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Part D Extra Help Program for Medicare Beneficiaries

Posted by www.psmbrokerage.com Admin on Mon, Jul 15, 2024 @ 01:59 PM

Extra Help Program-3

The Extra Help program is a federal initiative designed to assist Medicare beneficiaries with the costs associated with prescription drugs under Medicare Part D. This program, also known as the Low-Income Subsidy (LIS), offers several benefits:

  1. Premium Coverage: Extra Help pays for the Medicare Part D premium, up to a state-specific benchmark amount.

  2. Lower Prescription Costs: It reduces the cost of prescription drugs, making medications more affordable for beneficiaries.

  3. No Premium for Basic Plans: Beneficiaries with a basic Part D plan that has a premium at or below the Extra Help limit pay no premium. Enhanced plan holders may still owe a premium even if the plan's premium is below the benchmark.

  4. Elimination of Late Enrollment Penalty: The program eliminates any Part D late enrollment penalty for those who qualify.

  5. Special Enrollment Periods: It provides Special Enrollment Periods throughout the year, allowing beneficiaries to enroll in or switch Part D plans.

Eligibility Criteria

  • Automatic Enrollment: Beneficiaries receiving Medicaid, Supplemental Security Income (SSI), or enrolled in a Medicare Savings Program are automatically enrolled in Extra Help.

  • Income and Asset Limits: Other beneficiaries can qualify based on limited income and assets, specifically if their income is below $1,903 per month for individuals or $2,575 for couples.

Application Process

Extra Help significantly reduces the financial burden of prescription drugs for Medicare beneficiaries, ensuring they can access necessary medications without excessive costs. For detailed information and to apply, beneficiaries can visit the SSA website.

Additional Details


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Tags: Medicare Part D, Extra Help Program

LeadStar 2.0 – Your Ultimate Game-Changer in Lead Generation!

Posted by www.psmbrokerage.com Admin on Mon, Jul 15, 2024 @ 01:11 PM


Are you ready to dominate the insurance market with bigger, better, faster lead options?

LeadStar has just rolled out the revolutionary LeadStar 2.0, which you can’t afford to miss! This platform is your golden ticket to securing more leads, faster and with unmatched precision—especially in the hot markets of Medicare, the Affordable Care Act, and Final Expense products.

Imagine having access to an expanded arsenal of lead options, now with multi-media channel capabilities and cutting-edge optimization technologies. LeadStar 2.0 sets unprecedented lead generation standards, ensuring you stay ahead in the fiercely competitive insurance landscape.

Act now! LeadStar 2.0 is available immediately for all existing customers. This is your chance to maximize your investment and see your sales soar.

Why settle for average when you can have the best? The new enhanced and unleashed 2.0 platform broadens your reach through an extensive lead catalog and connects you with the right prospects at the perfect time through various multimedia platforms. With LeadStar 2.0, you’re reaching more people and engaging them more effectively, boosting your conversion rates like never before.

Plus, with our new real-time analytics and advanced optimization capabilities, you can fine-tune your strategies and achieve the lowest cost per acquisition. LeadStar 2.0 empowers you with more intelligent lead matching and predictive lead scoring, streamlining your process and saving you invaluable time and effort.

Don’t let this opportunity slip through your fingers. Please email us at LeadStar@LeadStarHub.com or visit LeadStarHub.com to learn how LeadStar 2.0 can revolutionize your lead generation strategy. Jump on board now and be part of the elite group of agents setting new insurance industry benchmarks.

Your future success in lead generation starts with LeadStar 2.0.


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Tags: Lead Generation, LeadStar

ACA Open Enrollment: Key Dates and Tips for Insurance Agents

Posted by www.psmbrokerage.com Admin on Wed, Jul 10, 2024 @ 01:57 PM

ACA Open Enrollment-3

Here are some important dates and tips for Insurance Agents during ACA Open Enrollment.

Hey there everyone! It’s that time of year again—ACA Open Enrollment is just around the corner. These are critical dates as you’re aware, and of course, a little reminder never hurts. So let’s break it down in a simple and straightforward way. Bookmark this page for a future reminder. We’ll keep it updated for you.

  Important Dates for 2024 Open Enrollment

November 1, 2023: Open Enrollment begins. This is the first day clients can start enrolling in or changing their health plans for the upcoming year.

