What is LIS?
It’s no secret that medical costs are rising. Since 2014, the costs for inpatient hospital services have increased by 30%, the costs for nursing home care have increased by 23%, and the costs for dental services have increased by 19%. But prescription drug prices have risen the most of all the studied medical costs, at an increase of 33% since 2014.
The Medicare Low Income Subsidy (LIS) helps people with Medicare pay for prescription drugs and lowers the costs of Medicare prescription drug coverage. This subsidy is also often referred to as Extra Help.
Scroll down to see if you might be eligible to get support paying for your prescription drugs through this subsidy. The Social Security Administration estimates the subsidy to be worth about $5,000 a year — saving you a significant amount of money.
Who Is Eligible for the Medicare Low Income Subsidy?
To qualify for Extra Help, you must meet all of the following qualifications:
- You must be receiving Medicare.
- You must reside in the United States.
- If you’re not married, your annual income must not be over $19,320. Your resources must also not exceed $14,790.
- If you’re married, your combined income must not be over $26,130. Your combined resources must also not exceed $29,520.
When considering your resources, you must include:
- Real estate (other than your primary residence)
- Bank accounts, cash at home, or anywhere else
- Stocks and/or bonds
- Mutual funds
- Individual Retirement Accounts (IRAs)
Many People Qualify for Extra Help and Don’t Even Know It!
That could be you! Coastal Insurance Planning can help you figure out what support, like the Low Income Subsidy or Extra Help, you qualify for to get help paying for Medicare. Give us a call at: