In 2023 there are new costing guidelines associated with Medicare that went into effect on January 1, but thanks to the Extra Help program that assists with out-of-pocket costs of Medicare prescription drug coverage.
Medicare Changes In 2023
Effectively on January 1, CNBC noted that copays and deductibles for Medicare Part A (which includes hospital stays) are going up, while Part B premiums and deductibles (outpatient care) are down. Many beneficiaries typically stick with basic Medicare and often pair it with a standalone Part D plan. Some purchase the typically trending supplement plan “Medigap” which picks up some of the costs that come with basic Medicare, such as newly implemented price limitations for insulin and vaccines as well as coinsurance or copays.
Furthermore, if your Medicare costs become out-of-pocket costs of Medicare prescription drug coverage there is another option. A federal program called Extra Help also known as the Part D Low-Income Subsidy (LIS).
Here’s How To be Eligible For The Extra Help
If the monthly income is up to $1,719 in 2023 ($2,309 for couples) and your assets are below specified limits, you may be eligible for Extra Help. These limits include a $20 income disregard that the Social Security Administration (SSA) automatically subtracts from your monthly unearned income.
You may be eligible for Extra Help even though your income or assets are higher than the qualifying thresholds because, in addition to the previously stated $20, other forms of income and assets may not be taken into account
Moreover, if you are enrolled in Medicaid, Supplemental Security Income (SSI), or a Medicare Savings Program (MSP), you will automatically qualify for Extra Help regardless of whether you meet Extra Help’s eligibility requirements. The Center for Medicare & Medicaid Service (CMS) should send you a purple-colored notification telling you that you do not need to apply for Extra Help.
For more information Look for the Extra Help income and asset limit chart for details here.