Can you contribute to a health savings account (HSA) when you’re on Medicare?
You can not contribute to an HSA when you are on Medicare. You can only contribute to an HSA when you have a high-deductible health plan (HDHP) and are under 65. Once you turn 65 or are on Medicare, you cannot continue contributing to the HSA. You are the owner of your HSA, not your […]
What are Medicare Penalties for Late Enrollment?
Medicare late enrollment penalties can increase your monthly premium substantially for the rest of your life. The government can penalize you each month that you maintain your Medicare coverage. It’s essential to understand your options and how these late enrollment penalties work to avoid costly premiums in retirement. There are certain times you can enroll […]
What is Medicare’s Extra Help Program?
Medicare beneficiaries can qualify for Extra Help paying for their monthly premiums, annual deductibles, and co-payments related to Medicare prescription drug coverage. The Social Security Administration estimates that Extra Help is worth about $5,100 per year in 2022. To qualify for Extra Help, you must be receiving Medicare and have limited resources and income. You […]
What’s the difference between Medicare and Medicare Advantage?
Medicare is a health insurance program in the United States mandated by law that provides health insurance coverage for Americans aged 65 and older and younger people with specific disabilities. The United States government administers the Medicare program, but it is not an entitlement program — only people who meet particular criteria are eligible for […]
How can I leave a Medicare Health Plan?
When you sign up for a Medicare Advantage (MA) Health Plan, like PFFS plans, you are making an agreement with the plan. It’s important to understand the terms of this agreement, including the obligations and penalties for termination of the agreement. You can leave or switch PFFS plans during the year if you qualify for […]
Can You Be Denied Supplemental Insurance for Medicare?
If you’re on a Medicare PFFS plan, you have no guarantee of supplemental insurance coverage. There is no government oversight of this, unlike PPO plans. This means that there are often annual limits on care and no recourse for the consumer if anything goes wrong with the insurance. Even if you are covered by a […]
What’s the difference between Medicare Advantage Plans and Medicare Supplement Plans?
Medicare Advantage Plans (MA-PPO/HMO) are sold by insurance companies while Medicare Supplement plans (Medigap) are sold by insurance companies and private insurance companies. The plans are very similar, and the advantages are essentially the same. However, some plans are better than others, so it is important to do a little homework before you make a […]
When is Medicare secondary to my insurance?
The Medicare brochure titled “Medicare & Other Health Benefits: Your Guide to Who Pays First” describes this in detail. In summary, if you have Medicare and other health insurance (like from a group health plan, retiree coverage, or Medicaid), each type of coverage is called a “payer.” When there’s more than one payer, “coordination of […]
I’m a Veteran and have Veterans’ benefits. Can I get Medicare?
If you have (or can get) both Medicare and Veterans’ benefits, you can get treatment under either program. Generally, Medicare and the U.S. Department of Veterans Affairs (VA) can’t pay for the same service or items. Medicare pays for Medicare-covered services or items. The VA pays for VA-authorized services or items. Each time you get […]
Do you sign us up for Medicare, or do we do that?
You can sign up for a Medicare plan yourself; however, there are some excellent reasons not to do this. We can sign you up to help you avoid the following issues. Medicare is confusing. One mistake can lead to substantial lifetime penalties or even the inability to get coverage. Choosing the wrong plan can leave […]