About Extra Help and the Medicare Prescription Savings Card

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In addition to using the Medicare prescription savings card to get discounts on prescription drugs, Florida seniors could be saving even more money at the pharmacy by signing up to a federal program that can save them between $3700 to $3900 annually on medicines.

It’s been estimated that as many as 90,000 Medicare beneficiaries, including 11,900 First Coast seniors, could be eligible for the low-income subsidy program, Extra Help. This would help those over the age of 65, who meet the income and asset requirements, to significantly lower the costs of their medicines. This coverage would extend to all facets of prescription drug expenses, including:

• Monthly Medicare premiums
• Deductibles
• Co-payments

Getting More Eligible Members to Participate

Naturally, this is another initiative aimed to help seniors in South Florida along, as the Medicare D “donut hole” still remains open until 2020; however, as is the case with similar federal attempts in the past to help Medicare members save on medicines, there appears to be a low turnout rate. It is also perhaps no coincidence that an estimated 2.5 million seniors who are eligible for Medicare nationwide have simply never signed up.

Why would those eligible choose not to take advantage of the savings and benefits they could be receiving?  It’s believed that there may be general mistrust due to a perceived lack of information or understanding thereof by seniors about the federal health insurance program. To encourage more South Floridians to sign up for Extra Help, the requirements have been made less stringent in 2010, so more individuals can now enroll.

New Extra Help Qualifications

• Individual annual income must fall below $16,245 or $21,855 for couples.
• Individual assets are limited to $12,510 (this does not include one’s home or vehicle) or $25,010 for couples.

Between the discounts that can be obtained by utilizing a Medicare prescription savings card, and the extra coverage received through the low income-subsidy, South Florida Medicare members can save substantially more at the pharmacy each year. Consumers who wish to learn more about Extra Help are encouraged to follow the link to Medicare’s website.