A Low Income Subsidy Program (also known as Extra Help) is a federal program administered by the Social Security Administration (SSA) for Medicare consumers who have limited income. Medicare beneficiaries can qualify for extra help with Medicare Part D prescription drug cost. This financial aid can help many people with their day to day life, and many people do not realize that they qualify for it.
Who Qualifies for Low Income Subsidy Programs?
Medicare beneficiaries are eligible for Low Income Subsidy Programs. They automatically qualify and do not have to apply separately.
Other beneficiaries must apply for the Low Income Subsidy Programs through the Social Security Administration (SSA) or their state Medicaid programs:
How does Low Income Subsidy Programs work?
They help pay for Medicare Part D expenses such as:
Why should an agent assist with Low Income Subsidy Programs?
Special Election Period- Clients enrolled into Low Income Subsidy Programs have a special election period that can be used to enroll clients during Lock-In.
Application Submission and LIS (Low Income Subsidy) Awards Letter- The application is completed immediately. Average awards letter is produced within 10-14 business days.
Cost Savings- Saves money for the beneficiary and creates an opportunity to obtain more complete health care coverage.
Program Understanding- Beneficiaries can ask the agent questions in order understand the benefits of enrolling in LIS.
Value Recognition- Helping our clients is the right thing to do. The more help you are willing to give, the more the client will value you as an agent.
Beneficiary Experience- It provides the opportunity for the agent to build relationships. When you take the time to create a good relationship with the client, they will feel more comfortable talking about financial situations. Or discussing concerns they may have.
To find more tips, keep a look out for SMA University which is coming soon!