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Extra Help income limits 2024

    Home General Articles Extra Help income limits 2024
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    Extra help income limits 2024

    Extra Help income limits 2024

    By Ed Crowe | General Articles | 0 comment | 24 March, 2024 | 0

    Extra Help income limits 2024

    Medicare Extra Help is a federal program put in place to help individuals whose income and financial resources are limited.  It provides help for those who qualify to pay the costs of their Medicare prescription drugs. The subsidies provided by this program cover premiums, deductibles, as well as co-pays for the costs of Medicare prescription drug plans (Part D).  To qualify for this program, individuals must meet the income criteria set by the federal government each year.  In this post, we will go over the Extra Help income limits 2024.

    How to Qualify for Extra Help

    1.  Be a U.S. citizen or legal resident

    To enroll in Original Medicare, individuals must either be a United States citizen or a legal resident for at least 5 years. In turn, to enroll in Medicare’s Extra Help program, an individual must qualify for Medicare.

    2. Enroll in Medicare Part A and/or Part B

    Beneficiaries must be enrolled in at least one part of original Medicare. They do not need to enroll in Part D before applying for Extra help.  If the beneficiary does not currently have Part D coverage, they are automatically enrolled in one once the Extra Help is approved.

    3.  Meet resource and income limits

    Individuals cannot exceed the asset and income limits to qualify for Extra Help.  If an individual is eligible for Medicaid or any of the Medicare Savings Programs, they automatically qualify for Extra Help. Individuals do not have to apply for Extra Help if they automatically qualify.  They will be enrolled in the Extra Help program as well as a Medicare drug plan.

    Extra Help Income and Resource Limits 2024

    Important: the Extra Help income limits are based on the adjusted gross income reported on the individual’s tax return.  Governmental assistance such as food stamps, housing or home energy assistance do not negatively impact your acceptance.

    Marital Rights Resource Limit 2024 Resource Limit with Burial Expenses 2024 Extra Help Income Limit 2024
    Single $17,220 an additional $1,500 $22,590
    Married $34,360 an additional $3,000 $34,360

     

    In some instances, individuals with income that exceeds the limit may still qualify for Extra Help.  The following circumstances may allow for special consideration of Extra Help acceptance:

    1. If the individual provides financial support for other family members who reside with them.
    2. When the beneficiary earns money by working.
    3. Anyone who lives in either Alaska or Hawaii.

    Because resource limits also count towards determining eligibility, we listed a few examples of what does and does not count below.

    These are some things that count as resources:

    1.Money in Checking or savings accounts

    2.Real estate that does not include a primary residence.

    3. Stocks, Bonds & Mutual funds, IRAs or cash

    These are some things that DO NOT count as resources:

    1. An individual’s primary residence

    2. Any vehicles owned by the individual

    3. Expense set aside for the individual’s burial; this includes interest on money set aside for burial

    4. Personal belongings

    For a comprehensive list of what does and does not qualify, contact the local Social Security office.

    Drug costs with Extra Help

    Individuals who receive Extra Help pay reduced out-of-pocket costs for prescription drugs. In 2024, those who qualify for full Extra Help pay up to $4.50 for generic drugs and up to $11.20 for brand-name drugs. If total drug costs reach $8,000 (this includes what beneficiaries pay and what their plan pays) they pay $0 for covered drugs.

    Additionally, those who did not enroll in Medicare Part D when first eligible, don’t pay the late enrollment penalty if accepted in the program.

    How to apply for Extra Help

    • Apply online at www.ssa.gov/medicare/part-d-extra-help.
    • Beneficiaries can call Social Security at 1-800-772-1213 (TTY 1-800-325-0778) to either apply over the phone or request an application.
    • Visit your local Social Security office to apply.  Click here to locate a local office.

    After the application is submitted, Social Security sends a letter to let the beneficiary know if they qualify and what level of Extra Help they will receive.

    Extra Help is crucial for individuals who require assistance with the costs of prescription drugs. Understanding the requirements is the first step to finding the necessary help to ensure the needed coverage is received.

    If you like the image in this post and want to view more from this artist, click here

     

     

    2024 Extra Help ,Extra Help income limits ,Extra help income limits 2024 ,Financial assistance programs for Medicare beneficiaries ,Medicare ,Medicare agent information ,medicare coverage ,medicare information ,Medicare Part D ,Medicare Plans

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