If a Medicare Beneficiary has limited income and resources they may apply for a low-income subsidy (LIS), which is financial assistance with the costs of Medicare Part D. LIS, also known as “Extra Help”, is a Federal Medicare program to help people with limited income and resources pay Medicare drug coverage (Part D) premiums, deductibles, coinsurance, and other costs. To qualify for the LIS in 2024 if you live in Suffolk County or Nassau County Long Island:
Beneficiary income may not exceed 150% of the Federal Poverty Level (FPL). In New York the income limits for 2024 are $22,590 individual/$30,660 couple
In addition, to qualify, beneficiary resources may not exceed the published amount. The resources counted toward the limit include bank accounts, stocks, bonds, and other liquid resources that beneficiaries can readily convert to cash within 20 days and real estate that is not the beneficiary’s primary residence.
For 2024, in New York, beneficiary resources may not exceed $15,720 individual/ $31,360 couple. These limits are increased by $1500 per person if the beneficiary notifies the Social Security Administration that they expect to use some of their resources for burial expenses.
To apply for LIS - Extra Help go to https://www.ssa.gov/medicare/part-d-extra-help
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