December 15, 2023: Deadline for coverage that starts on January 1, 2024. If your clients want their coverage to begin on the first day of the new year, they must enroll by this date.

January 15, 2024: Open Enrollment ends in most states. This is the final day for clients to enroll in or change plans for coverage that starts on February 1, 2024.

January 16, 2024: For the majority of states using the federal marketplace, this is the deadline to enroll for 2024 coverage.

Note: The past 2 years, 2022 and 2023, coverage ran from Nov. 1st to Jan. 15th. In 2024, there is a one day extension due to a federal holiday.

 State-Specific Deadlines

While 37 states follow the January 16 deadline for ACA Open Enrollment, some states like to be different. It’s important to these special cases in mind during ACA Open Enrollment:

  • California: Open Enrollment extends to January 31.
  • New York: Enrollments are allowed until March 31.
  • Idaho: Ends earlier on December 15.
  • Massachusetts: Ends on January 23.
  • Rhode Island: Also extends to January 31.

 Special Enrollment Periods (SEP)

Special Enrollment Periods allow your clients to enroll in or change their health insurance plans outside the Open Enrollment period if they experience certain life events. Here are some of those qualifying events for the SEP:

  • Marriage or Divorce: Getting married or finalizing a divorce that results in loss of coverage.
  • Birth or Adoption: Having a baby, adopting a child, or placing a child for adoption or foster care.
  • Loss of Coverage: Losing existing health coverage due to job loss, aging out of a parent's plan, or other qualifying reasons.
  • Move: Changing your primary residence to a new area that offers different health plan options.
  • Other Qualifying Events: Including changes in income, gaining citizenship, or leaving incarceration.

 Year-Round Enrollment Options

Additionally, there are certain groups and coverage types who are eligible for year-round enrollment without the need for a Special Enrollment Period:

  • Medicaid and CHIP: Individuals eligible for Medicaid or the Children’s Health Insurance Program (CHIP) can enroll at any time.
  • American Indians and Alaska Natives: These groups can enroll in or change plans once per month throughout the year.
  • Other State-Specific Programs: Some states have additional programs like New York's Essential Plan or Minnesota's MinnesotaCare that offer year-round enrollment for eligible individuals.

 Tips and Reminders

  1. Start Early: Encourage your clients to start thinking about their health insurance needs now. The earlier they begin, the less stressful the process will be.
  2. Educate Clients on Their Options: Many clients are unaware of the various plans and subsidies available to them. Take the time to explain the differences between Bronze, Silver, Gold, and Platinum plans, and how income-based subsidies can make coverage more affordable.
  3. Highlight the Benefits of Early Enrollment: Enrolling early can help clients avoid the last-minute rush and ensure their coverage starts on time. Plus, it gives them more time to compare plans and make informed decisions.
  4. Use Technology: Utilize online tools and resources to help clients compare plans. The HealthCare.gov site allows clients to preview plans and prices before officially enrolling.
  5. Stay Informed: Keep up-to-date with any changes or extensions in enrollment periods, as well as new regulations or updates that might affect your clients.


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Tags: ACA, OEP

How to Get FFM Certified to Sell Health Insurance

Posted by www.psmbrokerage.com Admin on Wed, Jul 10, 2024 @ 01:51 PM



How to Get Your FFM Certification to Start Selling Health Insurance

In this guide we’ll walk you through the steps required to get certified to sell health insurance plans on the Federally Facilitated Marketplace (FFM). Our goal here is to help ensure you have the knowledge and credentials needed to succeed in this rewarding field, and getting certified is the first step.

FFM certification is your gateway to serving a broader client base and growing your insurance business with the right mix of products and some help from your FMO.

What is FFM Certification?

understanding ffm  certificationThe Federally Facilitated Marketplace (FFM) certification is a requirement for insurance agents who want to sell ACA health plans. This is an annual certification that ensures that agents are knowledgeable about ACA regulations and can effectively guide clients through the marketplace enrollment process.

Why is FFM Certification Important?

  • Compliance: Ensures you meet federal guidelines for selling ACA plans.
  • Market Access: Allows you to sell plans on the federally facilitated marketplace, giving you access to a vast customer base.
  • Credibility: Enhances your credibility and trustworthiness among clients seeking ACA health coverage.
  • Business Growth: Opens up new revenue streams and client opportunities in the growing ACA marketplace

Setting Up Your CMS Enterprise Account

Before you can start the FFM certification process, you'll need to set up a CMS Enterprise Portal account. This portal will be your gateway to accessing the necessary training and resources for FFM certification each year.

