Insurance Options of the Carolinas

09/13/2024

2025 Medicare D Changes

What changes are happening with Medicare D plans for 2025?

Medicare Part D is expected to have several changes in 2025, including:

1) Annual out-of-pocket cap

The annual out-of-pocket cost for prescription drugs will be capped at $2,000 for all Part D enrollees. This change/cap is a result of the Inflation Reduction Act (IRA) of 2022. The cap will be adjusted for inflation each year after 2025.

2) Elimination of the coverage gap phase

The coverage gap phase/donut hole will be eliminated.
All Part D plans will offer enrollees a Medicare Prescription Payment Plan called MP3. This option allows enrollees to spread out their prescription drug costs throughout the year. The insurance carriers will be sending directions to each client.

3) New midyear notification

Medicare Advantage plans will be required to send policyholders a personalized “Mid-Year Enrollee Notification of Unused Supplemental Benefits” statement in July of each year. It will list all supplemental benefits the policyholder has not used, the scope and out-of-pocket costs for claiming each one, and insurance on how to access the benefits.

Please be sure to look for your renewal information. You should receive it by the end of September. Let us know if you have questions, need assistance, or want to make changes. 704.618.3800

10/25/2023

Chilly outside? Try some chili!

This copycat Wendy's chili is a lighter yet hearty take on the original version. Lean ground beef is a healthy swap that helps keep saturated fat in check.

10/11/2023

Fun and tasty ideas for the family!

These super-tender pumpkin sugar cookies are perfectly spiced with just the right amount of pumpkin pie spice. The optional frosting is a sweet addition that adds more fall flavors.

10/04/2023

Quick, easy and HEALTHY dinner idea!

This one-pan salmon and potatoes recipe makes a healthy and satisfying weeknight dinner. Find out how to make this easy and delicious sheet-pan meal.

08/02/2023

https://www.eatingwell.com/gallery/8057916/low-calorie-high-protein-lunches-mediterranean-diet/

A salad is always a good idea - especially when it is warm out. I do not like to use my oven when it is warm outside. Try a salad!

Feel nourished and satisfied with these flavorful Mediterranean diet lunch recipes that are low in calories and high in protein.

07/27/2023

IRS Qualified Medical Expenses to run through an H.S.A.

If you have a qualified Health Saving Account Medical plan, be sure to contribute to your Health Savings Account to save money!

irs qualified medical expenses

07/26/2023

https://www.eatingwell.com/article/8054867/7-day-no-sugar-high-fiber-meal-plan-for-diabetes/

All of us can eat better! Even if you are not a diabetic, reducing sugar is always a good goal.

Read on for the details on this diabetes-friendly meal plan that's packed with fiber to help you feel full and satisfied all afternoon.

07/21/2023

Updated Form!

U.S. Citizenship and Immigration Services (USCIS) announced Friday a new Form I-9—which has been streamlined and shortened—that employers should use beginning Aug. 1.

07/19/2023

https://www.eatingwell.com/recipe/8055766/grilled-chicken-salad/

I love a good summer salad!

This grilled chicken salad is perfect for summer entertaining. You can make the dressing, marinate the chicken, pickle the onions and slice your vegetables ahead of time.

07/14/2023

Medicare Supplemental Plans and Foreign Travel

With summer in full swing, I thought it would be a good idea to talk about Medicare Supplements and Foreign Travel.

As a general rule, all Medicare Supplements do not cover foreign travel or may have limitations. I always suggest travel insurance for anyone leaving the country that has a Medicare Supplement. For me, peace of mind when traveling gives me one less thing to worry about. The 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, the Northern Mariana Islands, and American Samoa are considered part of the U.S. Anywhere else is considered outside the U.S.

Did you know - Medicare D drug plans don't cover prescription drugs you buy outside the U.S.?

Because Medicare has limited travel medical coverage outside the U.S., or no coverage at all, it is always best to explore the option of travel insurance before your trip.

If you would like to talk about travel insurance or get a quote, please reach out to us at 704.618.3800.

07/12/2023

Happy Wednesday! Need something new to eat for dinner tonight? I know I do! 😆

Stay tuned for a new recipe every Wednesday! 😄

Creamy Roasted Tomato Ricotta Pasta with Crispy Prosciutto: Great for nights when you’re craving cozy Italian and fresh summer flavors!

05/22/2023

2024 HSA Contribution Limits

Big news for HSA participants!

Annual HSA contribution limits for 2024 will be increasing in one of the biggest jumps in recent years, the IRS announced May 16: The annual limit on HSA contributions for self-only coverage will be $4,150, a 7.8 percent increase from the $3,850 limit in 2023. For family coverage, the HSA contribution limit jumps to $8,300, up 7.1 percent from $7,750 in 2023.

Participants 55 and older can contribute an extra $1,000 to their HSAs. This amount remains unchanged.

Meanwhile, for 2024, a high-deductible health plan (HDHP) must have a deductible of at least $1,600 for self-only coverage, up from $1,500 in 2023, or $3,200 for family coverage, up from $3,000, the IRS noted. Annual out-of-pocket expense maximums (deductibles, co-payments and other amounts, but not premiums) cannot exceed $8,050 for self-only coverage in 2024, up from $7,500 in 2023, or $16,100 for family coverage, up from $15,000.

The IRS also announced it will raise the maximum amount that employers may contribute to an excepted-benefit health reimbursement arrangement (HRA) in 2024 to $2,100—up from the 2023 amount of $1,950.

The detail of the increases are available in IRS Revenue Procedure 2023-23 and take effect in January 2024.

The HSA limits are released every April or May by the IRS—ahead of other limits such as flexible spending accounts and 401(k) contributions. This early release of information allows employers and HSA administrators plenty of time to adjust their systems.

Credit : SHRM Article 5.17.23