For 2024, the income limit for Extra Help with Medicare, also known as the Low-Income Subsidy (LIS), is generally 150% of the Federal Poverty Level. This translates to a monthly income of $1,903 for an individual and $2,576 for a couple.
Extra Help is a Medicare program designed to assist individuals with limited income and resources in paying for Medicare Part D prescription drug costs, including premiums, deductibles, and co-payments. Meeting the income and asset requirements is crucial for eligibility.
2024 Income and Asset Limits for Extra Help
To qualify for Extra Help in 2024, your income and assets must be at or below specific thresholds. These limits are updated annually and are based on the Federal Poverty Level (FPL).
Here are the specific limits for 2024:
| Category | Your Monthly Income Is Equal to or Below | Your Assets Are at or Below |
|---|---|---|
| Individual (Single) | $1,903 | $17,220 |
| Couple | $2,576 | $34,360 |
Understanding the Limits:
- Income Limits: These figures represent 150% of the Federal Poverty Level for individuals and couples, respectively. When applying, Social Security (which administers the Extra Help program) will review various types of income, including Social Security benefits, pensions, wages, interest, and dividends.
- Asset Limits: Assets include resources like money in bank accounts, stocks, bonds, and real estate (other than your primary residence). Certain assets are excluded from this calculation, such as the home you live in, one car, household items, burial plots, and up to $1,500 for burial expenses.
How to Apply for Extra Help
Applying for Extra Help is typically done through the Social Security Administration (SSA). You can apply online, call Social Security, or visit a local Social Security office.
Key things to remember when applying:
- Provide accurate information: Ensure all details regarding your income, assets, and household size are correct.
- Documentation: You may be asked to provide documentation to verify your income and assets.
- Automatic Qualification: In some cases, you may automatically qualify for Extra Help if you receive certain benefits, such as Medicaid, Supplemental Security Income (SSI), or help from your state to pay your Medicare Part B premiums.
Even if your income or assets are slightly above these limits, it is still advisable to apply. Social Security considers certain deductions for expenses (like money used for work or support of other family members) that could bring your countable income or assets below the threshold.
For more detailed information and to apply, you can visit the official Medicare.gov website.
