The Basics
Medicare is the federal health insurance program for people
who are 65 or older, certain younger people with disabilities, and people with
End-Stage Renal Disease (permanent kidney failure requiring dialysis or a
transplant, sometimes called ESRD). If you or your spouse have worked full time
for 10 or more years over a lifetime, you are probably eligible to receive
Medicare Part A for free.
Part A covers inpatient hospital stays, care in a skilled
nursing facility, hospice care, and some home health care. What Medicare covers
is based upon, Federal and state laws, National coverage decisions made by
Medicare about whether something is covered, local coverage decisions made by
companies in each state that process claims for Medicare. These companies
decide whether something is medically necessary and should be covered in their
area.
Medicare Part B is available at a monthly rate set annually
by Congress ($121.80 in 2016 for incomes $85000.00 or less for an individual).
Part B covers certain doctors' services, outpatient care, medical supplies, and
preventive services. Some seniors are eligible to receive the medical insurance
portion (Part B) free as well, depending on their income and asset levels. For
more information, inquire about the Qualified Medicare Beneficiary (QMB),
Special Low Income Medicare Beneficiary (SLMB), and Qualifying Individual
programs through your county social services office. Remember, in most cases,
if you don't sign up for Part B when you are first eligible, you will have to
pay a late enrollment penalty for as long as you have Part B. Your monthly
premium for Part B may go up 10% for each full 12-month period that you could
have had Part B, but didn't sign up for it. Also, you may have to wait until
the General Enrollment Period (from January 1 to March 31) to enroll in Part B,
and coverage will start July 1 of that year. Usually, you don't pay a late
enrollment penalty if you meet certain conditions that allow you to sign up for
Part B during a Special Enrollment Period.
Medicare Part C (Medicare Advantage Plans) are a type of
Medicare health plan offered by a private insurance company that contracts with
Medicare to provide you with all your Part A and Part B benefits. Medicare
Advantage Plans include Health Maintenance Organizations (HMO's), Preferred
Provider Organizations (PPO's), Private Fee-for-Service Plans (PFFS's), Special
Needs Plans (SNP's), and Medicare Medical Savings Account Plans (MSA's). If
you're enrolled in a Medicare Advantage Plan, most Medicare services are
covered through the plan and are not paid for under Original Medicare. Most
Medicare Advantage Plans have prescription drug coverage included.
Medicare Part D (prescription drug coverage) adds
prescription drug coverage to Original Medicare, some Medicare Cost Plans, some
Medicare Private-Fee-for-Service Plans, and Medicare Medical Savings Account
Plans. These plans are offered by insurance companies and other private
companies approved by Medicare.
Medicare Advantage Plans may also offer prescription drug
coverage that follows the same rules as Medicare Prescription Drug Plans. Keep
in mind, you may owe a late enrollment penalty if you go without a Medicare Prescription
Drug Plan (Part D), or without a Medicare Advantage Plan (Part C) (like an HMO
or PPO) or other Medicare health plan that offers Medicare prescription drug
coverage, or without creditable prescription drug coverage for any continuous
period of 63 days or more after your Initial Enrollment Period is over.
In today's world, insurance premiums and
related costs seem only to increase. That doesn't change how important it is to
maintain your coverage to protect yourself, your family, and your assets. So as
you survey the market, consider utilizing these cost-saving measures that can
lower your premium while maintaining all your current levels of protection.
Get more information
Most modern cars are equipped with a variety of smart
technologies that can help you gather useful information about your vehicle.
These "connected" features collect data from your driving habits and
the vehicle's maintenance needs. Understanding where to find and how to understand
this data can help you spot issues early and repair your car before more
serious and expensive issues arise. They can also help you achieve higher fuel
efficiency to save you money at the pump.
Additionally, many companies offer incentives for good driving.
If your insurer offers this type of program, they will send you a device that
can be quickly connected to the information system in your car. The device will
then observe your driving habits for a short period. At the end of the trial,
your insurance premiums could decrease based on the data collected. In other
words, if you drive safely, you could see a reduction in your monthly premium.
Some companies offer upwards of 15% discounts for safe drivers.
As an extra tip, be careful with your quick accelerations
and hard stops as this data could impact your savings.
Explore available partnership discounts
Nearly every insurer offers a wide range of discounts to
members of various groups. Being a good student, part of a university alumni
association, or a member of a partner organization could help you find savings.
You can usually see a detailed listing of these partnerships and discounts on
your provider's website.
If you find you might be eligible for savings, contact your
insurance representative to discuss applying the discount to your account. The
company will be ready to help you with the process as they look forward to
building positive relationships with their customers and partners.
If you aren't a member of one of these groups, you can
research their membership options. Sometimes even a small donation to a
non-profit organization can earn you a discount with your insurer.
Combine plans
Lastly, most people carry a variety of insurance plans these
days. Car, home, and rental are a few examples of policies that people own.
Some insurers will offer customers a discount for carrying multiple policies
with the same group. So if you own several plans, you should research options
for combining each into one plan with the same provider. This small change
won't impact your coverage while potentially reducing your combined payment
each month. If you end up switching companies, you might even qualify for a new
customer bonus!
Spending time researching and learning about the features of
your insurance plans can help you better understand what you are paying for and
where you might cut costs. Each of these options can help you save money and
time. Watch and be surprised at how quickly your savings add up!
Small and medium scale businesses need all the help they can get to reach a point whereby they can compete favorably with big establishments.
The goal of spokkz is to make available a platform that will be used to raise funds for independent films on their network.
