Prescription assistance on Medicare: Part D Extra Help
Medicare is an important health insurance program for older Americans and people with disabilities. Important to realize that one part of Medicare called Part D helps cover prescription drugs. Many beneficiaries are looking for prescription assistance and don’t know where to turn. To help them, there’s a program called Part D Extra Help. In this article, we’ll explain what Part D Extra Help is and how it can make prescription drugs more affordable for those who qualify.
Understanding Part D Extra Help
Part D Extra Help, also known as the Low-Income Subsidy (LIS) program, is a government program that assists Medicare beneficiaries with low income and limited resources. Furthermore, its main goal is to help these individuals pay for their prescription drugs, including premiums, deductibles, and copayments.
Eligibility Criteria for Prescription Assistance
To qualify for Part D Extra Help, you need to meet certain requirements. Additionally,these requirements depend on how much money and resources you have. Here are the limits for 2023:
- If you’re single, you must earn $22,110 or less per year ($1,843 monthly)
- If you’re married and living together, your combined income must be $29,820 or less per year ( $2,485 monthly)
- If you’re single, you must have $16,660 ** or less in savings, investments, and real estate
- If you’re married and living together, your combined resources must be $33,240 *** or less
- Its important to know that some assets, like your home, car, and personal belongings, don’t count when determining your eligibility for this program
** Income amounts reflect threshold with $20 monthly income disregard
*** Asset limits include amount with $1,500 person burial allowance
*** Limits are slightly higher in Alaska and Hawaii. If you have income from working, you may qualify for benefits even if your income is higher than the limits listed.
Benefits of Part D Extra Help
Part D Extra Help offers several benefits to eligible individuals:
- Lower Prescription Drug Costs: This program helps reduce the amount of money you have to pay for your medications. It covers premiums, deductibles, and copayments, making sure that your prescription drugs are more affordable.
- No Late Enrollment Penalty: If you qualify for Part D Extra Help, you won’t have to pay any penalties for joining a Medicare drug plan late. This is helpful if you didn’t enroll earlier due to financial concerns.
- Continuous Eligibility: Once you’re enrolled in Part D Extra Help, you stay eligible for the program as long as your income, resources, or Medicare eligibility don’t change. This gives you stability and peace of mind knowing that you can afford your medications.
How to Apply for Part D Extra Help
There are different ways to apply for Part D Extra Help:
- Contact LMS Insurance Group, we apply people for prescription assistance every day for free
- Online Application: You can apply online through the Social Security Administration website. It’s easy and convenient to complete the application from your home.
- By Phone: Call the Social Security Administration at 1-800-772-1213 (TTY 1-800-325-0778) to start the application process or ask them to send you an application by mail.
- In-Person: You can also visit a local Social Security office to apply in person. The staff there will guide you through the process and answer any questions you may have.
Part D Extra Help, also called the Low-Income Subsidy (LIS) program, is an important prescription assistance program for Medicare beneficiaries with low income and limited resources. By reducing the financial burden of premiums, deductibles, and copayments, this program ensures that eligible individuals can afford the prescription drugs they need for their health. Additionally, if you or someone you know meets the income and resource limits, it’s worth exploring the benefits of Part D Extra Help to make medications more affordable.