What is Low Income Subsidy(LIS)? | Dave Silver Insurance | Florida's Medicare Enrollment Specialist

What is Low Income Subsidy(LIS)?

This Part D benefit provides financial assistance or “Extra Help” to those people with limited incomes and assets. If you’re eligible for this benefit, your Part D premiums, deductibles and co pays can be wiped out or significantly reduced.

With Extra Help you will not have to worry about the coverage gap (donut hole) because that too is eliminated.

Statistically speaking, approximately 33% of all Medicare beneficiaries are eligible for this benefit. Social Security estimates that “Extra Help could be worth an average of $4000 per year.”

Here are the income and asset levels for 2015 for LIS eligibility.

If you are single and your annual income is less than $17,505 ($1458.75 per month) and have assets of less than $13,440.

If you are married and your income is less than $23,595 ($1,966.25 per month) and have assets less than $26,680.

If you become eligible for Part D in 2015, you will be subject to a slightly higher set of asset thresholds.

Income determination includes:

Wages

Earnings from self employment

Social Security benefits

Pensions

Rental Income

Asset Determinations Include:

Stocks

Bonds

Savings

Rental Property

Asset that don’t count, include:

The home you live in and the land it’s on

Family Heirlooms

Wedding or Engagement Rings

Life Insurance policies

Call me for more information and LIS determination. Or you can apply online for LIS by going to:

https://secure.ssa.gov/i1020/start

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