Applying For Medicare Part D Low-Income Subsidy

What Is Medicare Part D - Extra Help Program

Medicare Part D is a program that provides prescription drug coverage to Medicare beneficiaries. While the program can be a valuable resource for seniors and people with disabilities, the cost of prescription drugs can still be a significant burden for many individuals. That's where Medicare Part D Extra Help comes in.

Medicare Part D Extra Help, also known as the Low-Income Subsidy (LIS), is a federal program that helps eligible Medicare beneficiaries pay for their prescription drug costs. The program is designed to provide financial assistance to those who have limited income and resources, making it easier for them to access the medications they need.

Medicare part D - Low-Income Subsidy

Extra Help is a federal program that helps people with low incomes and few means pay for their Medicare prescription drug costs. The official name of the program is the Low-Income Subsidy (LIS), and it is for people who have Medicare Part D prescription drug coverage. In this piece, we will talk about who is eligible for Extra Help and how to apply for this important help.

• To get Extra Help, you must have a certain amount of cash and resources. In 2023, the most a single person can make is $20,040, and a married couple living together can make up to $27,060. The ceiling for a single person is $14,610, and for a married couple living together it is $29,160. Money in a bank account, stocks, and bonds are all resources, but your home and car are not.
• The Social Security Administration (SSA) can be reached by phone, online, or in person if you want to apply for Extra Help. You can apply online or by calling the Social Security Administration at 1-800-772-1213. If you'd rather apply in person, you can go to the SSA office near you.
• It's important to know that if you get Medicaid, Supplemental Security Income (SSI), or Medicare Savings Program (MSP) benefits, you may instantly qualify for Extra Help. If you are automatically qualified, the SSA will send you a notice that you will be signed up for Extra Help.

Extra Help Benefits

The Part D Low-Income Subsidy, which is another name for the Extra Help program, helps people in the following ways:

• Pays for your Part D premium up to a standard amount set by your state.
• Reduces the cost of the drugs you need to buy.
• Provides you a Special Enrollment Period (SEP) once per calendar quarter during the first nine months of the year to sign up for a Part D plan or switch between plans. (You can't use the Extra Help SEP from October to December, which is the fourth quarter of the year. Changes to your prescription drug plan should be made during Fall Open Enrollment.)
• Removes any Part D late enrollment charge you may have had to pay if you waited too long to sign up.

Depending on how much money you make and how much you own, you may be able to get either all or part of Extra Help. Both schemes can help with the cost of your medications. To get this help, your medicines must be on your plan's formulary, and you must go to pharmacies that are part of your plan's network.

Remember that Extra Help is not an alternative for Part D or a plan in and of itself. You still need a Part D plan to get coverage for your prescription drugs and Extra Help help. Most of the time, you will be registered in a plan if you don't choose one.

Reasons To Apply For Extra Help

Extra Help is a federal program that provides financial assistance to people with limited income and resources who need help paying for their Medicare prescription drug costs. The program, also known as the Low-Income Subsidy (LIS), can have a significant impact on the health and well-being of eligible individuals in Idaho. In this article, we will explore the biggest help that Extra Help can provide to eligible individuals in Idaho.

Idaho is home to a large number of older adults and individuals with disabilities who rely on Medicare to access healthcare services. For these individuals, prescription drug costs can be a significant financial burden, especially for those with limited income and resources. Extra Help can provide a range of benefits to eligible individuals in Idaho, including:

1. Cost savings: The primary benefit of Extra Help is that it helps eligible individuals pay for their Medicare prescription drug costs. In Idaho, this can be a significant help for individuals who may struggle to afford their medications due to cost concerns. Extra Help can help reduce or eliminate premiums, copays, deductibles, and coinsurance, which can add up quickly and save eligible individuals hundreds or thousands of dollars each year.
2. Improved access to medications: By reducing the cost of medications, Extra Help can help eligible individuals access the medications they need to manage their health conditions. Research has shown that individuals who do not have access to their medications due to cost concerns are more likely to experience negative health outcomes. By providing financial assistance to help individuals afford their medications, Extra Help can help improve health outcomes and overall quality of life.
3. Avoidance of the coverage gap: Extra Help can also help eligible individuals in Idaho avoid or mitigate the impact of the coverage gap, also known as the "donut hole," in their Medicare prescription drug coverage. The coverage gap is a temporary period in which individuals may be responsible for a larger share of their medication costs. By reducing the amount that individuals have to pay out-of-pocket for their medications, Extra Help can help individuals avoid or reduce the impact of the coverage gap.
4. Peace of mind: Finally, Extra Help can provide peace of mind to eligible individuals and their families. By knowing that they have financial assistance to help pay for their medications, individuals can focus on managing their health conditions and improving their overall well-being. This can reduce stress and anxiety, which can have a positive impact on mental health.

When to Enroll

• Your 65th birthday You can enroll in Part D three months before or three months after turning 65 if you qualify for Medicare A and/or B.
• You can join Medicare three months before or three months after your 25th month of financial disability compensation if you receive Medicare.
• Annual Open Enrollment (Oct 15–Dec 7) If you didn't enroll when you were eligible for Medicare, you can join during the AEP, October 15–December 7, with coverage starting January 1.
• Penalty If you wait to enroll and go without creditable prescription medication coverage for 63 days or more, you may have to pay a late enrollment penalty. Your punishment depends on when you join. Your Medicare drug plan premium is increased monthly for as long as you have a plan.

Get Help with Applying for Part D Low-Income Subsidy with Chris Antrim Insurance

Applying for Extra Help is a good idea for people who need help paying for their Medicare prescription drug costs but don't have a lot of money or resources. The program has many benefits, such as saving money, making it easier to get medicines, avoiding service gaps, and giving people peace of mind. Extra Help can make a big difference in people's health and general quality of life by giving them money to help them pay for their medications. If you think you might be qualified for Extra Help, you should contact the Social Security Administration as soon as possible to apply and start getting these valuable benefits. If you need more information regarding Part D - LIS, feel free to reach out Chris Antrim Medicare Insurance.