Do you qualify for extra help with your Medicare Part D Prescription Drug costs?
Medicare beneficiaries with limited income & resources may be eligible for extra help with their PART D drug costs through Medicare’s Extra Help Program, AKA the Part D Low-Income Subsidy (LIS). This article addresses the benefits of LIS, the income & resource thresholds to qualify (updated annually), as well as where to go to apply if you believe you are eligible.
Benefits of LIS
Pays your Part D premium up to a specified benchmark amount.
Lowers the cost of your prescription drug costs by helping to pay deductibles, copays & co-insurance amounts.
Eliminates any Part D late enrollment penalty you may have incurred if you delayed Part D enrollment.
Gives you a Special Enrollment Period (SEP) to enroll in OR change your Part D plan outside of the annual open enrollment period.
Important to note, the LIS SEP is available only once quarterly during the first nine months of the year. It CANNOT be used in the last quarter of the year.
Income & Resource Guidelines
Income & resource maximums are updated yearly so it is important to check limits annually with https://www.medicare.gov/basics/costs/help/drug-costs. Should you experience any change in income or resources, you can reapply at an any time.
2024 Income Maximum Limits
Single $22,590/Married $30,660
2024 Resource Maximum Limits
Single $17,220/Married $34,360
Important to note, resource limits include countable money, stocks & bonds. It does not include a primary residence home, car, burial plots and other personal household items.
How to apply for Extra Help with Medicare Part D Drug Costs
Important to note, SOME beneficiaries automatically qualify for extra help with Part D and do NOT need to apply. These individuals include those beneficiaries with full Medicaid, those receiving help paying their Medicare Part B premiums, and finally those receiving Supplemental Security Income (SSI) benefits. All others should apply in one of the following ways:
1. Apply Online
APPLY ONLINE
2. In Person
Apply at your local Social Security office. To find your local social security office, click on the link below and you will be redirected to the social security office locator.
