Do you qualify for extra help with Medicare drug plan plan costs?
There are many people enrolled in a Medicare Part D Plan that are unaware that they qualify for extra help with Medicare Part D costs. Knowing whether or not you qualify can give you peace of mind when shopping for and comparing Part D drug plans.
Qualifications for extra help with your Part D plan costs – updated for 2013
The Medicare extra help program helps pay your Medicare Part D plan costs. If you have a low income, few tangible resources and are Medicare eligible, you may qualify for extra help.
- Your annual income needs to be less than $16,755 if you are single or $22,695 if you are married and living with your spouse. You can qualify with more income if your spouse works, other people who live with you rely on you for support, or if you reside in Alaska or Hawaii.
- Your financial resources should not total more than $13,070 if you are single or $26,120 if you are married and living with your spouse. Financial resources include; money in a bank, stocks and bonds.
- Certain things that you own do not count as resources. You are allowed to exclude the value of your house, car, life insurance and up to $1,500 per person in burial expenses.
Of course the main reason you would apply for extra help would be to save money on your Part D drug plan costs. But did you know there is another huge benefit to having extra help with Medicare drug costs?
Qualifying for extra help means that you are eligible for a low income subsidy (LIS). Being LIS eligible also qualifies you for a Special Enrollment Period. People with a Special Enrollment Period do not need to wait until the Annual Enrollment Period to make a change to their Medicare Part D or Medicare Advantage Plan.
If you qualify for extra help with Medicare you can submit an application to change plans even if the Annual Enrollment Period is months away. This is a huge benefit to those who feel that they are enrolled in the wrong plan.
How to see if you qualify
To apply for extra help or to get additional information you will need to contact Social Security. You can visit them online or call 1-800-772-1213. TTY users may call 1-800-325-0778.
If you are not receiving your Low Income Subsidy
for Medicare Part D and qualify, you need to start the application process. Get started today so you can not only get help with Medicare drug plan costs but also qualify for a Special Enrollment Period should you wish to change plans.