Beginner’s Guide to Medicare Extra Help
Medicare Extra Help is an important support program for low-income enrollees. Specifically, this fund applies to program beneficiaries who cannot afford the premiums associated with Medicare Part D. However, before candidates submit their Medicare Extra Help application, it is important that they understand how this fund works. Not everyone qualifies to receive support through this program.
Medicare Part D Extra Help is awarded based on financial need. Furthermore, it is only applicable for enrollees who need help paying their premiums for this specific Medicare part. Therefore, if you want to enroll in the Medicare Extra Help program, it is important to understand if you qualify. Likewise, you need to plan on enrolling in this particular health insurance portion.
How do you qualify for Extra Help with Medicare?
There are specific Medicare Extra Help requirements you must meet in order to receive support through this program. These relate to your financial resources and earnings. Therefore, if you need Extra Help paying Medicare Part B premiums, remember that the Social Security Administration (SSA) will need to assess your funds. If you are single, your resource limit must total below $14,390. If you live with your spouse, your resource limit must be below $28,720. Furthermore, remember that the SSA will assess the value of the following assets to determine if you meet the resource limit:
- Funds in your savings and checking accounts
- Your retirement savings
- Stocks and real estate (excluding where you live)
- Cash and bonds
What are the income limits for Extra Help with Medicare?
There are specific Medicare Extra Help income limits you must meet if you want to receive this financial support. If you are a single applicant, your earnings cannot total more than $18,735. If you reside with your spouse, your collective income cannot exceed $25,365.
How to Apply for Medicare Extra Help
You can easily apply for Extra Help with Medicare Part D by submitting your enrollment materials online. In fact, you need to submit your request through the SSA website. However, if you do not wish to fill out your application for Extra Help with Medicare prescription drug plan costs online, you can file it in person. To do this, you must go to your closest Social Security office and apply. Call and schedule an appointment before you go. Alternatively, you can apply by calling the SSA at 1-800-772-1213.
When you decide to submit your Extra Help for Medicare Part D application, make sure you bring supporting documents with you. The SSA can only award you benefits if you qualify financially. Therefore, you need to bring the following documents with you when you are ready to submit your application:
- Social Security card
- Bank statements
- Statements regarding your retirement account, stocks and investments
- Income tax returns and pay stubs
- Proof of Railroad Retirement, veterans or Social Security benefits
How much does Medicare Extra Help pay?
The Medicare Part D Extra Help low income subsidy can help offset the costs you would otherwise be responsible for paying with regard to your health insurance. By estimation, this assistance network is valued at $4,900 annually. Many individuals qualify to get Extra Help with Medicare, but they are not aware that these savings are available. Therefore, if you think you could qualify but are not sure, apply anyway.
What does Medicare Extra Help cover?
Most people know this program as Extra Help with Medicare premiums. However, you can also use these benefits to cover deductible costs and co-pay fees. With this Medicare drug benefit Extra Help, you can make sure that you obtain the medical coverage you need without depleting your retirement funds.
Medicare Extra Help Part B
You may be wondering if you can get Extra Help paying Medicare Part B premiums. However, this is not available through this program. This program cannot offer you financial assistance to cover your Part B premium in the same capacity that it does for Part D. Regardless, you may qualify to enroll in a Medicare Savings Program, which can help cover your Part B costs.
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