Out-of-Pocket Costs to Anticipate
As we are now a couple of months into 2023, it’s important for Medicare beneficiaries to understand the out-of-pocket expenses associated with their healthcare coverage. While Medicare provides essential healthcare benefits for millions of seniors and people with disabilities, it does not cover all medical costs. This is where Medicare Advantage, Part D plans, and Supplemental plans come into play. Understanding the out-of-pocket costs associated with these plans can help you make more informed decisions […]
The Power of Superfoods for Seniors
Boosting Health and Vitality Greetings Retirees! As we age, our bodies require specific nutrients to maintain optimal health. Proper nutrition becomes even more critical for older adults, as we face unique challenges that can impact our overall well-being. One way to ensure that we’re meeting our nutritional needs is by incorporating superfoods into our diets. Superfoods are whole, minimally processed foods that pack a nutritional punch. While most are plant-based, not all are exclusively so. […]
2023 Medicare Parts A & B Premiums and Deductibles 2023 Medicare Part D Income-Related Monthly Adjustment Amounts
On September 27, 2022, the Centers for Medicare & Medicaid Services (CMS) released the 2023 premiums, deductibles, and coinsurance amounts for the Medicare Part A and Part B programs, and the 2023 Medicare Part D income-related monthly adjustment amounts. Medicare Part B Premium and Deductible Medicare Part B covers physician services, outpatient hospital services, certain home health services, durable medical equipment, and certain other medical and health services not covered by Medicare Part A. Each […]
What is the Initial Coverage Election Period?
If you’re new to Medicare, you may be familiar with the Initial Enrollment Period (IEP), an election period that covers from 3 months before your 65th birthday to 3 months after. However, if you chose not to sign up for Part B during your IEP, there is another enrollment period available to you, known as Initial Coverage Election Period (ICEP). But what exactly is it? When can you use it? And how does it differ […]
Turning 65 With Employer Insurance and the Need to Report Creditable Coverage to CMS
If you’re turning 65 and still intend to have employer coverage, or if maybe you’re delaying your retirement just a few months after your birthday, one thing to keep in mind is making sure you receive an annual written notice of creditable coverage from your employer. As you may or may not know, Medicare will require you to maintain creditable prescription drug coverage or receive a Part D Late Enrollment Penalty. If you’d liked to […]
Medicare and Health Savings Account
A Health Savings Account (HSA) lets you deposit untaxed dollars into a savings account that can be used to pay for qualified medical necessities. Employers and financial institutions offer this kind of savings account to eligible individuals. You may only contribute to an HSA at age 65 or older if you are covered by an HSA qualified health plan, you are not a tax dependent, and you are not enrolled in Medicare. You will not […]
Making the Most of Your Medicare Plan: Know Your Benefits and Save Money
Whether you’re on a limited income, or just trying to justify how much you’re paying for your Medicare Advantage plan, we all want to get the most out of our health care plan. Every plan comes with a lot of information and explanation about its benefits, and it can be overwhelming to drill down into these documents to find useful savings, discounts, and benefits. In this article, we’re covering some of the resources and features […]
Does Medicare Cover Hearing Aids?
Unfortunately, when it comes to vision, dental and hearing care, traditional Medicare doesn’t offer much coverage for older adults. If you have supplemental insurance, however, it may pay for some or all of these services, depending on your plan. Original Medicare and Hearing Aids Medicare Part B doesn’t cover the cost of hearing aids or the exams needed for fitting one. However, Medicare Part B does cover diagnostic hearing exams if your doctor orders them […]
Medicare vs. Medicaid
While their names may sound alike, Medicare and Medicaid are two different programs. Both are government programs that can help you pay for healthcare and medical expenses, but that’s about all they have in common. Medicare is a federal insurance program for people who are 65 years or older, and for some people with disabilities. Medicaid, on the other hand, is a joint federal and state program that helps people with limited resources pay for […]
VA Health Care and Medicare
Are you a Veteran about to turn, or just turning, 65? Wondering how VA coverage and Medicare will work together, or if you even need Medicare coverage if you have Veterans Affairs health benefits? We put together the following expert answers and valuable information to help you transition to Medicare as a veteran. VA Health Coverage With your Veterans Affairs (VA) Health Care benefits, you are covered for regular checkups and appointments with specialists, […]