If you’re a Medicare beneficiary struggling to afford prescription drug costs, you might qualify for Extra Help, also known as the Low-Income Subsidy (LIS). This federal program can reduce your Medicare Part D premiums, deductibles, and copayments, and in some cases, lower your prescription drug costs to as little as $0.
In this post, we’ll explain what Extra Help is, who qualifies for it, and how to apply. Plus, we’ll show you why calling Brooks & Brooks Insurance Agency can make the process easier for you.
What Is Extra Help (Low-Income Subsidy)?
The Extra Help program is designed to help Medicare beneficiaries with limited income and resources cover the costs of prescription drugs. Depending on your income and asset level, you can receive partial or full assistance that may significantly lower the costs associated with your Medicare Part D plan.
How Much Can You Save with Extra Help?
With Extra Help, you may benefit from:
– $0 monthly premium for your Part D plan, depending on your income level.
– Reduced or no deductible for prescription drugs.
– Lower copayments for medications.
– No coverage gap (donut hole)—you’ll continue to pay less for your prescriptions throughout the year.
This program can save you hundreds, if not thousands, of dollars each year on your prescriptions.
Who Qualifies for Extra Help?
To qualify for Extra Help, you must meet certain income and resource limits. As of 2024, the eligibility criteria are:
– Income limits: In most cases, your income must be below $22,110 annually for an individual or $29,820 for a married couple living together. These limits can be higher if you’re supporting other family members or have earnings from work.
– Resource limits: Your resources, including savings, investments, and property (other than your home), must be less than $16,660 for an individual or $33,240 for a married couple. Some assets, like your home and personal belongings, don’t count toward this limit.
If your income and resources are slightly above these limits, you may still qualify for partial Extra Help.
How to Apply for Extra Help
There are a few ways to apply for Extra Help:
- Social Security Administration (SSA): You can apply online at SSA.gov/extrahelp, by phone, or at your local Social Security office.
- Medicare.gov: Visit Medicare.gov to learn more about eligibility and application details.
However, navigating these applications and eligibility requirements can be complex. That’s where Brooks & Brooks Insurance Agency can assist.
Why Call Brooks & Brooks Insurance Agency for Help?
At Brooks & Brooks Insurance Agency, we specialize in guiding Medicare beneficiaries through programs like Extra Help. We understand how important it is to save on prescription costs, and we can simplify the process for you by:
- Reviewing your eligibility based on your income and resources.
- Assisting you with the application process to ensure it’s completed correctly.
- Helping you choose the right Medicare Part D plan that works with Extra Help and meets your prescription needs.
Rather than navigating these steps alone, let us handle the details and make sure you receive all the benefits you’re entitled to.
Ready to Apply for Extra Help? Contact Us Today!
If you think you may qualify for Extra Help or simply want to explore your Medicare options, give us a call at 972-544-7524 or email us at info@brooksinsagencyco.com. We’re here to walk you through the process and ensure you get the savings and coverage you deserve.