biggest mistakes older adults can make is assuming their Social Security check, home, or modest savings automatically means they won’t qualify.