It's a one time deal and it's a pretty quick process. Just make sure you save the log in info. somewhere safe. You don't want to be resetting the password every time you login, like you do with your email... Ya, I see you.

Step-by-Step Guide to Creating a CMS Enterprise Portal Account

  1. Visit the CMS Enterprise Portal Website: Navigate to the CMS Enterprise Portal (https://portal.cms.gov) and select the New User Registration option.
  2. Provide Personal Information: Enter your personal details, including your name, email address, and security questions.
  3. Create a Username and Password: Choose a unique username and a strong password that meets the CMS security requirements.
  4. Verify Your Email: Check your email for a verification link and follow the instructions to verify your account.

Setting up your CMS Enterprise Portal account is a crucial first step in the FFM certification process. With this account, you’ll gain access to the necessary tools and resources to complete your certification efficiently.

Requesting the FFM Agent Broker Role

Once you have your CMS Enterprise Portal account set up, you're ready to request the FFM Agent Broker role. This role is necessary for accessing the Marketplace Learning Management System (MLMS) and completing your certification training.

Detailed Process of Requesting the FFM Agent Broker Role

  1. Login to CMS Enterprise Portal: Use your newly created credentials to log in.
  2. Access Role Request Page: Navigate to the "My Access" page and select "Request Access Now."
  3. Select FFM/Training: Choose the appropriate role from the list, specifically the “FFM Agent Broker” role.
  4. Submit Your Request: Complete any additional information required and submit your request.

By securing the FFM Agent Broker role, you’ll be ready to begin your Marketplace Learning Management System (MLMS) training and move one step closer to becoming FFM certified.

It's starting to get real, don't stop now, you're just a couple steps away.

Explanation of the Identity Proofing Process

  1. Login to CMS Enterprise Portal: Use your credentials to log in.
  2. Start the Identity Proofing Process: Navigate to the identity proofing section and follow the on-screen instructions.
  3. Provide Personal Information: Enter your personal details, including your Social Security Number (SSN), date of birth, and address.
  4. Answer Security Questions: Respond to questions based on your credit history to verify your identity.

Completing identity proofing successfully allows you to proceed with your FFM certification, ensuring secure access to all necessary training and resources.

It may seem tedious, but it's important to ensure that people are who they say they are before they start helping people make one of the biggest decisions of their lives.

Confirming Your MLMS Profile

Confirming Your MLMS ProfileOnce your identity is verified, the next step is to confirm and complete your MLMS (Marketplace Learning Management System) profile. This profile is used for accessing training modules and other resources necessary for your FFM certification.

Filling Out and Verifying Your MLMS Profile

  1. Access Your MLMS Profile: Log in to the CMS Enterprise Portal and navigate to the MLMS section.
  2. Complete Required Fields: Fill out all required fields accurately, including your personal and professional information.
  3. Verify Your Information: Double-check the entered information for accuracy and completeness to avoid any processing delays.
  4. Save and Submit: Save your completed profile and submit it for verification.

Don’t rush through creating your profile. A well-maintained profile reflects your professionalism and readiness to serve clients.

Completing MLMS Training and Agreements

After confirming your MLMS profile, the next step is to complete the required training modules and agreements. These are essential to ensure you have the necessary knowledge to sell ACA plans effectively.

 Overview of the Training Modules and Required Agreements

  1. Access Training Modules: Log in to the MLMS and navigate to the training section.
  2. Complete Required Courses: Follow the curriculum, which includes modules on ACA regulations, plan options, and enrollment procedures.
  3. Sign Required Agreements: Review and sign all necessary agreements that certify your understanding and compliance with ACA and FFM regulations.

Strategies for Efficiently Completing the Training

  • Set Aside Dedicated Time: Schedule specific times to complete your training to avoid interruptions.
  • Take Notes: Keep detailed notes during the training to help with understanding and future reference.
  • Utilize Available Resources: Make use of additional resources such as guides and FAQs provided within the MLMS.

Completing the MLMS training and agreements is a critical step in the certification process, ensuring you are well-prepared to assist clients with their ACA insurance needs.

You're so close, you have no idea. Keep going.

Verifying Your Registration Status

Verify RegistrationAfter completing your training and signing the necessary agreements, it’s crucial to verify your registration status to ensure you are officially certified.

