If so, this is most likely because your income is above the base level amounts for the Part B Premiums ($85,000 / year for single, or $170,000 /year for joint filers).
These Income Related Monthly Adjustment Amounts (IRMAAs) are intended to have higher income earners pay a higher portion of their Part B (and Part D) expenses to the government.
Here is a short video that helps explain the IRMAAs as well.
We also wanted to send out the link to the form SSA-44 that you can use to Appeal the IRMAAs if you had one of the key qualifying events (e.g. retired, windfall, etc.) in a prior year's income that was used to determine your IRMAA.
You must start the appeal process within 60 days of receiving the letter from the government about the IRMAA, so if you received the IRMAA letter in November, you're appeal window may be running out.
You can give us a call if you have any questions and/or if you would like to review your Medicare Supplement Plans to make sure you have the most cost-effective options.
Call now -
908-272-1970 (Cranford Office) or
856-866-8900 (Moorestown Office)
2018 was another amazing year!
While our Annual Enrollment Period (AEP) was not flawless (it was pretty close :-), we are very pleased with the results and we hit a huge milestone of $2 Million + in savings that we were able to find for our clients on their Annual Part D Prescription Plan Review and Recommendations.
We reviewed Part D Plans for over 1,800 of our clients who responded to our reminder notifications in August & September for the Annual Enrollment Period.
We had a higher percentage of "Switch" recommendations this year. For over 50% of the Reviews, we recommended a switch due to the savings available with another Plan. In prior years, we were closer to 25% of recommendations resulting in a different plan.
At Senior Advisors, we take a lot of pride in helping our clients save money on their Medicare Plans and continue to get great coverage. We look forward to breaking $3M in Part D Savings for the Annual Enrollment Period in 2019 (Oct 15 - Dec 7).
In prior years, we didn't hear about changes to Medicare & Social Security until November/December for the following year.
However, on Friday 10/12/18, the Government Announced 2019 Changes to Social Security & Medicare which are summarized below.
For the Part B Premiums, Part B Income Related Monthly Adjustments, and Part D Income Related Monthly Adjustments there were also minimal increases for 2019.
Overall, this is very good news for individuals on Social Security and Medicare. The increase in the Social Security check should far outweigh the increase in Medicare costs for 2019.
With Medicare Annual Enrollment quickly approaching, a government Watchdog group found issues with Denials of Care for Medicare Advantage Plans.
If you are in a Medicare Advantage Plan or considering enrolling in one, we recommend you read the article so you are aware of the potential for Denials of Care with a Medicare Advantage Plan.
In the beginning of October, we will have an opportunity to review your Prescription Drug Plan for 2019. It is very important that you take advantage of this opportunity and provide us with your latest prescriptions so we can complete the Drug Plan analysis for 2019.
There are about 25 different Part D Plans to choose from, Medicare Part D coverage changes every year, and the Prescription plans change every year. Here is a link with some details regarding the specific changes to the drug plans in 2019.
This year, we have a new online form that you can use to submit your RX information.
After you submit the RX information online, you will get an immediate email acknowledgement with an estimated processing time, which should be reduced significantly from prior years. The online form is pretty straightforward, but here is a link to a quick video which explains how to use our online form.
If your drug list hasn't changed, we still need you to complete the online form so we can ensure we have the correct drug information for the Part D Analysis.
If you are not taking any medications, please quickly fill out the online form and check the box “I am not currently taking any medications.”
The deadline to submit your form to us is November 15, but please do not wait until the last minute if you are able to submit sooner.
Our target turn-around times are below.
Do not submit your RX Forms after November 15 - we will not be able to guarantee that we will be able to review the Part D analysis and make a recommendation in time to make the December 7 deadline.
We look forward to enrolling you in the right 2019 Part D Plan for your specific situation.
In February, the BiPartisan Budget Act of 2018 was passed which had some positive impacts on Medicare beneficiaries with expensive medications starting in year 2019.
Specifically the cost of brand name drugs in the donut hole will drop from 35% in 2018 to 25% in 2019. Additionally, the time spent in the donut hole (before reaching Catastrophic Coverage) will be reduced in 2019 due to an increase in the Pharmaceutical discount on brand name drugs from 50% in 2018 to 70% in 2019.
You can find out more about these 2019 Part D changes and how it impacts the donut hole in this short video below.
Understanding the healthcare options available to you as you near the age for Medicare eligibility can seem overwhelming, particularly with knowing when to enroll. While enrollment deadlines vary depending on certain circumstances, missing a deadline can cost you money. Use this guide familiarize yourself with Medicare enrollment guidelines so you’re ready for your eligibility period.
On Friday, the FDA released an article regarding a recall of a popular generic blood pressure medication called "Valsartan".
If you are currently taking Valsartan, I recommend you read the entire article. However, below is a short snippet from the letter regarding some actions to take.
Information for Patients and Health Care Professionals
what is the medicare Cobra trap? and how to avoid it!
July 16, 2018 (Session #7) Topic:
What is the Medicare Cobra Trap and How can I avoid it?
Some of the questions that were asked in this Live Video:
- Is the COBRA situation the same if you get coverage thru a package from your employer if you are released when you are 65?
- So is there any reason to take the employer coverage under that situation? Does the coverage act like Medigap or what?
- I'm currently on sick leave from my place of employment, on COBRA and applying for SS Disability. I will be eligible for medicare in November. Can I just stop my COBRA?
- if you retire in March and have Medicare Part A & B and took company paid Cobra until September 30th. When do you need to sign up by for a supplement & part D?
"Do i have to sign-up for medicare at 65?"
July 9, 2018 (Session 6) Topic: Do I have to sign-up for Medicare at age 65?
Some of the questions that were asked in this Live Video:
- If someone is turning 65 and staying on their employer health plan with 20 plus employees, do they need A&B?
We started a new weekly Live Q&A session on Facebook for Medicare related questions. The format for these weekly FB Live sessions is a brief topic of discussion (3-5 minutes) following by Live Q&A (10-20 minutes). The Live Q&A can be for ANY medicare related question - it does not have to relate to the Topic being discussed that week. To get more information, you can go to our website (www.senior-advisors.com) or you can call me directly at 908-481-5651 with any Medicare-related questions. You can follow us on Facebook to join our future Live weekly Q&A sessions - https://goo.gl/MqFzUn
See bio here