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Catch up on some of the latest posts with this week's roundup:
Three Insurance Supplements You Should Have in Your Planby Brian Thompson, Brian Thompson Financial LLC
Since it’s open enrollment time, I wanted to remind you of some insurance supplements that you should keep in mind. The fundamental five – health, car, life, disability and home insurance – provide the foundation for your protection. These additions will help you thrive...
Medicare Open Enrollment Season
Do work with an enrollment agent. Don’t assume your coverage from last year makes sense for this year. Keep the conversation focused on health insurance and away from life insurance.
Open enrollment for Medicare is fast approaching (October 15 – December 7), and POWWOW encourages clients aged 65+ to work with an enrollment agent to ensure existing coverage is still suitable. If necessary, click HERE to be refreshed on the many different components of Medicare and its associated costs.
Making the Most Out of Your Open Enrollment
I can’t believe it’s October already. That means it’s not just time to pick out your costume, but also to gear up for the end of the year. You’ll want to make sure all of your 2017 to-dos are checked off before 2018 rolls around. We’ll be talking about other year-end tasks in the coming weeks, but let’s tackle open enrollment in company benefits first.
When you were first hired, you probably made a lot of choices and signed a lot of papers regarding your benefits. If you don’t do anything, you will likely be reenrolled in the benefits options you selected
A Refresher on Medicare Plans
With open enrollment approaching, I thought it was a good time to recap the different Medicare Part/Plan options and their costs:
Part A Hospital Insurance: There is no premium to people (and usually their spouses) who’ve paid into Medicare for 40 quarters, and you would have automatically enrolled upon turning 65. If you’ve put in less than 40 quarters, you can buy into the program. There is a $1,316 “benefit period” deductible for a hospital stay, which is often misinterpreted to mean annual. A period begins the day that you enter a hospital. Once you are discharged from the hospital and do not receive care for a continuous 60 day period, the period officially ends. If another health event occurs, you’ll be responsible for another $1,316 deductible. There is also a daily co-insurance when remaining in the hospital beyond 60 days. Skilled care has a separate co-pay system. Days 1-20 are covered, 21-100 bills $164.50/day to the patient.