At Songer Benefits, we understand the frustration of navigating prescription drug plan gaps. Discovering that your prescription drug plan doesn’t cover a medication you need can be stressful, especially if it’s a critical medication or one that improves your quality of life. Fortunately, there are several strategies you can employ to address this issue effectively. […]
Understanding the Four Parts of Medicare: A, B, C, and D Navigating the world of Medicare can be overwhelming, especially with its various parts and coverage options. Whether you’re new to Medicare or seeking to understand it better for yourself or a loved one, knowing the differences between Medicare Part A, Part B, Part C, […]
Managing Rising Health Insurance Costs In 2024 As we progress through the calendar year 2024, employers are facing the perennial challenge of managing rising health care costs. Providing comprehensive health benefits is crucial for attracting and retaining top talent, but the soaring costs of medical care post a significant financial burden for businesses of all […]
According to a recent FAQ, the Departments of Labor, the Treasury, and Health and Human Services (“HHS”) (collectively, “the Departments”) intend to issue guidance that would require large insured group health plans and self-funded plans to treat all prescription drugs as essential health benefits (“EHBs”). Background Generally, employers who offer large insured group health plans […]
Why Reconciling Your Premium Tax Credit is Essential If you’re one of the many who benefited from advance payments of the premium tax credit in 2023 to lower your monthly health insurance premium, it’s imperative to report these amounts accurately on your tax return. Failure to do so not only risks potential penalties but could […]
The Internal Revenue Service (“IRS”) is reminding taxpayers that expenses related to nutrition, wellness, and general health are not likely to qualify as reimbursable medical expenses under Internal Revenue Code (“Code”) section 213. In a news release and frequently asked questions (“FAQs”), the IRS: Clarifies the requirement that reimbursable medical expenses must be related to […]
Employers sponsoring a group health plan (whether insured or self-insured) need to report information on the creditable (or non-creditable) status of the plan’s prescription drug coverage to the Centers for Medicare and Medicaid Services (CMS). In order to provide this information, employers must access CMS’s online reporting system at: https://www.cms.gov/Medicare/ Prescription-Drug-Coverage/CreditableCoverage/CCDisclosureForm.html. As a reminder, notice […]
Navigating the world of healthcare coverage can be challenging, especially as we age. Medicare provides a foundational level of health insurance for individuals over 65 but doesn’t cover everything. That’s where Medicare Supplement Insurance, also known as Medigap, comes in. This article will explore why Medicare Supplement Insurance is crucial to comprehensive healthcare planning. What […]
When securing your financial future in Beckley, West Virginia, one financial instrument that often comes up for consideration is the annuity. Annuities have become a retirement planning option, offering a unique blend of benefits and drawbacks. In this blog post, we will delve into the world of annuities, explicitly focusing on the key phrase “annuities […]
West Virginia employee benefits consulting must be considered in the intricate business world. These offerings extend beyond superficial perks; they are the bedrock of attracting and retaining top-notch talent. As an experienced health insurance agent specializing in West Virginia’s healthcare landscape, I’ve had the privilege of guiding numerous businesses in the state through the complex realm […]