My Senior Health PlanLong-Term Care Insurance: 3 Common Misconceptions
Like any insurance plan, long-term care insurance provides financial relief when you need it most. However, long-term care insurance is expensive. Given the expense, people put off buying a long-term care (LTC) policy or even making a plan for their future care needs. But if they do need it (and the odds are higher as people age), and care facility costs and home-care provider fees start to build up, the premium can provide financial support and peace of mind. Here are three common misconceptions why people think they don’t need an LTC plan and why rethinking that approach is important:
Continue readingHow to Enroll in Medicare if You’re Working Past 65
For decades, the gold standard for retirement age was 65. But in the last several years, we’ve seen the retirement age inch up with many folks working past 65. Now, 20 percent of Americans age 65 and older are participating in the workforce—the highest rate in nearly six decades. Some of this is due to the U.S. government formally changing the Social Security retirement age. Since 1983, the retirement age, previously set at 65 has slowly inched toward 67, with the current age set at 66 and eight months. But there’s more going on here. Not only are we living
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Jagger EschReinstating the Medicare Advantage “Open Enrollment Period”
If you or a loved one receives Medicare coverage, you know how complicated and confusing enrollment periods can be. Enrollment periods are only confusing because the term “Open Enrollment Period” is used correctly and incorrectly to describe times when a plan change is possible Reinstating “Open Enrollment Period” The Medicare Advantage Open Enrollment Period was discontinued in 2010. In 2019, the OEP will make a return. From 2011-2018 Medicare beneficiaries were given only the Medicare Advantage Disenrollment Period (MADP), during this time beneficiaries could disenroll from their Medicare Advantage plan and switch only to Original Medicare. Now all that is
Continue readingWhy COBRA is Not Creditable Coverage
What is COBRA? COBRA, which is short for the Consolidated Omnibus Budget Reconciliation Act of 1985, is a federal law that requires any employer that has twenty or more employees and offers health coverage, must give the option to continue that coverage if the employee were to be in a situation in which they would lose the coverage; termination, reduction of hours, retirement, or certain other events. Why COBRA is Not Creditable Coverage You should always check your local state laws for variations where different COBRA-like laws could apply. What is covered by COBRA? Coverages that you receive from an
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Garrett BallOur thoughts on how Medicare could be improved
How could Medicare improve eldercare benefits? Medicare, by itself, is very good coverage, often much better than what most people are accustomed to as they age into Medicare. However, there is certainly room for improvement. Our thoughts on how Medicare could be improved Some of the aspects of medical care that are not covered, such as dental, vision and hearing for example, have often been discussed as possibly being added in to basic Medicare’s coverage. That would certainly be an improvement to the coverage offered by “original” Medicare. Other changes that would potentially improve benefits offered by Medicare are reductions in
Continue readingExplaining Medicare Part B Excess Charges
Medicare Part B Excess Charges: What Are They and How To Avoid Them? Medicare Part B is the part of Medicare that covers doctor’s visits and outpatient services. Medicare has a pre-defined fee schedule that most doctors that participate in Medicare use. This is called accepting Medicare “assignment.” Explaining Medicare Part B Excess Charges However, doctors can choose not to accept that fee schedule and charge more than Medicare allows - these charges, over and above the Medicare payment schedule, are called Part B Excess charges. Explaining Medicare Part B Excess Charges How Do Medicare Part B Excess Charges Work When you
Continue readingMedigap G: A Solution to your Medigap F Problem
One of the superstars of Medigap plans in the last five years has been Medigap Plan G. This plan is one of the more comprehensive Medigap plans and has been increasing in market share and favorability with Medicare beneficiaries. Medigap G: A Solution to your Medigap F Problem What Does Medigap Plan G Cover? Medigap Plan G is one step down from the “Cadillac” Medigap plan, Plan F. Plan G fills in all the gaps in Medicare with the exception of the Medicare Part B deductible. For 2017, that deductible is $183/year. Plan G pays the Part A (hospital) deductible, as
Continue readingDo All Doctors Accept Medigap
If you are turning 65 and comparing Medicare Supplement or Medigap plans, you will probably ask "do all doctors accept Medigap plans?". This is one of the most common questions for people turning 65 - it can seem complex, but the answer is actually very straight-forward. Do All Doctors Accept Medigap Put simply, when it comes to accepting Medigap plans, it all depends on if your doctor accepts Medicare itself. Medigap plans "follow" Medicare. So, if a doctor or hospital takes Medicare, they will accept your Medigap plan. It does not matter which company or plan you have since Medigap plans
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Carol MarakTips to Avoid Medicare Pitfalls
Since over thousands of baby boomers enroll into Medicare every day, it’s important to know the facts about the health care insurance program. If you fail to learn, you remain open to expensive mistakes and catches. Tips to Avoid Medicare Pitfalls Joe Baker, president of the Medicare Rights Center, says, "Avoiding the most common errors in Medicare is the difference between having good financial and health security — or not." He warns older consumers to learn the rules to avoid higher premiums. I enrolled in Medicare last year and found the process overwhelming. With the difficult language and limitless selections to
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