Extra Help (Low Income Subsidy)

For those on Medicare, Social Security offers Extra Help for individuals with limited incomes and assets:

Why is this important?  

The cost of prescription drugs can be challenging.  Even more so for individuals that may not have the resources they once had, to pay for them.  If you qualify for Extra Help, then you could see the copays for your medications are helped by the program.  In fact, they can even help you with the cost of the Part D plan itself!

Some of the things having extra help may do are:

  • Assist in the monthly premium costs of your Part D plan
  • reduce or eliminate the Part D Deductible
  • have reduced copays for your prescription drugs
  • eliminating the donut hole experience
  • no late enrollment penalty charges while covered by extra help
  • give you a special election period into a plan!

And if you don’t qualify for Extra Help, there are other ways to get help (this information is available on Medicare.gov): https://www.medicare.gov/your-medicare-costs/help-paying-costs/save-on-drug-costs/save-on-drug-costs.html

 

How do you know if you qualify for Extra Help, based on Income and Assets? 

Well, the income limit is based off of 150% of the Fedarl Poverty Level.

What is that 150% income level?

For 2017:

  • 48 states – $18,090 (individual)/$24,360 (couple).
  • Alaska – $22,590 (individual)/$30,435 (couple).
  • Hawaii – $20,790 (individual)/$28,005 (couple).

What about the Assets? (does not include one car or the home you live in)

  • resources may not exceed $12,320 (individual)/$24,600 (couple).

If you are close to these numbers, then it might be worth your time to try and see for yourself: https://www.ssa.gov/medicare/prescriptionhelp/