Paying for prescription drugs can cause financial stress. There are some programs and strategies for lowering your prescription drugs. Let’s review some ways you can save on your drug costs.
First, the Extra Help program.
Extra Help is a federal program that helps pay for your out-of-pocket costs with Medicare prescription drug coverage. Your income and assets determine if you are eligible:
Even if you think your income or assets are above the eligibility limits, you could still qualify for Extra Help because certain types of income and assets may not be counted. You automatically qualify for Extra Help if you have Medicaid, Supplemental Security Income, or a Medicare Savings Program.
There are many benefits to the Extra Help program. Extra Help:
Remember that Extra Help is not a replacement for Part D. It is also not a plan. It is a cost assistance program. To be eligible, you must have a Part D plan to receive Medicare prescription drug coverage. If you do not choose a plan, you will in most cases be automatically enrolled in one.
Second, your state may have a State Pharmaceutical Assistance Program.
Many states offer State Pharmaceutical Assistance Programs, which are called SPAPs for short. SPAPs help state residents pay for prescription drugs, but each program works differently.
To learn if your state has an SPAP and to find out if you qualify, call your local State Health Insurance Assistance Program (SHIP). Use our online SHIP Locator or call 877-839-2675 (and say “Medicare” when prompted) to find your local SHIP.
Finally, let’s look at some other strategies and programs that could help you save on drug costs.
Whether or not you qualify for Extra Help or an SPAP, you may have other options to help save on high drug costs:
Still have questions?
Your SHIP is here for you! You can contact your SHIP for any other Medicare-related questions or concerns you have. SHIP counselors are government funded to provide trusted, unbiased Medicare counseling at no cost to you. (Depending on your state, your SHIP may go by another name.) Use our online SHIP Locator or call 877-839-2675 (and say “Medicare” when prompted) to find your local SHIP.
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