Is there extra financial help for Medicare? There is extra help to pay for prescription medications and to pay Medicare premiums for people with limited income and resources. You can apply for extra help by calling Social Security at 1-800-772-1213 or by going to www.ssa.gov. Imagine Insurance Advisors can also help you apply for financial support with Medicare as well.
About the Low Income Subsidy (LIS)
This extra financial help is called LIS (Low Income Subsidy). To qualify, your income must be less than 150% of Federal Poverty Level. Your resources (stocks, bonds, checking, savings, CD’s, and IRA’s), must be less than the amount in the chart below. There are different levels of extra financial help. If you think you might be eligible, it doesn’t hurt to apply.
If you qualify for extra financial help for Medicare, your Prescription Drug Plan or MAPD premium may be reduced and your copays will be less. Any level of extra help also means you’ll have no donut hole.
|More People||$518/month more for each person||$27,600|
What About Medicare Advantage Plans?
Medicare Advantage plan premiums consist of two components. A health portion and a prescription drug portion. With extra financial help for Medicare, the prescription drug portion will be reduced. This will reduce your total premium and also any prescription drug copays. Medical copays are not affected by this extra financial help.
What About Medicaid?
Medicaid is a state program designed to assist those with extremely limited income and resources. If you have Medicare and Medicaid you are considered a Dual Eligible Member. If you are on Medicare you must be at 100% of the Federal Poverty Level (FPL) to qualify for Medicaid. In addition, your resource limit is much lower ($2,000 for an individual). You can apply for Medicaid at the local Medicaid Office.
There are MAPD Plans available for Dual Eligible Members that can give you additional benefits like dental, hearing, vision, over the counter (OTC), and Silver Sneakers (an exercise program).
Imagine Insurance Advisors – the Helpful People
We know that you need to keep as much of your income as you can when you are on a fixed income. We can help you apply for extra financial help for Medicare through social security. It never hurts to put in an application to see if you qualify. Call us to help you apply this week.