Medicare low-income subsidy is also known as extra help. This will look at the income level required, ways in which you can meet this requirement, how extra help is implemented, and how you can get it.
Meeting the Requirement
Getting additional help for your Medicare and healthcare costs requires you to meet your state’s definition of what low-income actually means. This is measured through your Modified Adjusted Gross Income (MAGI), and if your earnings are at or below this amount, you will qualify for additional help. This is known as Medicaid.
Medicaid is for lower-income individuals and those deemed medically needy. It works in tandem with your Medicare insurance, where Medicare covers all that it can, and Medicaid takes care of the rest, leaving you with nothing to pay out-of-pocket.
How You Can Qualify
If your income is too high, you can deduct your medical expenses from your income, and that may be enough to get you to meet your state’s standards for low-income classification.
Medicare Part D Assistance
Lower-income individuals can get assistance with paying for Medicare Part D. Here, your prescription drugs will not be any more than a specified limit for the medication prescribed. In 2021, you pay no more than $3.70 per month for generic drugs, and nothing exceeding $9.70 for each brand-name medication. This is all as long as your medication is covered in the formulary.
If you believe your coverage is not consistent with what you signed up for, you can send documentation to your plan as evidence. This includes documents such as the Extra Help “Notice of Award” from Social Security, an automatic enrollment notice from Medicare, as well as proof that you have Medicaid, and proof that you have Medicaid and live in an institution.
Other Alternatives
Medicaid isn’t the only way you can save. Medicare offers the Medicare Savings Program. The Medicare Savings Program offers different plans you can qualify for depending on where you stand with your monthly income. The types of Medicare Savings Programs include Qualified Medicare Beneficiary (QMB), Specified Low-Income Medicare Beneficiary (SLMB), Qualified Individual (QI), and Qualfied Working and Disabled Individual (QDWI). These offer varying levels of coverage, mainly addressing Medicare Part B premiums, which average $148.50 in 2021. A QMB plan, for example, will save you $1782.00 over the course of a year.
For All Questions Medicare
Cornerstone Senior Advisors can help you regardless of the financial situation you’re in at the moment. We dedicate ourselves to finding you the best coverage at the lowest price, and it all begins when you call us today at 316-260-3331.