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How To Save On Medicare Costs (LIS)

How To Save On Medicare Costs (LIS)

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Written by: Benavest

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Medicare

May 18, 2021

How To Save On Medicare Costs (LIS)

There are many different financial stresses in life and your health should not be one of them. Here are a few ways you can save money on Medicare.

 

Medicaid

One way to save money on health care expenses is with Medicaid. You may qualify for Medicaid if you have limited income and resources. Medicaid helps with medical costs, and offers benefits that are not normally offered by Medicare. 

Each state has different regulations about eligibility and the application process for Medicaid. So make sure to contact your state’s Medicaid program to make sure you qualify and what steps you need to take.

 

Medicare savings programs

Medicare has four savings programs that may help mitigate some of the costs of your coverage. 

  • (QMB) Qualified Medicare Beneficiary
  • (SLMB) Specified Low Income Medicare Beneficiary
  • (QI) Qualifying Individual
  • (QDWI) Qualified Disabled and Working Individuals

Call your state’s Medicare program for more information on these services and to see if you qualify.

Medicare LIS

Some people may be eligible for a Low Income Subsidy (LIS) that helps pay for medicare Part D prescription drug costs. The amount of subsidy is dependent on the individual’s income based on the Federal Poverty Level and limitations set by social security.

Extra Help Eligibility

Extra help is a Medicare program that helps people with limited income or resources pay Medicare prescription drug costs, like premiums, deductibles, or coinsurance. Extra help is included along with the four Medicare savings programs and Medicaid automatically.

To qualify for Extra Help

  • Your annual income and assets must be below the eligibility levels. These metrics change on a yearly basis so it’s best to check medicare.gov for the most recent levels.
  • If your annual income is above those levels but live in Alaska, Hawaii or support other family members who live in your household.

The assets that are considered in your eligibility are:

  • Cash and bank accounts
  • Investment property real estate
  • Stocks and bonds
  • Mutual funds and IRAs

 

Extra Help Benefits

You may or may not for full Extra Help or partial Extra Help. Depending on your assets and income. Either way you will receive some assistance with the cost of your prescription drugs. 

Extra Help:

  • Helps pay for your Part D premium
  • Lowers the cost of your prescription drugs
  • Eliminates Part D late enrollment penalties
  • Provides a Special Enrollment Period once per quarter during the first 9 months of the year.

Get A FREE Quote Now!

If you qualify for the Medicare Savings Program, Medicaid, or LIS, better plan options may open up so it is imperative to get a Medicare Plan Review done to make sure you are receiving the best healthcare benefits available.

New health plans may open up with better benefits including more coverage for things like dental & vision, better copay’s, lower deductibles, free meal delivery, and Much More!!

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