In August of 2022, the Federal Government passed the Inflation Reduction Act bill which included numerous provisions related to Medicare drug pricing One of the provisions in this Bill will allow HHS (Health and Human Services) to negotiate drug pricing for the Medicare program.  T he first 10 drugs were just selected for negotiation and they are listed below. The negotiation will take several years and the new pricing will take effect in 2026. Fiasp; Fiasp FlexTouch; Fiasp PenFill; NovoLog; NovoLog FlexPen; NovoLog PenFill These are all high-cost drugs that we see each year during o ..read more

Each year, there are changes to the Part D Prescription Drug Coverage of Medicare.  We won't have visibility to the actual Part D Plans until October 1, but there are some structural changes that occur each year with Part D.  Key updates for 2024 are below.  increase of $40 from $505 in 2023 to $545 in 2024  increase of $370 from $4,660 in 2023 to $5,030 in 2024 increase of $600 from $7,400 in 2023 to $8,000 in 2024 The government sets a maximum deductible amount for the Part D Plans.  In 2023, the maximum deductible was $505.  In 2024, th ..read more

Every year in February or March, we head to Washington D.C. for the annual Capitol Conference for our Association (National Association of Benefits and Insurance Professional, NABIP; formerly National Association of Health Underwriters, NAHU). The last couple of years were not the same (due to COVID), but it was great to be back in person this year. that our group focuses on each year. We schedule meetings with our Congressman/Congresswoman to discuss these key issues and ask for support to improve the healthcare system. This year, we met with our new and we focused on the issues mentioned bel ..read more

Last week, the state of NJ released their 2023 income levels for State Prescription Assistance Programs.  These are very helpful programs for individuals that have lower income and expensive medications. The PAAD income eligibility limits for calendar year 2023 are: The SENIOR GOLD income eligibility limits for calendar year 2023 are: Application for both programs can be made via the NJ SAVE paper application, or on-line. - MORE INFO CAN BE FOUND HERE ..read more

Every year in Sept/Oct, we send out reminders to our clients to complete their updated Rx form so we can review their Part D Plans for the following year. Oct 15 to Dec 7 is the one opportunity each year to review and change the Part D Plan for the following year.  This is a very important opportunity because the Part D Plans change every year; so even if your drugs haven't changed, your current Part D Plan may not be the best Part D Plan for the following year. Since 2018, we have been tracking the Savings Projections for the Part D Recommendations we send our clients each year.  If ..read more

2022 was another busy year for Medicare and for Senior Advisors. Some of the key highlights can be found in the short video above. 14% increase in Part B premiums from 2021 to 2022 April 2022 - Social Security offices reopen April 2022 - HHS Report on Medicare Advantage Denials August 2022 - Inflation Reduction Act Signed which significantly changes Part D Prescription Pricing Sept 2022 - CMS announces Part B premium and deductible Senior Advisors Part D recommendations had savings of ~$3.6m in 2022 ($10m+ over the last 5 years) We hope everyone has a fantastic 2023 ..read more

Team dinner with Chef Brett Smith At the end of another successful year, we like to do a team dinner with our staff and significant others. In prior year's, we have gone to a nice steakhouse and had a nice meal. This year, we tried something different and hosted at our house with a   It was an amazing meal/experience. I met Brett years ago, training together at a gym. He is a likable, hard-working guy. I began following him on Social Media and watched him start his business in 2021.  The pictures of his meals look absolutely amazing so I had to give it a try this year for our team di ..read more

CMS just announced the updated Part B premiums for 2022. This is the largest premium and deductible increase we have seen in years. the main reasons for the increases are to... "prepare for expenses, such as spending trends driven by COVID-19, and prior Congressional action in the Continuing Appropriations Act, 2021 that limited the 2021 Medicare Part B monthly premium increase during the COVID-19 pandemic. It also reflects the need to maintain a contingency reserve for unanticipated increases in health care spending, particularly certain drug costs. There is significant uncertainty regarding ..read more

Every year, the non-partisan Medicare Trustees Group in Washington D.C. issues a report regarding the Financial state of the Medicare Program. Below are some links to prior years articles we wrote on this topic: The report is normally released in the Springtime.  This year, we anxiously awaited the report to see the impacts of the recent Pandemic. A few days ago the 2021 Report was released. You can find the full report here. Some of the key highlights of the report: The Medicare Part A Hospital Trust Fund is still targeted to be unable to handle the full expenditures by (We are a little ..read more

Secure Act 2.0 (HR-2954) passed the House of Representatives on March 29, 2022 by an overwhelming majority 414 to 5. This bill is intended to provide additional opportunities for Americans to save for retirement. The short video above some of the key highlights of this bill: Expand Catch-Up Contributions (aged 62-65, $10,000+/year) Delay RMDs – from age 72 to age 73 (2022), age 74 (2029), age 75 (2032) Mandatory/Automatic Enrollment in Retirement Plans for Employees Authorize Student Loan Matching for Employers The current law allows individuals age 50+ to contribute an extra $6,500 per year i ..read more