Are You Eligible for Extra Help with Drug Costs? - Mature Health Center

Information you need to live a happy, worry-free retirement!

Are You Eligible for Extra Help with Drug Costs?

Feb 16, 2015

Are You Eligible for Extra Help with Drug Costs?

If you’re a Medicare beneficiary with limited income and resources, you may qualify for a Low-Income Subsidy (LIS), also known as “Extra Help,” to help pay for prescription drugs costs. Unfortunately, many consumers who actually qualify for extra help don’t know that they do.

LIS is a program for Medicare beneficiaries who have limited income and resources aimed at helping them pay their monthly Part D premium, yearly deductible, prescription coinsurance and copayments. Depending on your income and resources, your LIS benefit could offer up to $4,000 per year to help pay prescription drug plan expenses.

Who Qualifies for LIS?

Those who are eligible for LIS fall into two basic categories:

  1. Those who qualify and receive benefits automatically due to their Dual-eligible status or their participation in the Supplemental Security Income or Medicare Savings Programs. If you qualify for any of these programs you receive LIS automatically and don’t need to do anything.
  2. Medicare beneficiaries with income below 150% of Federal Poverty Level (FPL). If you fall into this category you actually have to apply for LIS. Because many of people aren’t aware extra help is available, they’ve never applied or received the benefits they are due.

If you meet the following criteria, you may qualify for Extra Help:

  • Income less than $16,755 for a single person or $22,695 for a married person
  • Resources (savings, investments, real estate) less than $13,070 for a single person or $26,120 for a married person. Assets counted include:
    • Cash (including checking and savings accounts)
    • Certificates of deposit
    • Retirement accounts (like IRAs or 401(k)s)
    • Stocks, bonds and mutual funds
    • Promissory notes
    • Property that can be converted to cash within 20 days
    • Mortgages
    • Life insurance policies

More than one-third (34%) of all Medicare beneficiaries reported income less than 150% of FPL. If you think you might be eligible for LIS, call Mature Health Center at 1-800-639-0781. One of our Benefit Advisors will help you get the extra benefits you need.


Comments

Post a Comment

Required Field

Compare Medicare Prescription Drug Plans to Control Costs