Help Available for Medicare Prescription Drug Costs

Mike Seals - July 24, 2020 9:07 am

By Oklahoma Insurance Commissioner Glen Mulready 

Having to choose between buying groceries or paying for prescription drugs is a decision no Medicare beneficiary should have to make. As many Oklahomans are experiencing financial hardship due to COVID-19, the federal Extra Help Program may be available for you if you are a Medicare beneficiary with limited income and resources. The Extra Help program assists qualified Medicare beneficiaries with out-of-pocket expenses associated with Medicare Part D prescription drug expenses.

There are more than 15,000 Medicare beneficiaries in Oklahoma who may be eligible for this program but have yet to apply. The Medicare Assistance Program (MAP) is a division of the Oklahoma Insurance Department that can help Medicare beneficiaries understand and apply for this assistance.

In this unique time, when scammers are taking advantage of fear and uncertainty caused by the pandemic, it is important to get your information from credible sources. MAP provides free, unbiased information to help Oklahomans understand Medicare, Medicare supplements, Medicare Advantage and other health plan options as well as long-term care insurance.

The income and asset limits for Extra Help are:

  • $1,615 per month with assets up to $14,610 if you are single
  • $2,175 per month with assets up to $29,160 if you are married

Individuals who qualify for this program will receive assistance with their Medicare Part D prescription drug plans. This means that individuals who qualify for Full Extra Help will have their Part D monthly premium paid up to $28.74 per month and they will pay a reduced co-pay of $3.60 for generic drugs and $8.95 for name-brand drugs.

To see if you qualify for the Extra Help program, call the Oklahoma Medicare Assistance Program at (800) 763-2828 or visit https://www.oid.ok.gov/ship-low-income-subsidy/.

If you have questions about other insurance issues, contact the Oklahoma Insurance Department at 1-800-522-0071 or visit our website at www.oid.ok.gov. 

 

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