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IL Estate Planning Blog

Tuesday, August 14, 2018

Are You Eligible for Food Stamps? ALSO "Extra Help" for Medicare Part D Participants

ARE YOU ELIGIBLE FOR FOOD STAMPS? 

Food Stamps, also known as SNAP (Supplemental Nutrition Assistance Program), no longer have an asset eligibility requirement for people 60 years of age or older or for persons with disabilities.

SNAP asset limits have been completely removed for those who are elderly or disabled.

The income limits have also increased for these populations.  Monthly gross income for persons 60 and over or persons with disabilities is $2,010.00 for a household of one and $2,707.00 for a two-person household.  The basic SNAP benefit is $15.00 monthly.  However, if rent, mortgage, or medical expenses are very costly, or your income is very low, you may qualify for a higher benefit.

 

"EXTRA HELP" FOR MEDICARE PART D PARTICIPANTS

People with Medicare Part D may qualify for a program called "Extra Help", also known as LIS (Low Income Subsidy).  Extra Help lowers out-of-pocket expenditures for prescriptions for individuals with low incomes and minimal assets.  Many who qualify pay no premiums or deductibles for Medicare Part D.  Qualified participants in this program can save $100s, possible $1000s per year on Rx costs.  To be eligible, your income and assets cannot exceed the following limits:

Extra Help Full Subsidy:

One Person Two Persons 

$1,386 monthly income $1,872 monthly income

$9,060 in assets $14,340 in assets

 

Extra Help Partial Subsidy:

One Person Two Persons

$1,538 monthly income $2,078 monthly income

$14,100 in assets $28,150 in assets


 

 

 


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