Extra Help 10525 - Resources & Income
Extra Help 10525 – Resources & Income
Extra Help Rx - Publication 01525
Extra Help Rx – Publication 01525
Chubby Checker Video on Low Income Subsidy - Rx Drugs
Chubby Checker Video on Low Income Subsidy – Rx Drugs
Social Security Extra Help
Short Video from SSA.Gov
Understanding the Extra Help Publication 10508
Understanding the Extra Help Publication 10508

What if you have $$$ from Sale of Home and are buying a new home?

First, see our General Page on the Low Income Subsidy LIS  we will try not to duplicate the same information.

Your resources must be limited to$13,640 for an individual or $27,250 for a married couple living together. Resources include such  things as bank accounts, stocks and bonds.
We do not count your home, car or any life insurance policy as resources;
Learn More⇒Publication # 10525 * State Manual Page 5  * NCOA.org  *
30.5 Spenddown 30.6 Family Size 30.7 Financial Requirements 30.8 Evaluating Resources 30.8.1 Resource Standards 30.8.2 Resource Exclusions 30.8.3 Determining Countable Resources 30.8.4 Funds Held in Financial Institution Accounts
Q. What counts as income and resources?
A. The extra help has special income rules, based on but not identical to the rules for the Supplemental Security Income (SSI) program; the rules for counting resources are, for the most part, the same as the standard SSI resource rules.
Is there estate recovery?

 

1031 Exchange?  Nope, doesn’t apply to primary residence?
Other Pages in the Part D Rx Prescriptions  Section

3 comments on “What if you have $$$ from Sale of Home and are buying a new home?

  1. My husband and I receive LIS Low Income Subsidy help with our medicare part D premiums and help with our prescriptions. I am on disability and cannot afford all these meds.

    We are having to sell our home, we both have some health issues that our advantage plan won’t pay for, glasses, hearing aides and teeth. We also need a home without stairs. We won’t have enough money to purchase a new home so we are going to buy the health things we need and then pay the rest of the money on our sons home and move in with them. Will we lose our help or will we need to spend the money sold from our home within a certain timespan? Thank you so very much.

    • This is a very good question and I have another client in a similar situation. Please watch this page for any updates. The best answer I’ve received so far, is to find a properly credentialed financial planner or an elder law attorney.

      Since you are on LIS, I believe that you can change Advantage Plans at any time, or it may be that you get it only when you gain or lose LIS. Some of them may offer dental & vision at no charge. Others may charge a premium for dental & vision. Use the menu above to check out the plans we offer or this link where we would not be your agent, but do get a referral fee.

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