What is Medicare Extra Help?
Medicare Extra Help, also known as the Low-Income Subsidy (LIS), is a government program that provides financial assistance to seniors and people with disabilities who have limited income and resources. The program helps individuals pay for their Medicare Part D (prescription drug) coverage, which can be costly and difficult to afford.
If you live in Palm Beach County, you may qualify for this program. To find out if you qualify, call our health insurance agency in Boca Raton, Port St. Lucie, or Greenacres at (561) 420-0280.
Who Qualifies for Medicare Extra Help?
To qualify for Medicare Extra Help, individuals must have income and assets below certain limits. These limits are based on your previous year’s income. For 2023 coverage, the annual income limit from 2022 is $20,385 for an individual and $27,465 for a married couple. The resource limit is $15,510 for an individual and $30,950 for a married couple.
Assets that are counted towards the resource limit include things like cash, bank accounts, stocks, bonds, and real estate that is not your primary residence. However, there are certain assets that are not counted, such as your home, car, personal belongings, and burial plots.
Our insurance agents in Greenacres, Port St. Lucie, and Boca Raton are ready to answer your Medicare questions at (561) 420-0280 or click here.
How Medicare Extra Help Can Benefit You
If you qualify for Medicare Extra Help, you will pay less for your monthly premium, annual deductible, and prescription co-payments. The program also provides additional coverage for people who fall into the coverage gap, also known as the “donut hole,” which is a period of time when certain prescription drugs are not covered by Medicare.
How Absolute Best Insurance Can Help
Absolute Best Insurance in Port St. Lucie, Greenacres, and Boca Raton is a licensed insurance agency that can assist you with signing up for the Medicare Extra Help program. Their licensed agents can help you determine if you qualify and guide you through the application process. They can also help you understand the different Medicare plans available in your area and assist you in selecting the one that best meets your needs and budget.
It’s important to note that even if you think you may not qualify for Medicare Extra Help, you should still apply. Many people who think they make too much money to qualify are surprised to find out that they do qualify. If you are denied, you can also appeal the decision.
How to Apply for Medicare Extra Help
Applying for Medicare Extra Help is easy and can be done online, by mail, or in person. You will need to provide proof of your income, assets, and Medicare enrollment. It’s also a good idea to gather documents such as your tax returns, bank statements, and investment statements to help you complete the application.
In conclusion, Medicare Extra Help is a valuable program that can help seniors and people with disabilities afford their prescription drug coverage. If you have limited income and resources, it’s worth applying for the program. Absolute Best Insurance in Boca Raton, Greenacres, and Port St. Lucie is a licensed health insurance agency that can help you with the application process and assist you in applying for Medicare Extra Help. Call us at (561) 420-0280.