Print Your Certificate and Confirm Registration

  1. Log in to MLMS: Use your credentials to access the MLMS.
  2. Navigate to Certification Section: Find the section where you can view your certification status.
  3. Print Your Certificate: Once you see that you have completed all requirements, print your certificate for your records.
  4. Check the FFM Registration Completion List: Verify that your name appears on the official list to confirm your certification status.

Ensure all training modules and agreements are completed and saved. If your name does not appear on the list, contact MLMS support for assistance.

Verifying your registration status is the final step to confirm your eligibility to sell ACA plans, ensuring you are fully prepared and recognized as a certified agent.

Ok, you can start doing a little happy dance now. You did it! 

Maintaining Your Certification

Getting FFM certified is just the beginning. To continue selling ACA plans, you need to maintain your certification by staying updated with annual requirements.

Annual Renewal Process and Updates

  1. Annual Training: Complete required annual training modules each year to stay current with ACA updates and regulations.
  2. Renew Agreements: Review and sign any updated agreements or attestations as part of the renewal process.
  3. Monitor CMS Communications: Stay informed about any changes or updates in certification requirements through CMS emails and notifications.

Maintaining your certification ensures that you remain compliant and knowledgeable, ready to provide the best service to your clients in the evolving ACA marketplace.


ConclusionBecoming FFM certified is necessary for insurance agents looking to expand their portfolio and offer ACA health insurance plans.

This certification not only opens up new revenue streams but also enhances your credibility and trustworthiness among clients. By following the steps outlined in this guide, you can efficiently navigate the certification process, from setting up your CMS Enterprise account to completing training and maintaining your credentials.

Start your journey today and grow your insurance business with help from a an experienced FMO like PSM Brokerage. Our staff has decades of experience helping insurance agents like you build a winning portfolio and grow your business.

If you have any questions, we’re here to help. 1-800-998-7715.

Helpful Resources

CMS Enterprise Portal Login: https://portal.cms.gov/portal/

CMS Marketplace Resources: https://www.cms.gov/CCIIO/Programs-and-Initiatives/Health-Insurance-Marketplaces

NAHU Continuing Education: https://nabip.org/professional-development

National Association of Insurance and Financial Advisors (NAIFA): https://www.naifa.org/

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Tags: ACA, ffm certification

Federal Court Halts Medicare Agent Pay Cap Regulations

Posted by www.psmbrokerage.com Admin on Wed, Jul 10, 2024 @ 10:59 AM


A federal judge in Texas has blocked CMS from enforcing new pay rules for Medicare agents, capping their compensation. Judge Reed O’Connor issued the ruling for nationwide relief, citing instability in the Medicare plan distribution system.

The decision aims to prevent chaos during the upcoming Medicare Advantage enrollment period starting October 15, 2024. CMS currently caps producer compensation at $611 for new plan sales and $305 for renewals, proposing a $100 increase and ending exemptions for distributor support services, which critics argue are valued at over $200 per beneficiary.

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Tags: CMS

Corebridge SIWL Agent Bonus Program

Posted by www.psmbrokerage.com Admin on Tue, Jul 09, 2024 @ 01:58 PM

Formerly AIG Life & Retirement, Corebridge Financial is one of the largest and most established providers of retirement solutions and insurance products in the United States, with a long and proven track record of serving their clients. At Corebridge, they are passionate about giving people the power to help them reach their financial goals.

Corebridge delivers an expansive portfolio of products to serve unique needs. And they proudly partner with financial professionals and institutions to make it possible for more people to take action in their financial lives for today and tomorrow.

Additional Resources:
Final Expense Last Wishes Planning Kit


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Tags: Bonus Program, Corebridge

AHIP Report: Understanding the Value of Medicare Supplement Coverage

Posted by www.psmbrokerage.com Admin on Tue, Jul 09, 2024 @ 01:00 PM

AHIP report

The share of fee-for-service Medicare enrollees choosing a Medicare Supplement plan rose to 41.4% in 2022, increasing for the fifth consecutive year. These are among the findings of a new AHIP report that examines trends in Medicare Supplement insurance and highlights the benefits these policies bring to 14 million seniors and people with disabilities.

