Low Income Subsidy
Anyone who has Medicare can get Medicare prescription drug coverage. Some people with limited resources and income also may be able to get Extra Help to pay for the costs—monthly premiums, annual deductibles, and prescription co-payments—related to a Medicare prescription drug plan. The Extra Help is estimated to be worth about $4,000 per year. Many people qualify for these big savings and don’t even know it. Call our office and one of our Trusted Senior Specialists will help you apply online.
To qualify for Extra Help:
Have Medicare Part A (Hospital coverage) and/or Medicare Part B (Medical coverage). You must reside in one of the 50 States or the District of Columbia;
- Your resources (current as of January 2014, each year may change) must be limited to $13,440 for an individual or $26,860 for a married couple living together. Resources include such things as bank accounts, stocks, and bonds. We do not count your home, car, and any life insurance policy as resources; and
- Your annual income must be limited to $17,235 for an individual or $23,265 for a married couple living together. Even if your annual income is higher, you still may be able to get some help. Some examples where your income may be higher are if you or your spouse:
- Support other family members who live with you;
- Have earnings from work; or
- Live in Alaska or Hawaii.
SSA will verify elements of eligibility (i.e., income, resources, residency, and Medicare entitlement) by comparing the information on the application form to Social Security records and records maintained by other federal agencies.