Medicare Open Enrollment for Medicare Advantage and Medicare prescription drug coverage is right around the corner, October 15th through December 7th, 2020. All Medicare recipients will be encouraged to review their drug coverage for the 2021 calendar year. While reviewing medication costs, keep these potential ways to help save money in mind.
Extra Help (LIS) is a federal program administered by the Social Security Administration that helps you pay for some, or most, of the out-of-pocket costs of Medicare Part D (prescription drug coverage). If you are eligible for Extra Help (LIS), you will not be subject to any Late Enrollment Penalty. You will have a quarterly Special Enrollment Period that allows you to change your Medicare Part D plan outside of the Annual Enrollment Period. Extra Help has income and asset guidelines that must be met in order to be qualified. Anyone who has been approved for Wisconsin state Medicaid will be automatically eligible for the Extra Help program.
SeniorCare is a prescription drug assistance program for Wisconsin residents who are 65 years of age or older and meet the enrollment requirements. The program is designed to help seniors with their prescription drug costs. To enroll in SeniorCare you must be:
- A Wisconsin resident
- A U.S. citizen or have qualifying immigrant status
- 65 years of age or older
Every senior enrolling in SeniorCare must pay an annual $30 fee. Applicants annual income determines the level of coverage in SeniorCare and how much SeniorCare will cover.
Patient Assistance Programs are run by pharmaceutical companies to provide free or low costing medications to people who cannot afford to buy their medicine. You will be asked questions about your income to see if you are qualified. These programs also will require your prescribing provider to complete the prescription information. Ask your doctor to see if there is a Patient Assistance Program for your medication.