AHIP is the national association whose members provide health care coverage, services, and solutions to hundreds of millions of Americans every day. They are committed to market-based solutions and public-private partnerships that make health care better and to help create a space where coverage is more affordable and accessible for everyone

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Tags: Medicare Supplement, AHIP

Agent Resource: Final Expense Last Wishes Preparation Kit

Posted by www.psmbrokerage.com Admin on Tue, Jul 09, 2024 @ 01:00 PM

We are excited to introduce our latest Final Expense resource, Last Wishes Preparation Kit. This handy tool is here to help agents promote final expense insurance and ensure their clients are fully prepared with all the necessary documentation. 

With this kit, conversations about final expense insurance become a breeze, allowing agents to emphasize the significance of this coverage. You can download and use this resource to better serve your clients, giving them peace of mind knowing their final wishes and preparations are all in order. 

Want one branded for your business? Contact us today or fill out the request form below.

Don't miss out on this essential kit to enhance your client interactions and effectively support their needs.

Meet the Team-Jun-26-2024-08-46-25-6828-PM

Assist your clients in safeguarding their financial security for end-of-life expenses, ultimately fostering stronger client relationships and trust.

Learn more about the benefits of selling Final Expense Insurance here.



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Tags: Final Expense

2025 Medicare Advantage Broker Compensation Rates

Posted by www.psmbrokerage.com Admin on Tue, Jul 09, 2024 @ 12:59 PM

2025 MA Compensation Rates

Each year, CMS publishes the FMV amounts for initial and renewal compensation as well as referral fees. For 2025, the amounts are as follows:


NOTE: CMS rounded the FMV amounts for CY 2025 up to the nearest dollar. The Initial Year amount is the maximum allowable amount that organizations may pay for enrollments during compensation cycle-year 1. The renewal amount is the maximum allowable amount that organizations may pay for enrollments during compensation cycle-years 2 and beyond, for a like- plan type.

Our 2025 Annual Enrollment Period (AEP) Guide is here, and we couldn't be more thrilled to share it with you! Carefully curated and packed with valuable insights, this guide is your key to success as you navigate the upcoming enrollment season. From tips on maximizing your productivity to strategies for optimizing your performance, this essential resource has everything you need to excel during this critical time of the year.

View AEP Guide   |   View AEP Resources   |   View Certification Details


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Tags: Medicare Broker Compensation, Medicare Advantage

AEP Client Assessment Form

Posted by www.psmbrokerage.com Admin on Tue, Jul 09, 2024 @ 12:59 PM

AEP Assessment Form

Using an AEP assessment form to gather information on your clients' current medications, healthcare providers, and preferred pharmacy enables you to provide personalized service, foster stronger client relationships and stay more efficient during AEP.

View AEP Guide   |   View AEP Resources   |   View Certification Details


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Tags: Medicare Advantage, AEP, 2025

Technology Spotlight: YourFMO Enrollment Center

Posted by www.psmbrokerage.com Admin on Tue, Jul 09, 2024 @ 08:44 AM

Enrollment Center

Independent agents play a vital role in helping seniors secure the most cost-effective Medicare plans for their individual needs. This comprehensive tool simplifies the sales process with multi-carrier shopping and enrollment platforms wrapped into a single online experience.

And best of all, this platform is available at no cost to PSM agents. Request details today and make sure you have access to this cutting edge technology at your fingertips.


2025 AEP Preparation Guide

Get ready to elevate your game and make the most out of this AEP with our comprehensive guide. Read online or Download it in printable PDF format and start preparing for a successful enrollment season ahead.

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Tags: Medicare Advantage plans, Online Enrollment, AEP, certification, Medicare FMO, 2025

2024 MA Enrollment Trends & What They Mean for This AEP

Posted by www.psmbrokerage.com Admin on Tue, Jul 09, 2024 @ 08:43 AM

2024 MA Enrollment Trends-1

The Medicare Advantage (MA) market has experienced remarkable growth in recent years, with more seniors opting for the alternative to traditional Medicare. In 2024, enrollment trends continued to show substantial numbers, albeit slower than in previous years.

According to a March report from Chartis, MA enrollment likely peaked in 2020, with a significant increase of 1.5 million new Medicare enrollees compared to only 1.3 million new enrollees this past year. While MA remains a popular choice for seniors, the enrollment growth rate has tempered since 2020, indicating a potential shift in the pace of growth.

Agents must understand these current trends as they prepare for the 2024/2025 MA Annual Enrollment Period (AEP). Let’s dive into the data and explore what it means for the future of MA.

