The NYC Department for the Aging can help seniors save money on prescriptions

With prescription drug costs on the rise, it is important for seniors to learn how to save money on their prescription drugs.

Medicare’s Part D prescription drug plan has been saving seniors money on prescriptions since January 2006, but there are still additional costs. These costs include a monthly premium, co-payments and an annual deductible. The New York City Department for the Aging’s Health Insurance Information Counseling Assistance Program (HIICAP) assists Medicare beneficiaries by identifying programs and ways that help lower these costs.

One of these programs is the Low Income Subsidy Program, also known as Extra Help. Extra Help is federal subsidy for lower income individuals with Medicare. It can help pay the Medicare Part D monthly premium, reduce or eliminate the annual deductible, and allow the beneficiary to purchase their medications at a reduced price. To be eligible, beneficiaries must meet asset and income limits. The 2018 asset limits are $14,100 for an individual and $28,150 for a married couple. The 2018 income limits have not yet been announced, but the 2017 income limits were $1,508 per month for an individual and $2,030 for a married couple.

Another way for lower income Medicare beneficiaries to save money is to enroll in a Medicare Savings Program (MSP). An MSP restores the monthly Medicare Part B premium of $134 back into Social Security checks. Individuals with monthly incomes up to $1,377 and couples with monthly incomes up to $1,847 may qualify. Having an MSP also automatically qualifies you for Extra Help, lowering your out-of-pocket costs at the pharmacy.

Trained HIICAP counselors provide one-on-one assistance over the phone or in person at community-based sites throughout the five boroughs. Counselors provide information and application assistance on health insurance programs available to seniors in New York City, including Medicare, Medicare Advantage Plans, EPIC and Medigap Supplemental Insurance. To talk to a counselor, call 311 and ask for HIICAP, or you can visit www.nyc.gov/aging.