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Pre-authorization, sometimes referred to as prior authorization, is the approval healthcare providers require from insurance carriers before delivering certain services or prescriptions to patients. While you can still get the service without pre-authorization, you’ll be responsible for the full cost. Also, prior authorization approval doesn’t guarantee coverage. The waiting and…
As your loved one ages, you may find they need more assistance than you can provide. You may be considering an assisted living facility for their care, which can provide supportive care to give them as independent a life as possible. There are approximately 2.2 million people living in long-term…
When it comes to Medicare Part B, knowing when to sign up is only half the battle — the other half is knowing how. Whether you’re approaching your 65th birthday or finally retiring after years of working past 65, the enrollment process can feel like a maze of government forms…
If you’re enrolled in Medicare and make above a certain amount of money each year, you’ll pay higher Part B (medical insurance) and Part D (prescription drug) premiums. This surcharge,known as the income-related monthly adjusted amount, or IRMAA, is based on your modified adjusted gross income (MAGI) from your tax…
To thrive on a fixed income, it’s important to make smart financial decisions — and the end of the year is a perfect time to prepare your finances for the future. While healthcare and health insurance are key, they’re parts of a larger financial picture. Taxes, investments, and required minimum…
If you are enrolled in Medicare Part A (hospital insurance) and Part B (medical insurance), you’re eligible for Medigap. Also known as Medicare Supplement, Medigap covers many out-of-pocket costs that Original Medicare doesn’t. There are 10 Medigap plans — A-D, F, G, K, and L-N — each letter providing standard…
If you’re planning a long-term vacation, traveling south for the winter, or have recently purchased a second home, you may be wondering if your Medical Supplement plan works in another state. The short answer is: yes. Medicare Supplement plans, also called Medigap, offer the same coverage at home and away.…
Did you know: Once you turn 73, you are required to make your first minimum withdraw from your traditional IRA. Even if you don’t need your savings for living expenses, you are still required by law to start taking out required minimum distributions (RMDs) by the following April 1 after…
The short answer is: Yes, the vast majority (over 90%) of non-pediatric hospitals in the U.S. accept Original Medicare. However, “Accepting Medicare” is not a simple yes-or-no checkbox. There are nuances involving provider networks, specific doctor contracts, and facility types (such as VA hospitals) that can leave patients with unexpected…
Have questions about Social Security and Medicare? Though they differ in benefits and eligibility, these two programs work together to provide you with financial security and healthcare coverage in your retirement years.
Here’s what you need to know about both programs, including eligibility, benefits and costs, and how you coordinate them.