Enrollment trends in 2024

MA plans have become increasingly popular, with about half of Medicare-eligible individuals enrolled. According to the Chartis report, the market has grown by 1.7 million beneficiaries since 2023, reaching a total enrollment of 33 million individuals. This represents a 5.4% increase over the previous year.

Special Needs Plans (SNPs) have experienced substantial growth, adding 1.2 million members in 2024—representing a 21.5% increase from the previous year. Nearly seven in 10 new MA enrollees opted for SNPs, with Chronic Condition SNPs (C-SNPs) leading the way. The increasing popularity of SNPs highlights the importance of catering to the unique needs of specific populations within the MA sector and presents a significant growth opportunity for health plans.

While the number of plan options remained relatively flat in 2024, with the average senior having access to 44 plans, the exponential growth trend in plan options observed in previous years has slowed down. Preferred Provider Organizations (PPOs) have seen an increase, constituting 43% of all plans offered, up from 31% in 2019.

As shown in the Chartis report, MA enrollment can be closely related to social vulnerability, with counties with higher vulnerability scores showing greater penetration rates. Quality ratings, however, have been a concern, as plans need help maintaining their average star ratings. About a quarter of beneficiaries are enrolled in plans with less than four stars, which could indicate a decline in quality performance in 2024.

Future market outlook and dynamics

Despite the challenges the MA market faces, plan executives remain optimistic about the future. A Chartis survey of industry leaders revealed that 84% expect their plan’s membership growth to be consistent or higher over the next year. While concerns about overall profitability, medical cost growth, and star quality reductions persist, the outlook for MA remains positive.

These trends will affect the upcoming 2024/2025 Medicare selling season. As the Annual Enrollment Period nears, and with the growth in MA enrollment slowing down, the competition among health plans during AEP may intensify. We’ll all need to carefully evaluate our strategies to attract and retain beneficiaries in a market that is becoming more saturated. 

"Focusing on member engagement, offering innovative plan options, and emphasizing the unique benefits of MA over traditional Medicare will be essential for success during this year’s AEP."

Overall, 2024 MA enrollment trends provide valuable insights into the market’s current state and future trajectory. While growth has slowed since 2020, MA remains a preferred choice among Medicare-eligible beneficiaries. The increasing popularity of SNPs and the plateauing of plan options highlight the need for healthcare professionals to focus on sustainable growth, member engagement, and diversification strategies. As the MA market evolves, stakeholders must adapt strategies to navigate an increasingly complex and competitive landscape.


  1. According to a recent report from Chartis, Medicare Advantage enrollment continues to grow despite mounting obstacles, with half of Medicare-eligible individuals now opting for these plans.
  2. The report also demonstrated that Special Needs Plans (SNPs) are experiencing significant growth, particularly in the Chronic Condition SNPs (C-SNPs) segment.
  3. Plan options have plateaued, and quality ratings remain a concern, emphasizing the need for sustainable growth strategies and member engagement efforts.

AEP Resources

We are excited for the 2025 Annual Enrollment Period (AEP) and the incredible opportunities it brings! At PSM Brokerage, we are dedicated to helping our agents succeed, stay productive, and remain compliant throughout this crucial time. Our comprehensive support includes up-to-date training, valuable resources, and expert guidance to navigate the complexities of the AEP. Learn More.

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Tags: Medicare Advantage plans, AEP

Empower Your Clients: Understanding the Inflation Reduction Act's Impact on Medicare

Posted by www.psmbrokerage.com Admin on Tue, Jul 09, 2024 @ 08:42 AM

Empower your clients-1

The Inflation Reduction Act, a significant piece of legislation, is poised to bring substantial changes to various sectors of the economy, including healthcare. For Medicare beneficiaries, this act promises to address several critical issues, potentially improving access to affordable healthcare and reducing out-of-pocket expenses.

Lower Prescription Drug Costs

One of the most impactful provisions of the Inflation Reduction Act is the reduction in prescription drug costs for Medicare beneficiaries. For years, seniors have struggled with the high costs of medications, which often force them to choose between essential medications and other necessities. The act aims to alleviate this burden by allowing Medicare to negotiate prices for certain high-cost drugs directly with pharmaceutical companies. This negotiation power is expected to lead to significant savings for beneficiaries.

