Social Security Low Income Subsidy, also known as “Extra Help”, is for anyone who has Medicare and Prescription drug coverage.
This program is available for some people with limited income and resources. It will pay for all or most of the monthly premiums and annual deductibles and lower the prescription co-payments related to their plan. The Extra Help is estimated to be worth an average of $3,900 per year. To find out if you are eligible, Social Security will need to know your income and the value of your savings, investments and real estate (other than your home). Requirements for 2017 to qualify for Low Income Subsidy are as follows :
1. Income limited to $18,096 for an individual or $24,360 for a married couple living together.
2. Resources limited to $13,820 for an individual or $27,600 for a married couple living together. Resources include such things as bank accounts, stocks and bonds. A house and car are not counted as resources.
For more information call Social Security toll free at 1-800-772-1213 or visit www.socialsecurity.gov.