The financial news that actually matters
Covers retirement planning, Social Security benefits, pension systems, and long-term financial security. It helps readers understand how to prepare financially for retirement.
Medicare beneficiaries waiting on drug approvals, and the health plans that process those requests, face a fast-approaching deadline. The public comment period for a proposed CMS rule that would formally require Medicare drug plans to resolve most prior authorization decisions within 72 hours closes next Monday. The proposal, designated CMS-0062-P, also sets a 24-hour clock…
Millions of Medicare beneficiaries with diabetes, heart failure, and other chronic conditions now have access to a fast-growing category of specialized coverage. Enrollment in Chronic Condition Special Needs Plans, known as C-SNPs, jumped 45 percent this year, according to the monthly SNP Comprehensive Report series published by the Centers for Medicare and Medicaid Services. The…
Workers who leave an employer at age 55 or older can pull money from that company’s 401(k) plan without paying the 10% early-withdrawal tax that normally applies to distributions taken before age 59 and a half. The rule, rooted in federal tax code, applies only to the plan held by the employer the worker just…
Medicare beneficiaries who delay signing up for Part D prescription drug coverage face a permanent surcharge that grows with every uncovered month and never resets. The penalty is calculated as 1% of the national base beneficiary premium multiplied by the number of full months a person went without creditable drug coverage, and that amount is…
Millions of Medicare beneficiaries who rely on prescription drugs for cancer, diabetes, and asthma will see lower costs after the federal government finalized negotiated prices on 15 widely used medications. The Centers for Medicare and Medicaid Services projects the deals will cut net spending by roughly 44 percent, saving an estimated $12 billion compared with…
Workers who borrow from their 401(k) accounts face a strict five-year repayment clock, and a job change before that clock runs out can convert the remaining balance into taxable income plus a 10% early-withdrawal penalty for those under age 59 and a half. The IRS requires repayment in substantially equal installments made at least quarterly,…
Aging veterans and surviving family members waiting on pension decisions from the Department of Veterans Affairs now receive answers roughly three times faster than they did before recent processing changes. The VA cut the average time to complete an initial Veterans Pension claim from 170 days to 57 days, a reduction of more than two-thirds….
The Centers for Medicare and Medicaid Services finalized a 2.48% net average payment increase for Medicare Advantage plans in calendar year 2027, a sharp reversal from the near-flat 0.09% figure the agency had proposed just months earlier. The final rate translates to more than $13 billion in additional payments to plans that cover roughly half…
Retirees whose modified adjusted gross income edges past $109,000 in 2026 will pay an extra $81.20 per month on top of the standard Medicare Part B premium of $202.90, a surcharge that adds $974 to their annual health-care bill. The penalty, known as the income-related monthly adjustment amount, or IRMAA, is calculated from tax returns…
High earners who want to fund a Roth IRA for 2026 face a narrow but well-defined path. The IRS confirmed that the annual IRA contribution limit rises to $7,500 for 2026, the same combined cap covering both traditional and Roth accounts. For taxpayers above the Roth income phase-out, the backdoor conversion strategy still works, but…