We have been receiving calls from individuals asking if they can switch to Traditional Medicare after the Annual Enrollment Period. Many individuals are told that they can only switch plans during the open enrollment period which currently is October 15 through December 7 of each year. While this may be true in most cases, there […]

Medicare has announced the changes to the deductible and coinsurance for Medicare Part A. Medicare Part A covers facility type charges such as inpatient hospital stays and skilled care in a skilled nursing facility. The inpatient hospital deductible will increase to $1,216.00 in 2014, an increase of $32.00 from 2013. It is important to understand […]

Medicare has announced that the Part B deductible for 2014 will remain $147.00, the same amount the annual deductible was in 2013. This means that once a Medicare beneficiary has paid $147.00 for medical care covered by Medicare Part B, Medicare will begin to pay for services at 80% of their approved amount; some services […]

Now is the time of year when Medicare beneficiaries can review their options to determine if they should switch from a Medicare Advantage Plan (MAP) to Traditional Medicare (or visa versa) or change Medicare Part D prescription drug plans. One important thing to remember is that you do not have to make any changes if […]

Daily Money Managers (DMM) provide personal business assistance to clients who have difficulty with, or lack the time needed for, personal monetary affairs without the client giving up their independence. A DMM brings clarity and order to an individual’s daily management of personal bills, budgets and record keeping. They assist clients with activities such as […]

Recently I had the opportunity of being interviewed by a newspaper reporter of a small publication concerning the cost of healthcare and how it affects those that are without health insurance. A recent article in Time Magazine, Bitter Pill March 4, 2013 issue, has been creating a lot of interest concerning the skyrocketing cost of […]

Many times we hear individuals say they receive correspondence from their health insurance carrier that has large print stating “This is not a Bill” believing the document is not important and dispose of it. In fact, this correspondence received from the health insurance carrier is the explanation of benefits statement that explains how a claim, […]

From time to time we do get questions from individuals asking why their Medicare Part B premium differs from the premium a neighbor or friend pays. On average, most people pay the standard premium amount, $104.90 for 2013, however there are some individuals that pay a higher amount based on their Modified Adjusted Gross Income […]

Most people forget about including annual out of pocket medical expenses on their income tax return. Out of pocket medical expenses are those that you paid for but were not reimbursed or not covered by your insurance carrier. Currently, the IRS allows you to deduct medical expenses that exceed 7.5% of your adjusted gross income […]

It is very important that you understand exactly what the benefits of your health insurance policy are so you do not end up with any unexpected out of pocket expenses. If you have not looked at your summary of benefits page of the policy in a while, or if you recently purchased a new policy […]