A Beginner’s Guide To The Low-Income Subsidy Program
The Low-Income Subsidy Program (also known as LIS or Extra Help) is a federal health care program. It’s administered by the Social Security Administration (SSA) for Medicare consumers with limited income. The program helps Medicare beneficiaries with Medicare Part D costs. Fortunately for you, many people do not realize that they qualify for it. They assume that they make too much money to qualify for help or don’t see themselves as needing help. Therefore, this is a golden opportunity. You’ll help beneficiaries save money, and you’ll probably gain a sales lead as well!
Who Qualifies for the Low-Income Subsidy Program?
- Those who qualify for full Medicaid benefits (FBDE).
- Anyone enrolled in the Medicare savings programs (MSP).
- Medicare beneficiaries receiving Supplemental Security Income (SSI).
Other beneficiaries must apply for the Low-Income Subsidy Programs through the SSA because their income and assets must be below a certain level. The level changes every year. As a result, your clients may not know that they’re eligible!
How does the Low-Income Subsidy Program work?
LIS comes in the form of subsidies. Beneficiaries will receive checks to help pay for Part D expenses such as:
- Monthly premium
- Yearly deductible
- Co-Insurance and Co-Payments
- Prescription drugs
- Part D late enrollment penalty
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Why should an agent assist with Low-Income Subsidy Programs?
Because thousands of seniors and Medicare eligible people in your area may not even know that they’re eligible! Also:
- Special Election Period – Clients enrolled in the Low-Income Subsidy Program have a special election period, which means more enrollment time for you!
- Application Submission and LIS (Low Income Subsidy) Awards Letter – An incorrectly filed application can seriously cost beneficiaries. Therefore, they can save big by working with you.
- Cost Savings – Saves money for the beneficiary and creates an opportunity to obtain more coverage.
- Program Understanding- Beneficiaries can ask you questions in order understand the benefits of enrolling in LIS.
- Value Recognition- Helping our clients is the right thing to do. Also, the more help give, the more clients will value you.
- Beneficiary Experience- It gives you a chance to build relationships with clients. As a result, they will feel more comfortable talking about financial situations.
In addition, view our updated LIS guide with information about hosting LIS events here.