Here are a few key points I would share with Mrs. Fields regarding the Part D low-income subsidy for Medicare:
- The extra subsidy can be very helpful in reducing her prescription drug costs if she qualifies based on income and assets. It could save her thousands of dollars per year.
- To qualify, her annual income must be below $19,320 as an individual or $26,130 as a married couple living together. Her assets must also be below $14,790 as an individual or $29,520 as a couple.
- If she qualifies, the subsidy will cover all or part of her Part D monthly premium, yearly deductible, and prescription copays. This provides much lower out-of-pocket drug costs.
- Applying involves completing a short application with Social Security. She'll need to provide information on her income, assets, and prescriptions. Approval/denial is usually received within 1-2 weeks.
- If approved, the subsidy is applied automatically to her Part D plan and provides immediate savings. She does not need to change plans.
- The subsidy also eliminates any late enrollment penalties she may currently have on her Part D premium.
- It's free to apply and see if she qualifies. There's no downside, so it's likely worth her time to submit an application. The potential savings could be significant.
Let me know if you have any other questions! I'm happy to help explain the Part D low-income subsidy in more detail.