Low Income Subsity

Medicare prescription drug coverage is available to anyone who has Medicare. Additionally, individuals with limited resources and income may be eligible for Extra Help with costs related to their Medicare prescription drug plan, including monthly premiums, annual deductibles, and prescription co-payments. This assistance is valued at approximately $5,300 per year, yet many who qualify are unaware of it. To determine eligibility, Social Security requires information on savings, investments, real estate (excluding primary residence), income, and spousal information if applicable. To apply for Extra Help, one must complete the Application for Extra Help with Medicare Prescription Drug Plan Costs (Form SSA-1020).To be eligible for Extra Help, one must have limited resources, which are defined as $16,660 or less for individuals and $33,240 or less for married couples living together.

Resources encompass the value of an individual's assets, including real estate (excluding primary residence), bank accounts such as checking, savings, and certificates of deposit, stocks, bonds (including U.S. Savings Bonds), mutual funds, individual retirement accounts (IRAs), and cash on hand or elsewhere. There are several exclusions from the resources that we consider, such as: your primary residence, personal possessions, vehicle(s), items that cannot be easily converted into cash (such as jewelry or home furnishings), rental property or land that you use for growing produce for home consumption, non-business property that is essential to your self-support, life insurance policies, burial expenses, and interest earned on money designated for burial expenses.

Additionally, certain funds may not be counted for up to 9 months, including retroactive Social Security benefits or Supplemental Security Income (SSI) payments, housing assistance, tax advances and refunds related to earned income tax credits and child tax credits, compensation received as a crime victim, and relocation assistance from a state or local government. For information on other excluded resources, please contact Social Security.To be eligible for Extra Help, an individual's annual income must not exceed $21,870, while for a married couple living together, it should not exceed $29,580. However, even if your income exceeds these amounts, you may still qualify for some assistance, especially if you or your spouse support other family members who live with you, earn income from work, or live in Alaska or Hawaii. Certain cash payments do not count as income, such as Supplemental Nutrition Assistance Program (food stamps), housing assistance, home energy assistance, medical treatment and drugs, disaster assistance, earned income tax credit payments, assistance from others to pay household expenses, victim's compensation payments, and scholarships and education grants.The numbers ae derived form ssa.gov Please contact us here to get a complimentary review of your eligibility options: Medicare Plans Hawaii

Medicare prescription drug coverage is available to all Medicare beneficiaries, but those with limited resources and income may qualify for Extra Help with their prescription drug plan costs. This assistance can cover monthly premiums, annual deductibles, and prescription co-payments, and is valued at around $5,300 annually. However, many eligible individuals are unaware of this program.

To apply for Extra Help, you must complete the Application for Extra Help with Medicare Prescription Drug Plan Costs (Form SSA-1020) and provide information about your savings, investments, real estate (excluding primary residence), income, and spousal information (if applicable).

To be eligible for Extra Help, you must have limited resources, which means having $16,660 or less in assets for individuals and $33,240 or less for married couples living together. Resources include real estate (excluding primary residence), bank accounts, stocks, bonds, mutual funds, IRAs, and cash on hand.

There are several exclusions from the resources we consider, such as your primary residence, personal possessions, vehicles, items that cannot be easily converted into cash, rental property or land for home consumption, non-business property essential to self-support, life insurance policies, burial expenses, and interest earned on money designated for burial expenses. Certain funds may not be counted for up to 9 months, including retroactive Social Security benefits or Supplemental Security Income (SSI) payments, housing assistance, tax advances and refunds related to earned income tax credits and child tax credits, compensation received as a crime victim, and relocation assistance from a state or local government.

To qualify for Extra Help, your annual income should not exceed $21,870 for individuals and $29,580 for married couples living together. However, even if your income exceeds these amounts, you may still qualify for some assistance if you or your spouse support other family members who live with you, earn income from work, or live in Alaska or Hawaii. Certain cash payments do not count as income, such as food stamps, housing assistance, home energy assistance, medical treatment and drugs, disaster assistance, earned income tax credit payments, assistance from others to pay household expenses, victim's compensation payments, and scholarships and education grants.

If you're interested in finding out more about your eligibility options, please contact Medicare Plans Hawaii for a complimentary review.

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