Yes, if you qualify for the QMB program, SLMB, or QI program, you automatically qualify to get Extra Help paying for Medicare prescription drug coverage. Low Income Subsidy (LIS) is a federal subsidy program that helps low-income Medicare-eligible consumers save money on their prescription costs and other Part D related costs. In 2020, if you qualify for Extra Help LIS Level 1, your co-pays for drugs will be $3.60 for generics and $8.95 for brand names. There is no coverage gap and all drugs on the Medicare formulary are included.
To qualify, you cannot exceed certain income and resource limits.
Yearly income must be less than $19,380 year / $1,615 month for an individual and $26,100 year / $2,175 month for a married couple living together.
Some items that WOULD NOT count as income:
Food stamp assistance
Home energy assistance
Medical treatment & drugs
Housing assistance
Disaster assistance
Victim’s compensation
Total resources must be limited to $13,640 for an individual and $27,250 for a married couple living together.
Total resources WOULD include:
Money in a checking or savings account
Stocks
Bonds
Total resources WOULD NOT include:
Your home
One car
Burial plot
Up to $1,500 for burial expenses if you have put that money aside
Furniture
Other household and personal items
If you think you might qualify for LIS and want to apply, click here: Social Security.
Most of the questions on the application deal with income and resource limits. Social Security will not ask for documentation to support the information you provide but will match your information with data available from other federal agencies.
Even if you do not have all of your information or cannot find the right documents, you should file for the extra help if you think you will be eligible.
Once you have a LIS letter, call Ashford Insurance at 817-952-3153. We will help you get the right plan for you so you can start saving money.
Photo by Alena Shekhovtcova
