How to Avoid Medicare Late Penalties

While there are many benefits to having Traditional Medicare, the few disadvantages come in the form of late penalties. Traditional Medicare consists of two parts, Medicare Part A and Medicare Part B. Part A benefits are your hospital benefits and covers any treatment given during hospitalization. Part B consists of coverage for doctor's office visits, diagnostic testing, lab work, outpatient surgeries, and ER visits. Prescription drug coverage is not available on Medicare Part A or Medicare Part B. There is Medicare Part D, which is stand-alone insurance that provides prescription medication coverage. And while Medicare covers most everything, there’s still

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Are You Ready for Medicare Open Enrollment?

Worried senior couple discussing over medical bills at home

It's Medicare open enrollment period starting October 15 and through December 7, 2019. Your chance to change coverage (Medicare plans) if you want. Medicare Part C plans, known as Medicare Advantage plans are private health insurance plans, mainly HMOs and PPOs, for people enrolled in Medicare. If you enroll in a Medicare Advantage plan, you still have Medicare, but you get all of your Medicare-covered benefits through a private plan. Most Medicare Advantage plans also cover prescription drugs and may cover other services, like vision, dental, and hearing. If you have Part A and Part B and are covered under

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Medicare Open Enrollment 2019: What You Should Know

What: Medicare Annual Enrollment Period (AEP) Also known as the Annual Election Period or Medicare Open Enrollment When: October 15 through December 7, 2019 Medicare beneficiaries have one guaranteed chance to make changes to their Medicare enrollment each year — the Medicare Annual Enrollment Period from October 15th through December 7th. During this period, you can: Enroll in a Medicare Advantage Plan Enroll in a Part D Prescription Drug Plan Drop a Part C or D Plan Understanding the Medicare Parts Original Medicare — Parts A & B Original Medicare, the coverage offered by the federal government, includes coverage for

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How to find Caregiving Support for Low Income Loved Ones

Caregiving isn’t just emotionally and physically demanding. It can get expensive. On average, caregivers spend between $5,000 and $20,000 per year on caregiving expenses. Between co-pays for medication or medical appointments to caregiving support or devices and equipment, the expenses add up quickly. This isn’t even including general housing and nutritional needs. If you are lucky, your parent planned ahead or was employed by a company that offered a pension. If not, where do you turn to get assistance with the overwhelming costs? National Resources For Low Income Seniors While it may take time to get set up in the

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Do All Doctors Accept Medigap

Do 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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Understanding Medicare through Supplemental Insurance

Understanding Medicare through Supplemental Insurance

Americans don’t celebrate it as a holiday, but July 30 is an important historical date in the United States. It was on this day in 1965 that President Lyndon Johnson signed Medicare into law, introducing a national health insurance program for citizens aged 65 and older. Understanding Medicare through Supplemental Insurance In its first year of availability, more than 19 million Americans enrolled in the program. Medicare has since expanded to include individuals who are permanently disabled and those who suffer from kidney failure. This year the number of enrollees is expected to reach 57 million, according to the Centers for

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Medigap Supplement Plan

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If you want to stay in original Medicare, you may want to look into your options for supplement plan coverage. Without such coverage, your out-of-pocket costs could be high if you require medical care. Supplement plan insurance helps pay the deductibles and coinsurance costs that original Medicare does not cover. You may be able to get supplement plan insurance from a former employer or union. If not, you can buy Medicare supplement plan insurance (Medigap) directly from an insurance company. If you want to buy a Medicare supplement plan insurance policy, known as Medigap, you must decide which benefit package

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5 Programs that Lower Medicare Costs

5 Programs that Lower Medicare Costs

5 Programs that Lower Medicare Costs Even with Medicare, many people struggle to afford premiums, deductibles and other out-of-pockets health care costs. There are five federal programs that lower your costs for care even if you do not qualify for Medicaid: 5 Programs that Lower Medicare Costs Veterans’ Administration: If you are a vet, the Veterans’ Administration (VA) offers low-cost services and prescription drugs directly. And, you can have VA coverage as well as Medicare. Medicare Savings Programs: Depending on your income, these programs help pay for Medicare premiums and coinsurance, even if you don’t qualify for Medicaid. There are three programs, Qualified Medicare

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Budgeting Long Term Care

Budgeting Long Term Care

Budgeting Long Term Care Long-term care costs are an x-factor many people simply do not think about when budgeting their retirement. The odds you’ll need some form of long-term care, however, are surprisingly high. According to longtermcare.gov, 70% of people turning 65 should expect to use some type of long-term care in their golden years. Budgeting Long Term Care As calculated by Genworth financial, a semi-private room in a nursing home for 2015 cost an average of $80,300. When it comes to finances, seniors are generally on a fixed income, so how can a senior account for such an exorbitant cost?

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