Medicare Financial Assistance

If you have Medicare and limited income and resources, you may qualify for financial assistance programs such as Extra Help (Low-Income Subsidy) and Medicare Savings Programs.

Extra Help (Low-Income Subsidy Program)
Extra Help is a federal program that helps pay for some to most of the out-of-pocket costs of Medicare prescription drug coverage. It is also known as the Part D Low-Income Subsidy (LIS).

Extra Help eligibility

  1. If your monthly income is up to $1,903 in 2024 ($2,575 for couples) and your assets are below specified limits, you may be eligible for Extra Help. 

    If you are enrolled in MedicaidSupplemental Security Income (SSI), or a Medicare Savings Program (MSP), you automatically qualify for Extra Help regardless of whether you meet Extra Help’s eligibility requirements. You should receive a purple-colored notice from the Centers for Medicare & Medicaid Services (CMS) informing you that you do not need to apply for Extra Help.

Extra Help benefits

The Extra Help program (also called the Part D Low-Income Subsidy) offers the following benefits:

Medicare Savings Programs help people with limited income and resources pay Medicare out-of-pocket expenses such as: premiums, deductibles and copayments. Available Medicare Savings Programs are Qualified Medicare Beneficiary (QMB), Specified Low-Income Medicare Beneficiary (SLMB) and Qualifying Individual (QI-1).

To apply for financial assistance, contact a certified Trident AAA SHIP counselor for application assistance anytime Monday through Friday, between 8 a.m. and 5 p.m. call (843) 554-2279.

What are the advantages of Medicare Savings Programs?Saving Money on Medicare Costs

Three of the four MSPs cover the Medicare Part B premium, which in 2024 is $174.70 a month. Enrollment in MSPs puts almost $2,100 back into the wallets of seniors/adults with disabilities.

Automatic Extra Help

Enrollment into MSPs automatically “deems” a person eligible to receive the Medicare Part D Extra Help subsidy. This benefit helps pay for prescription drugs and is estimated by the Social Security Administration to have an annual value of more than $5,000.