Caps on Out-of-Pocket Expenses

The act introduces a cap on out-of-pocket expenses for prescription drugs under Medicare Part D. Starting in 2025, there will be a $2,000 annual cap on out-of-pocket spending. This is a monumental change, as it provides a clear limit to what seniors will have to pay each year for their medications, offering financial predictability and security.


Insulin Cost Reductions

For beneficiaries who rely on insulin, the Inflation Reduction Act brings particularly welcome news. The act caps insulin costs at $35 per month for Medicare beneficiaries, effective in 2023. This measure is crucial for the millions of seniors who manage diabetes, as it ensures they can afford this life-saving medication without facing financial hardship.

Expanding Subsidies

The act also extends the enhanced subsidies for low-income Medicare beneficiaries through 2024. These subsidies, initially expanded under the American Rescue Plan, help cover premiums and out-of-pocket costs, making healthcare more affordable for those with limited incomes. By continuing these subsidies, the Inflation Reduction Act ensures that vulnerable populations maintain access to necessary healthcare services.

Preventative Services and Vaccine Coverage

Preventative services and vaccines play a critical role in maintaining the health and well-being of seniors. The Inflation Reduction Act eliminates cost-sharing for adult vaccines covered under Medicare Part D, such as the shingles vaccine. Additionally, it improves access to other preventative services, encouraging beneficiaries to take advantage of screenings and early detection services without worrying about additional costs.

Addressing Health Disparities

The act includes provisions aimed at addressing health disparities among Medicare beneficiaries. By increasing funding for community health centers and expanding telehealth services, the act ensures that underserved populations have better access to healthcare. This focus on equity helps to close the gap in healthcare access and outcomes for minority and low-income seniors.


The Inflation Reduction Act represents a significant step forward in making healthcare more accessible and affordable for Medicare beneficiaries. By lowering prescription drug costs, capping out-of-pocket expenses, and expanding subsidies, the act provides much-needed financial relief to seniors. Additionally, its emphasis on preventative care and addressing health disparities ensures that all beneficiaries can enjoy better health outcomes. As these changes take effect, Medicare beneficiaries can look forward to a more secure and manageable healthcare experience.

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Tags: Medicare Advantage plans, AEP, Inflation Reduction Act

Happy 4th of July from PSM

Posted by www.psmbrokerage.com Admin on Tue, Jul 02, 2024 @ 02:26 PM


Wishing You a Happy 4th of July!

As we celebrate the 4th of July, we want to extend our heartfelt wishes to you and your loved ones. May your day be filled with joy, celebration, and the pride that comes with being part of this great nation. 

Our office will be closed Thursday July 4th and Friday July 5th in celebration of the holiday. Thank you for your continued trust and partnership. Have a safe and wonderful Independence Day!

Did you know?

Independence Day: The Fourth of July commemorates the adoption of the Declaration of Independence on July 4, 1776, when the thirteen American colonies declared their independence from British rule.

Fireworks Tradition: The tradition of fireworks on the Fourth of July dates back to the first celebration in 1777. John Adams, one of the Founding Fathers, envisioned fireworks as part of the festivities, stating that the day should be celebrated with "pomp and parade... bonfires and illuminations."

Hot Dog Consumption: Americans consume about 150 million hot dogs on the Fourth of July each year, according to the National Hot Dog and Sausage Council.

Official Holiday: Independence Day became a federal holiday in 1870, and it became a paid federal holiday in 1938.

Liberty Bell: The Liberty Bell in Philadelphia is tapped (not rung) thirteen times every Fourth of July in honor of the original thirteen colonies.


"Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same."   
— Ronald Reagan


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Drip the HIP Webinar Series: Overcoming Objections

Posted by www.psmbrokerage.com Admin on Mon, Jul 01, 2024 @ 03:11 PM

Drip the Hip-1

Join us for this engaging discussion and gain valuable insights from some of the industry's leading experts.

Join Jamie Sarno for another exciting Drip the HIP Wired event featuring special guest David Minaya & Jordan Fair from Senior Healthcare Direct.

In this session, David and Jordan will share their inspiring success story with hospital indemnity, including the challenges they faced and overcame. 

Offering hospital indemnity plans allows insurance professionals to meet the evolving needs of healthcare consumers, provide valuable supplemental coverage, and offer added financial protection in times of medical uncertainty.
At PSM, We offer agents a wide range of resources aimed at improving your understanding and skills in selling Hospital Indemnity plans. 


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Tags: Hospital Indemnity

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