There are some options available to you if you can’t afford your Medicare or Part D premiums. For Part D, there is something called Extra Help or Low-Income Subsidy (LIS). LIS can help some low-income Medicare beneficiaries with their Part-D costs. To qualify for LIS, you must be enrolled in Medicare and be below certain income and assets limits. LIS extra help can reduce not only your Part D premiums but also your copays, coinsurance and even reduce or eliminate the Part-D late enrollment penalty. LIS applies to stand-alone Part-D plans and the Part-D segment of MAPD plans. To determine if you are eligible for LIS, contact an independent Medicare agent or call the Social Security Administration. In addition to these programs that help with premiums and out-of-pocket costs (deductibles, copays, coinsurance), other programs can help with the cost of individual prescription drugs. Call Kevin Leinum Medicare Agent – your local Medicare Expert about what Medicare covers or how enrolling in a Medicare Advantage or Medicare Supplement plan can improve your coverage and reduce your out-of-pocket costs.
