In 2006, Medicare began providing prescription drug coverage called Medicare Part D. Medicare also provides extra help with the cost of prescription drugs for those who qualify. This is known as the Low-Income Subsidy (LIS) program.
Benefits of the Medicare Part D Extra Help/Low-Income Subsidy (LIS) Program
The Low-Income Subsidy (LIS) program helps pay for a portion of Part D prescription drug plan costs, including Part D premiums, deductibles and copayments. Depending on your income and assets, you may qualify for the full subsidy or a partial subsidy. All beneficiaries who qualify for the LIS program are permitted to change Part D plans once a quarter for the first 3 quarters with an effective date of change being the first of the following month. In addition, one change can be made in the last quarter of the year, with the effective date being January 1. Beneficiaries who have been identified as “at risk” for opioid abuse, may be further restricted from changing plans.
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