CMS has established the resource limits for which a Medicare beneficiary must be under to qualify for the 2021 Low-Income Subsidy (LIS). The limits are as follows:
- Full LIS – $7,970 ($11,960 if married)
- Partial LIS – $13,290 ($26,520 if married)
If beneficiaries notified the Social Security Administration (SSA) that they expect to use some of their resources for burial expenses, the limits are as follows:
- Full LIS – $9,470 ($14,960 if married)
- Partial LIS – $14,790 ($29,520 if married)
Here is a list of what is counted as resources for purposes of qualifying for LIS:
- Bank Accounts
- Resources that can be readily converted to cash within 20 days
- Real estate that is not the beneficiary’s primary residence
CMS will also be updating the income standards for LIS qualification after the 2021 federal poverty levels are released. These updates should be coming in early 2021.
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Remember that these are federal subsidies. Each state has their own subsidies, or Medicaid, application requirements that can be applied for as well.