A million low-income seniors have become eligible for big assistance on prescription drug expenses this year, under a newly expanded federal program. The subsidy can defray thousands of dollars in costs, and in many cases, can eliminate prescription drug expenses entirely for participating seniors.
The Extra Help Program - administered by the Social Security Administration - subsidizes Medicare Part D prescription drug premiums for eligible seniors. While the program isn't new, eligibility rules have been changed this year in a way that expands availability dramatically.
The government estimates the average annual benefit to Extra Help individual participants at $3,900. That should be welcome news for low-income seniors coping with soaring Part D premiums. Average monthly premiums jumped 11 percent for 2010, and they've risen 50 percent since 2006, according to the Kaiser Family Foundation.
Read the full story at RetirementRevised.com.