Do you ever have difficulty paying for your prescription drugs? Do you have limited income and assets? If you answered “yes” to either of these questions and you have Medicare, “Extra Help” may be available for you.
The Low-Income Subsidy (LIS) program, also known as “Extra Help,” assists qualified Medicare beneficiaries with out-of-pocket expenses associated with Medicare Part D prescription drug expenses. There are more than 66,000 Medicare beneficiaries in North Carolina who may be eligible for this program but have yet to apply. The Seniors’ Health Insurance Information Program—or SHIIP—can help beneficiaries understand and apply for this assistance.
“This assistance is available to many North Carolinians who aren’t even aware of it,” said Insurance Commissioner Wayne Goodwin. “SHIIP can help people with Medicare understand what they may be qualified to receive.”
To qualify for Extra Help, a Medicare beneficiary must meet certain income, resource and asset level requirements. The income and asset limits for Extra Help are $1,396.25 per month with assets up to $13,070 if you are single, and $1,891.25 per month with assets up to $26,120 if you are married.
Income includes monthly earnings, Social Security and Veterans’ benefits, disability payments, cash contributions, retirements and pensions. Resources and assets include the value of items that the person owns, such as cash, stocks, bonds, retirement accounts, the value of a second car, boats and any real property that is not the primary residence and does not produce income. Resources do not include appliances and other household furnishings, clothing or other personal items, such as jewelry. Assets excluded from the evaluation process are a home, all property attached to the home, personal belongings, one vehicle and irrevocable burial contracts and plots.
Individuals who qualify for these programs will receive Extra Help with their Medicare Part D prescription drug plans at the 100 percent level. This means they will pay a reduced co-pay of $2.60 for generic drugs and $6.50 for name-brand drugs, as well as lower monthly premiums.