Category: Cost
Retirement Expenses Most People Underestimate
When we think about retirement, many of us are wired to assume that our costs will naturally drop as a result of no longer working. But we may be overestimating the extent to which that might happen. While it’s true that some expenses, like commuting, go down in retirement, others are, in fact, likely to climb. Here are five in particular that tend to catch retirees off guard.
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5 Things You Should Know About Social Security
If you’re a long way from retirement, knowing the ins and outs of Social Security might not seem particularly important. However, your Social Security benefits should play a key part in your retirement planning process — and you can’t factor in your Social Security benefits if you don’t understand how they work. The result will be a retirement plan that’s either overly optimistic or overly pessimistic.
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7 Tips To Help Cut Your Prescription Drug Costs
Soaring drug prices have grabbed headlines over the past couple of years, including the skyrocketing cost of an AIDs drug from $13.50 to $750, EpiPen’s massive hike, the spike in insulin costs, and the escalation of the costs of other lifesaving treatments. In these days of sky-high drug costs, Medicare recipients, particularly the 90% on a fixed income, are looking to get their prescription drug costs under control.
So, if you have a Medicare Part D prescription drug plan, what can you do to get your costs under control? Here are some tips for “what if” situations.
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What Are The Benefits of Medicare Plan F?
Of the Medigap plans available, Plan F provides the widest array of benefits and the most comprehensive coverage. Plan F and Plan C (not to be confused with Medicare Part C), the second most popular Medicare Supplement plan, are sometimes referred to as “first dollar” plans: They cover Medicare copays and co-insurance from the very ‘first dollar.’
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Social Security Disability Benefits: What You Need To Know
Many people plan for their future by investing money in the stock market, paying off their home and mapping out the travel and adventure they will experience in retirement. Yet, few people plan for the possibility of becoming disabled and unable to work. Studies show one in four of today’s 20-years-olds will become disabled before the age of 67, yet 70 percent of the private workforce has no long-term disability insurance and does not understand the disability benefits that are available to them through the Social Security Administration (SSA).
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Retirement Stats Every Baby Boomer Should Know
Worried about retirement? You’re not alone. A large number of workers nearing the end of their careers are learning the hard way that retirement is expensive and that most older Americans simply aren’t prepared. If you’re thinking of retiring in the not-so-distant future, here are a few facts you should be aware of.
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Potential Social Security Compromises Donald Trump Could Make as President
Social Security plays a major role in ensuring the financial well-being of our nation’s retired workforce. The latest survey from national pollster Gallup found that almost 60% of all seniors rely on their Social Security checks to be a “major” contributor of their monthly income, while another 28% expect their benefits check to be a “minor” source of monthly income. That’s nearly nine in 10 retired workers who could be in financial trouble if Social Security weren’t there for them.
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Preventive Health Services Covered By 2017 Medicare Plans
Does Medicare cover 100 % of all preventive health care screenings?
So you’re due to get a colonoscopy and a few other tests, but you want to find out if you’ll have to pay anything before you proceed. You might be wondering, does Medicare cover these things?
Yes, Medicare Has Free Preventive Services
Medicare currently covers a wide array of free preventive and screening services to help you stay healthy, but not all services are completely covered. You also need to be aware that the repeal of the Affordable Care Act (aka Obamacare) – which helps financially support Medicare – may very well cause these free preventive services to be eliminated in the future. But in the meantime, here’s how it works.
As of 2017, most of Medicare’s preventive services are available to all Part B beneficiaries for free, with no copays or deductibles, as long as you meet basic eligibility standards. Mammograms; colonoscopies; shots against flu, pneumonia, and hepatitis B; screenings for diabetes, depression, and heart conditions; and counseling to combat obesity, alcohol abuse, and smoking are just some of Medicare’s lengthy list of covered services. But to get these services for free, you need to go to a doctor who accepts Medicare “on assignment,” which means he or she has agreed to accept the Medicare approved rate as full payment.
Other Preventive Services May be Covered with a Medicare Supplement
Also, the tests are free only if they’re used at specified intervals. For example, prostate cancer PSA tests, once every 12 months for men over 50; or colonoscopy, once every 10 years, or every two years if you’re at high risk.
Medicare also offers a free “Welcome to Medicare” exam with your doctor in your first year, along with annual wellness visits thereafter. But don’t confuse these with full physical examinations. These are prevention-focused visits that provide only an overview of your health and medical risk factors and serve as a baseline for future care.
For a complete list of services along with their 2017 eligibility requirements, visit Medicare.gov and click on the “What Medicare Covers” tab at the top of the page, followed by “Preventive & screening services.”
Watch Out For Hidden Cost For Preventive Services
You also need to know that while the previously listed Medicare services are completely free, you can be charged for certain diagnostic services or additional tests or procedures related to the preventive service. For example, if your doctor finds and removes a polyp during your preventive care colonoscopy screening, the removal of the polyp is considered diagnostic and you will likely be charged for it. Or, if during your annual wellness visit, your doctor needs to investigate or to treat a new or existing problem, you will probably be charged here too.
You may also have to pay a facility fee depending on where you receive the service. Certain hospitals, for example, will often charge separate facilities fees when you are receiving a preventive service. And, you can also be charged for a doctor’s visit if you meet with a physician before or after the service.
To eliminate billing surprises, talk to your doctor before any preventive service procedure to find out if you may be subject to a charge and what it would be.
Minimize Your Out-of-Pocket Cost
Medicare also offers several other preventive services that require some out-of-pocket cost sharing. With these tests, you’ll have to pay 20 percent of the cost of the service, after you’ve met your $183 Part B yearly deductible. The services that fall under this category include glaucoma screenings, diabetes self-management trainings, barium enemas to detect colon cancer, and digital rectal exams to detect prostate cancer.
Preventive Services Might be Covered If You have a Medicare Advantage Plan
If you have a Medicare Advantage plan, your plans are also required to cover the same free preventive services as original Medicare as long as you see in-network providers. If you see providers that are not in your plan’s network, charges will typically apply.
