Blogs and Forms
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Medicare Basics Webinar hosted by Jessica Marschall, CPA February 2024
Jessica Marschall, CPA of Marschall Accounting Services welcomes Bethany Sullivan with Sullivan Health Care Solutions to share her knowledge of Medicare. Topics include qualification, timing of enrollment, delaying coverage for those working past age 65, types of plans and how they provide coverage and legal rules to avoid lifetime penalties.
IAG Wealth Partners Hosts 2024 Medicare Basics program on August 21, 2024
If you are Medicare eligible soon, you will want to listen to this recorded presentation.
IAG Wealth Partners presents their August 2024 Focus on Education and is pleased to bring you an educational seminar: What you need to know about Medicare, presented by Bethany Sullivan of Sullivan Health Care Solutions. Topics include; Is Medicare right around the corner for you? Or, if you are already on Medicare, learn why it's important to quote your Part D medication plan or Medicare Advantage Plan each year and much more.
Medicare Timeline - Important Dates
Form CMS-L564, also known as the Request for Employment Information form is used to verify employment-based health insurance coverage when applying for Medicare. This form is required when applying for Medicare in a Special Enrollment Period or when signing up for Medicare Part B after age 65. The purpose of the form is to prove to the government you were eligible to delay Medicare enrollment without a penalty because you had health insurance through your employer. As the applicant, you complete Section A and the employer completes Section B. Once completed, you then upload it to your online Medicare application (at the link provided below). A Social Security representative may contact you with questions about the information on the form.
Form CMS-40B, also know as the Part B application form is the application for enrollment in Medicare Part B (Medical Insurance). This form is required when applying for Medicare Part B in a Special Enrollment period or when signing up for Medicare Part B after age 65. You can only use the CMS-40B form if you have already enrolled in Medicare Part A.
A "Notice of Creditable Part D Coverage" is a notification sent by an employer or group health plan to Medicare-eligible individuals, informing them whether their current prescription drug coverage is considered "creditable," meaning it is at least as good as a standard Medicare Part D plan, and thus allows them to potentially delay enrolling in a separate Part D plan without penalty; essentially, it tells you if your current drug coverage is good enough to avoid needing a separate Medicare Part D plan.
The purpose of the notice is to help Medicare-eligible individuals decide if they should enroll in a separate Medicare Part D plan based on the quality of their current prescription drug plan coverage.
The notice is important because If you have creditable coverage through your employer and delay enrolling in a Medicare Part D plan, you can avoid potential late enrollment penalties when you do eventually sign up.
This notice is a decision-making tool because it helps you compare your current drug coverage with a standalone Medicare Part D plan to determine the best option for your needs.
2025 Medicare Premiums and the Income Related Monthly Adjustment Amount (IRMAA)
A Medicare law requires some higher income people to pay higher premiums. The law applies to premiums for Medicare Insurance, prescription drug coverage (Part D) and Medicare Part B Immunosuppressive Drug coverage. In 2024, the law generally affects individuals with incomes higher than $103,000 and couples with incomes higher than $206,000. The Center for Medicare Services (CMS) contacts the Internal Revenue Service to get information about your income from two tax years prior to the current year. If CMS decides that you have to pay higher premiums, they will send a letter explaining their decision.
2025 Medicare and You
