In dictionaries the word gap means a break, a separation, an incompleteness or deficiency. In Medicare it means the same thing, but it refers specifically to something that is missing from your health insurance coverage.Many seniors make a critical mistake when they buy into government literature that explains how Medicare pays for eighty percent of your healthcare. This is … [Read more...]
What Medicare Out-of-Pocket Costs Mean to You
Out-of-pocket costs are those fees that you have to pay at the doctors office, hospital or pharmacy because they are not covered by your Medicare health insurance. Almost all healthcare plans have these expenses, but they vary according to what type of Medicare plan you choose.Your out-of-pocket costs are a financial risk. As with any other type of insurance, the more risk … [Read more...]
Is a Medicare MSA Plan Right For You?
MSA stands for Medical Savings Account. It's a type of health insurance plan that helps you set aside monies in a tax-free savings account to be used on your health care costs. If you're familiar with Health Savings Accounts outside of Medicare, it's a similar type of health plan.Some Medicare Advantage (Part C) plans offer the MSA feature. They have a lot of flexibility … [Read more...]
Tips on Enrolling in Medicare for the First Time
About ten thousand people a day turn 65 in the United States, making them eligible for Medicare health insurance. If you are about to turn 65 you might want to know what being Medicare eligible means to you and how you can best prepare.The most important thing to be aware of is your Initial Enrollment Period (IEP), which is the time period that most people apply to receive … [Read more...]
Does Medicare Travel With You on Your Vacations?
Are you planning a vacation or two this summer? Make sure you know what your health insurance covers before you leave town. Medicare's coverage of your medical care depends on where you travel and how you receive your Medicare benefits. How Medicare Works When You Travel Inside the US and its Territories If you have Original Medicare, you can travel anywhere within the US … [Read more...]
Medicare Code: Deciphering The Terminology
Flooded by a sea of acronyms, technical terms, facts and figures when you first explore Medicare, you might feel like putting up your hands and giving up. Don't, because it isn't as complicated as it first seems to be. In fact, once you get a handle on the basic terminology you will be well on your way. It all starts with the four parts of Medicare. Medicare Parts … [Read more...]
Medicare Advantage Enrollment Growth Continues
Today the Kaiser Family Foundation (KFF) reported that the number and percentage of Medicare beneficiaries enrolling in Medicare Advantage plans continues to grow. The new growth statistic for the private Medicare health plans comes despite concerns that payment changes enacted in the Affordable Care Act of 2010 (ACA) would lead to reductions. Reductions in payments enacted … [Read more...]
Medicare Advantage Plans grow amid pay cuts by the Obama Administration
Although complaining about the proposed cuts to Medicare Advantage plans, more private insurance companies are entering the government health program to offer health services to seniors.The healthcare insurance industry is in a tizzy over the Obama administration’s proposal to cut payments to Medicare Advantage plans in 2014, with reports claiming a cut by as much as 8 … [Read more...]
Are You Eligible for Medicare Yet Still Working? How Does This Affect Your Medicare Coverage?
Great news - whether or not you retire at age 65, you are still eligible for Medicare!If you, or your spouse, are still employed you may have health insurance through that employer. The first step you should take, before you enroll in Medicare, is to talk with your human resources department. You will need to know which kind of health plan you are currently enrolled in … [Read more...]
