Understanding the concept of income-related monthly adjustment amounts (IRMAAs) is crucial for anyone navigating the Medicare system. In simple terms, an IRMAA is an extra charge added to your monthly Medicare Part B (medical insurance) and Part D (prescription drug coverage) premiums if your income is above a certain threshold. It serves as a mechanism to ensure …
ISSUE SUMMARY: Seniors who are enrolled in COBRA coverage but are eligible for Medicare face financial penalties for not enrolling within the mandated time-frame. However, seniors who are enrolled in similar employer-sponsored plans are not penalized as their coverage is considered creditable for Medicare. Switching from a COBRA plan to Medicare could be disruptive for …
The first major U.S. health insurers have agreed to start paying for the popular anti-obesity drug Wegovy for certain people on Medicare with heart-related conditions. CVS Health, increase; green up pointing triang Elevance Health and Kaiser Permanente said they would cover Novo Nordisk’s Wegovy for the use of reducing the risk of heart attacks and strokes in people who …
The Internal Revenue Service (IRS) issued a new rule in early 2023, called “The Family Glitch”. This new rule reversed the IRS’ most recent affordability standard, which was implemented in 2013. The affordability of a plan was based on the cost of the employee-only coverage. This prevented family members of an employee who had access …
The Medicaid coverage gap refers to a group of uninsured individuals in states that did not expand their Medicaid programs. They are not eligible for Medicaid, yet at the same time not eligible for subsidies offered by the Affordable Care Act. Therefore, making both forms of affordable health insurance inaccessible. There are approximately 2.4 million Americans in this coverage gap, according to …
Guidance on Failure to File and Reconcile (FTR) operations for Plan Year 2023: Early in the new year following Open Enrollment (OE), the Marketplaces that use the federal eligibility and enrollment platform will typically perform a recheck of Internal Revenue Service (IRS) data to verify whether those who attested on the application filed and reconciled …
Latest on Dignity’s Decision to Leave the AZ Blue Network It looks like Dignity’s corporate owner, CommonSpirit, reached a new low last week when they placed an ad with so much false propaganda, it was hard to know where to start. See below for the latest fact check. Multiple physician practices have advised AZ Blue …
Proposed rule would limit duration of coverage under short-term health plans to 4 months Rule would roll back limits from the current rule, which allows STLDI plans to have terms of less than 12 months and maximum total durations up to 36 months including renewals and extensions. See short-term insurance rules and availability in your …
The dates for Open Enrollment can be a little confusing, so below is a breakdown of key dates for Open Enrollment 2024. The Marketplace Open Enrollment Period generally runs from November 1 to January 15. Consumers who enroll by midnight on December 15 (5 a.m. EST on December 16) can get full-year coverage that starts …
Navigating the world of health insurance can be overwhelming and confusing. With so many options and changes in the healthcare industry, it can be challenging to find the right coverage for your needs. That’s where a health insurance agent comes in. A health insurance agent is a licensed professional who can help you understand your …
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