In this class, we explored the Medicare Low-Income Subsidy (LIS) program, also known as Extra Help, which offers financial assistance to lower prescription drug costs for eligible individuals. We covered eligibility requirements, benefits, and the application process.

Key Takeaways and Next Steps:

Understand the Four Parts of Medicare
Medicare has four parts: Part A (hospital insurance), Part B (medical insurance), Part D (prescription drugs), and Part C (Medicare Advantage), which combines Parts A, B, and sometimes D.
Low-Income Subsidy (LIS) Eligibility
LIS is available to individuals whose income is below 150% of the federal poverty line. There are three levels of assistance, with varying degrees of cost reduction on prescription drugs.
LIS Benefits
LIS reduces prescription drug costs by covering deductibles, co-pays, and even late enrollment penalties. Some beneficiaries may even have a $0 co-payment.
Application Process
You can apply through the Social Security Administration, either online or by phone. Gather important financial documents such as bank statements, tax returns, and information on pensions and retirement accounts before applying.
Myths About LIS
You can still qualify for LIS even if you own a home or car. These assets do not disqualify you from the program.

For more information or to apply, visit the Social Security Administration at www.ssa.gov or call 1-800-772-1213.