While MarketWatch columnist Brett Arends raises legitimate concerns about the complexities surrounding Medicare enrollment and the insurance brokers who assist beneficiaries (“The Medicare scandal hiding in plain sight,” Oct. 16), he unfairly paints a broad picture of financial professionals as profit-driven actors without considering the critical role brokers play helping consumers navigate the Medicare Advantage marketplace, which now accounts for more than half of all eligible Medicare beneficiaries. Agents and brokers educate consumers on how Medicare works, both broadly and in conjunction with other products such as Part D prescription drug plans, to simplify a complex decision-making process.
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Americans need informed advice when choosing Medicare plans
By Kevin Mayeux on 10/21/24 2:03 PM
Topics: Medicare
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LIAM Recap: State Proclamations
By NAIFA on 10/3/24 2:34 PM
Throughout September, NAIFA and our Life Happens community promoted Life Insurance Awareness Month (LIAM) to educate consumers about the importance of life insurance and empower financial professionals to reach wider communities with LIAM-themed resources and materials. As an important part of the LIAM campaign, NAIFA chapters worked alongside advocacy partner ACLI with elected officials to get proclamations or resolutions recognizing LIAM in at least 19 states.
Topics: Life Insurance Awareness Month State Advocacy
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Preparing for 2025: Understanding Upcoming Tax Changes
By NAIFA on 10/3/24 9:43 AM
As we approach the sunset of key provisions in the Tax Cuts and Jobs Act (TCJA) set for 2025, taxpayers and businesses alike are bracing for significant changes. With the potential for major tax legislation on the horizon, now is the time to prepare.
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NAIFA Supports the Bipartisan ENABLE Act to Help Americans With Disabilities Achieve Financial Security
By NAIFA on 10/3/24 9:29 AM
More than 181,000 Americans living with disabilities have benefited from the Achieving a Better Life Experience (ABLE) program, which NAIFA has advocated for since it was first enacted in 2014. The program gives people with disabilities and their families access to tax-free savings accounts without affecting their eligibility for federal programs like Medicaid and Supplemental Security Income. Now that key provisions of the ABLE program are set to expire next year, NAIFA strongly supports the efforts of Senators Bob Casey (D-PA) and Eric Schmitt (R-MO) to extend them.
Topics: Financial Security Supported Legislation
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Blanket Accusations Against Financial Professionals Need to Stop
By Kevin Mayeux on 9/27/24 9:22 AM
A message to NAIFA Members:
Throughout September, it has been truly inspiring to witness NAIFA members actively participating in Life Insurance Awareness Month by shining a much-needed spotlight on the tremendous value of life insurance. Your commitment to highlighting the importance of this product while educating millions of consumers on the broader issues of financial literacy helps ensure that Americans understand the many tools available to secure their financial futures.
Topics: Message From the CEO
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ACLI’s Neely Awarded NAIFA Defender of Financial Freedom Award
By NAIFA on 9/21/24 8:14 PM
The National Association of Insurance and Financial Advisors is pleased to present NAIFA’s Defender of Financial Freedom Award to Susan Neely, president and CEO of the American Council of Life Insurers (ACLI).
Topics: Awards Advocacy Partnerships
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New Rule in Louisiana Strengthens Protections for Annuity Consumers
By NAIFA on 9/20/24 5:25 PM
American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA)—Louisiana Chapter President Blake Gillies issued the following joint statement on the best interest annuity rule adopted by the Louisiana Department of Insurance:
Topics: State Advocacy Press Release Annuity Best Interest
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Join us for the Q4 State of NAIFA Webinar
By NAIFA on 9/20/24 9:47 AM
NAIFA members are invited to the Q4 State of NAIFA webinar at 12 pm Eastern, October 16, 2024. Hear updates on NAIFA's advocacy efforts, professional development programs and other membership activities designed to enhance your professional growth.
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NAIFA letter to CMS offers solutions on consumer access to informed Medicare guidance
By NAIFA on 9/11/24 5:55 PM
In the letter, Mayeux said Medicare Part D plans “are sophisticated products that can be difficult for many Medicare beneficiaries to fully understand. NAIFA members spend a considerable amount of time each year, especially during the Annual Enrollment Period, matching beneficiaries to the prescription drug plan that best fits their specific needs.” Mayeux also makes the following points:
- Because Medicare can be much more complex than commercial insurance, many consumers need assistance throughout the year as they move through the various phases of coverage, cost determinations, and new prescriptions, all of which are services that agents provide on a continual basis.
- Eliminating agent compensation for these plans creates a risky precedent that may lead to consumers being left without personalized assistance as the agent cannot help with any issues that may arise.
- Without professional agent assistance, consumers will be confused and left to contact calls centers unfamiliar with their unique situations. Frustrated consumers are more likely to submit their complaints and concerns directly to Medicare, placing added stress on CMS’s ability to deal with calls and inquiries in a timely fashion.
Mayeux added that NAIFA plans to continue the conversation with the Centers for Medicare and Medicaid Services to communicate the impact this decision will have on protecting our most vulnerable citizens.
Topics: Medicare
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NAIFA Offers Solutions to Protect Consumer Access to Informed Medicare Assistance
By Kevin Mayeux on 8/30/24 9:16 AM
National Association of Insurance and Financial Advisors (NAIFA) CEO Kevin Mayeux, CAE, issued the following statement on the decision by some health plans to cease new and renewal commissions for Medicare prescription drug (Part D) plans and terminating existing marketing service agreements: