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Long-Term Care Simplified

  WHAT IS LONG TERM CARE (LTC)? It is NOT medical insurance. Rather, it covers "Activities of Daily Living" which include eating, bathing, getting dressed, toileting, transferring, continence and dementia. Note: care does not have to occur in a nursing home - LTC...

Employer Coverage vs Medicare

Some people equate Medicare to an HMO. However, you can choose a "Medicare Supplement Plan" in which you can go to any provider that accepts Medicare - no referral needed! MEDICARE SUPPLEMENT PLAN BASICS:  You can go to ANY provider in the U.S.A. as long as they...

Medicare Part B Costs and IRMAA

,For 2020, the base cost of Part B is $144.60 - but it can be more based on your income. The acronym for this cost adjustment is IRMAA (Income-related Monthly Adjustment Amount). To see a chart of IRMAA charges, click here. Note #1 - If you are in one of the higher...

Medicare Part B – What if you lose it?

Short answer: If you lose Medicare Part B it can be a major catastrophe. So if you’re not already set up on auto-pay, you might want to consider it – click here. Note: If you’re drawing Social Security, your Part B is probably being auto-deducted from there. WHAT CAN...

How to Pick a Medicare Advantage Plan

Every year when the new plans come out, I make a spreadsheet of all the benefits - across all the plans. It's amazing to see how similar all the plans are to each other. The biggest differences between the plans (generally speaking) are not even the medical benefits....

What is the Coverage Gap (Donut Hole)?

The cost of the average drug plan is under $30/mo, which barely pays for 1 prescription. The Coverage Gap (donut hole) was meant to control drug costs and keep the program sustainable. Here's how it works: THERE ARE 4 "STAGES" IN A DRUG PLAN (based on a calendar...

Medicare Prescription Drug Coverage

IF YOU HAVE A MEDICARE ADVANTAGE PLAN: Drug coverage is already included in the plan. IF YOU GET A MEDICARE SUPPLEMENT: Drug coverage is not included. You should buy a separate drug plan. GET THE RIGHT PLAN: All drug plans are not created equal. If you're taking...

Long-Term Care Insurance

Long Term Care (LTC) is probably the most needed yet least purchased insurance. Why the most needed? You'll see below. Why the least purchased?Mainly because it's expensive and if you don't use it, then all your premiums were paid for nothing. But there is a better...