Tuesday, December 23, 2014
We are in the business of helping people with their Medicare options and we get the opportunity to really listen to what is important. It is heartbreaking to meet with an aging member of our community and have them tell us they can't fill their prescriptions. Not taking prescriptions can be life threatening or shorten someone's life.
It is very stressful to be sick. It is even more stressful to be on a fixed and/or limited income and not being able to afford your medications.
How does a senior decide between paying their rent or mortgage and paying for their medications?
More than 300,000 American's are now taking medication with an annual cost of $50,000.00. Many of the the Cancer medications cost $10,000.00 per month. Even with a Part D prescription plan the cost sharing is unaffordable. Then there is the "gap or the donut hole" where the burden is shifted back to the insured. They won't see any relief until they have spent $4700.00 out of pocket. Many of the newer drugs are not found on drug plan formularies meaning the are not covered by the plan at all.
Some can get extra help from VA benefits. Drug manufactures are offering financial assistance and often free medications to those who are the most needy. Those are not unlimited funds though and the benefits can be depleted quickly.
Many people don't know the true cost of their medications in the initial coverage stage because they are paying a copay. They are learning the hard way when they suddenly end up in the "gap".
We urge consumers that are unable to pay for their medications to let their legislators know. Call or write your Congressman. Speak out and be heard. If you don't tell them they don't know. If you don't know how to do that ask a family member or friend to help.
Posted by C. M. Elkins at 6:21 AM
Thursday, December 18, 2014
Whether you choose to call it a "tax penalty" or a "fine" in the year 2015 going without health insurance is going to be costly. The price tag is $325.00 for each adult or 2 percent of your family income, which ever is greater. This could cost a family $1,000.00 or more.
It has come down to going without health insurance is not only financially risky it is costly. The law has a mandate that the IRS is overseeing. You will answer questions on your tax return inquiring about the status of your health insurance. If you have children dental insurance is also mandatory and will automatically be added to your coverage.
There are hardship exemptions for those that fit the criteria to request an exemption. Completing forms are required to receive an exemption.
It seems that the general public is still very confused about the criteria of fulling the requirements of the law.
If you have questions about the law you can seek the services of a licensed insurance specialist focused the Affordable Care Act. Since some of the law is related to tax penalties your tax advisor will be able to talk to you about the tax requirements of the law.
To learn more about the law visit our website
Posted by C. M. Elkins at 6:31 AM