November 24, 2024
cbgadminSocial Security offices will required appointments after January 6, 2025
Starting January 6, 2025, the Social Security Administration (SSA) will require customers to schedule appointments for in-person services at local field offices, including requests for Social Security cards. This shift aims to reduce wait times, streamline service delivery, and enhance the overall customer experience. While the SSA continues to encourage the use of online and […]
October 13, 2024
cbgadminMedicare prescription drug payment plan for 2025
Medicare Prescription Payment Plan: This new option allows beneficiaries to spread out their out-of-pocket prescription costs over the course of the year through monthly payments, instead of paying in full at the pharmacy. This could be particularly helpful for those on a fixed income, as it helps smooth out expenses over time. However, it does […]
October 13, 2024
cbgadminPart-D $2,000 cap on RX drugs for 2025
Starting in 2025, Medicare Part D will have a $2,000 annual out-of-pocket spending cap on prescription drugs, significantly changing how costs are managed for people enrolled in Medicare. This change is part of the Inflation Reduction Act (IRA) of 2022 and is designed to make medications more affordable for Medicare beneficiaries. Here’s how the new […]
July 29, 2024
cbgadminSenate Bill Proposed to Cap Prescription Drugs Cost on Private Health Plans !
WASHINGTON, D.C. (WENY) — Earlier today, New York Senator Kirsten Gillibrand announced new legislation to cap prescription drug costs for families with private healthcare providers. The Capping Prescription Costs Act would cap annual prescription drug costs for both individuals and families that use private health insurance. This would build on other medical expense reforms like […]
July 25, 2024
cbgadminMedicare changes for 2025
In 2025, several significant changes are being implemented for Medicare, particularly for Medicare Part D and Medicare Advantage plans: Medicare Part D: Out-of-Pocket Spending Cap: A new $2,000 maximum out-of-pocket spending cap will be introduced for prescription drugs. This will provide financial relief and greater predictability for enrollees’ annual drug costs. Elimination of the Coverage […]
July 10, 2024
cbgadminInflation Reduction Act of 2022
The Inflation Reduction Act of 2022 includes several provisions aimed at reducing costs for Medicare beneficiaries. Here’s a detailed look at the key elements: 1. Prescription Drug Price Negotiation: Medicare Drug Price Negotiation: For the first time, Medicare is granted the authority to negotiate prices for certain high-cost prescription drugs directly with pharmaceutical companies. This […]
June 14, 2024
cbgadminDon’t Forget to Update Your Beneficiaries
Life changes fast. Whether it’s a new job, marriage, the birth of a child, or even a change in your financial situation, these events can significantly impact your life and future plans. One critical aspect that often gets overlooked in the midst of these changes is updating your beneficiaries. Here’s why keeping your beneficiary designations […]
May 29, 2024
cbgadminSocial Security Earnings Test
The Social Security Earnings Test is a set of rules applied by the Social Security Administration (SSA) to determine how much of your Social Security benefits will be withheld if you have income from working while receiving benefits before reaching full retirement age (FRA). Here’s a breakdown of how it works: Before Full Retirement Age […]
May 28, 2024
cbgadminMedicare Part B Immunosuppressive Drug Coverage
Medicare Part B Immunosuppressive Drug Coverage is a specific provision within Medicare that covers the cost of immunosuppressive drugs for individuals who have had an organ transplant. These medications are essential to prevent the body from rejecting the transplanted organ. Here’s a detailed explanation: Eligibility for Coverage Medicare Enrollment: To be eligible for Medicare Part […]
May 28, 2024
cbgadminMedicare’s Income-Related Monthly Adjustment Amount (IRMAA)
Medicare’s Income-Related Monthly Adjustment Amount (IRMAA) is an additional charge that some beneficiaries must pay in addition to their standard Medicare Part B and Part D premiums. This adjustment is based on the beneficiary’s income, with higher-income individuals and couples paying higher premiums. Here’s how it works: Determination of IRMAA 1. Income Assessment: The Social […]