For Immediate Release:
July 27, 2023
Get Help Paying for Your Medicare Prescription Drug Costs with Extra Help
OKLAHOMA CITY – With rising inflation and interest rates, the federal Extra Help Program may be helpful 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. You also won’t have to pay a Part D late enrollment penalty while you get Extra Help.
More than 10,000 Medicare beneficiaries in Oklahoma 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. MAP provides free, unbiased information to help Oklahomans understand Medicare, Medicare supplements, Medicare Advantage, and other health plan options.
“Having to choose between buying groceries or paying for prescription drugs is a decision no one should have to make,” MAP Director Ray Walker said.
The income and resource limits in 2023:
Resources include the value of the things you own. Some examples are real estate other than your primary residence, bank accounts, including checking, savings, and certificates of deposit, stocks, bonds, mutual funds and IRAs. Your primary residence, personal possessions and your vehicle do not count as a resource.
Individuals who qualify for this program will receive assistance with their Medicare Part D prescription drug plans. This means that individuals eligible for Full Extra Help will have their Part D monthly premium paid up to $32.90 per month and will pay a reduced copay of $4.15 for generic drugs and $10.35 for name-brand drugs.
“Even with higher income and resources, you may qualify for partial Extra Help. This program will pay all or part of the monthly premium as well as a portion of the copays and coinsurance,” Walker added.
To see if you qualify for the Extra Help program, please call the Oklahoma Medicare Assistance Program at 1-800-763-2828 or visit https://www.oid.ok.gov/ship-low-income-subsidy/.
If you have questions about insurance issues, please contact the Oklahoma Insurance Department at 1-800-522-0071 or visit our website at www.oid.ok.gov.