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Mark Your Calendar for Medicare Open Enrollment You can’t tell it by looking at the calendar, unless you know what you are looking for, but we are getting ready to head into one of the most important times of the year. No, I’m not talking about the holiday season, although I’m sure we will be hearing Christmas songs sometime soon. It’s a particularly important time of year if you or a loved one are covered by Medicare. It’s the Medicare open enrollment period, the time when Medicare beneficiaries can make changes to their plan and pick one that works best for them. In effect, each year you get a “do-over” on choosing your plan. The open enrollment period starts on October 15 and ends on December 7. Medicare Open Enrollment Period Open enrollment is a big deal, but unfortunately, most people don’t take advantage of it. Make sure you don't let December 7 slip by without at least reviewing your Medicare options. Don’t assume the plan that was best for you in 2017 will be the best for...

Alert: Shorter Enrollment for Affordable Care Act This Year While GOP efforts to repeal and replace the Affordable Care Act (ACA) have yet to be successful, the Trump administration has taken steps to make signing up more difficult. Perhaps the biggest hurdle for consumers is the newly shortened open enrollment period, which now runs for just 45 days from Nov. 1 to Dec. 15. By contrast, the open enrollment period in previous years ran for 92 days – from Nov. 1 to Jan. 31 – which gave enrollees more than twice as much time to research plans, make decisions and submit applications. The new deadline allows ACA open enrollment “to more closely align with Medicare and the private market,” according to the Centers for Medicare and Medicaid Services CMS). But opponents say the abbreviated period will make it harder for some people to sign up on time, which could ultimately reduce the number of people who have coverage. Some States Extend Deadlines In response, several states that run their ...

Don't Overlook HSAs During Open Enrollment Topics Reference Advisors Markets Simulator Academy Search News, Symbols, Terms « Advisor Insights Don't Overlook HSAs During Open Enrollment Ed Snyder Ed Snyder, CFP®, ChFC November 15, 2017 SHARE Open enrollment is coming. You know, that time of year where you make choices about your benefits at work? One area that I've noticed that people may want to take a little more time in comparing their options is in the health insurance plan that they choose. With many employers today you can choose from two options - a health reimbursement account (HRA) or a health savings account (HSA). You may have heard about the HSA, but maybe you're not sure how it works or how to use it. HSAs are relatively complex and can be confusing. Is it affiliated with health insurance? Does it have anything to do with retirement? Is it a bank account, an investment account? It can be all of these things. (For more, see: Rules...

The Real Benefit of a High Deductible Health Plan Autumn is the time of year when you can see the leaves change colors, pick pumpkins and drink some warm apple cider. It also means that open enrollment is upon us. This time of year can be a bit confusing and intimidating when you are tasked with choosing your benefits package for the upcoming year. Your money is hard-earned, so let’s make sure you choose the best plan to maximize your potential savings while covering your health care needs. The High Deductible Health Plan Enter the high deductible health plan (HDHP). If you are relatively healthy, and do not typically go to the doctor’s office for more than routine checkups, you should seriously consider the HDHP. These plans have larger deductibles, the self-insurance hurdle that you must satisfy before your health plan kicks in, but also offer a tax-free way to save to cover those costs. For 2018 the minimum deductible for a single health plan is $1,350 with a maximum deductible of ...

7 Common Questions and Answers About HSAs We love health savings accounts (HSAs) for healthy people. My husband has had one since 2005. By taking on more risk with a high deductible plan, the insurance company will lower your premium. Lately, more large companies have been offering eligible plans and HSAs. Here are answers to some complicated questions we get about HSAs: 1. Whose Medical Expenses Are Covered by an HSA? My health plan is a cost-sharing ministry and my husband has a high-deductible health plan (HDHP) that qualifies him to have an HSA. Distributions for qualified medical expenses for both of us are allowed to be made tax-free from his HSA. If we had dependent children, we would also be able to make tax-free distributions to cover their medical expenses. 2. Do Employer Contributions Affect My HSA Contribution Limit? Yes! The contribution limits for 2018 are $3,450 for individuals and $6,900 for family coverage for those under the age of 55. If your employer contributes ...

How Does Dental Insurance Work? Dental insurance policies help many people effectively budget for the cost of maintaining a great smile. Compared to medical insurance, understanding dental insurance policies is a breeze. Most policies are straightforward and specific regarding what procedures are covered and exactly how much you have to pay out-of-pocket. Dental insurance is available as part of medical insurance plans or as a standalone policy. Waiting Period for Dental Insurance Most dental insurance policies have waiting periods ranging from six to 12 months before any standard work can be done. Waiting periods for major work are typically longer and can be up to two years. These periods are set in place by insurance companies to guarantee they profit off a new account and to discourage people from applying for a new policy to cover impending procedures. (For related reading, see: 6 Dental Insurance Plans With No Waiting Periods.) Deductibles, Co-Pays and Co-Insurance An insurance...

Take Advantage of FSA Tax Savings Flexible spending accounts (FSA) are underutilized. If everyone knew they could save 20% off their health care bills, the story might be different. The discount every person receives will depend on their tax rate. There are two types of pre-tax FSAs. One account is for dependent children and the other is for healthcare expenses. For the tax year 2017, you can elect to allocate a maximum of $2600 for health care. The maximum allocation for dependent care is $5000. A dependent-care flexible spending account can be used to pay for dependent care services, such as day care, preschool, summer camps and non-employer-sponsored before or after school programs. It can also be used for elder daycare when an elderly or disabled parent is considered a dependent and you are covering more than 50% of their maintenance costs. For many parents like me it’s much easier to get an idea of how much you spend on dependent care than health care. Deciding How Much to Put...

Medicare: Understanding the Basics Medicare is a federal health insurance program for individuals age 65 or older and for individuals under age 65 with kidney failure, ALS or certain other disabilities. The program was established in the 1960s and is funded by the taxes that workers pay to Social Security and Medicare, by the premiums that Medicare beneficiaries pay for their coverage and by the federal budget. Understanding the basics of the Medicare program is important because it can help you determine whether or not you are eligible, what plan you can sign up for and what benefits you should expect to receive. Medicare has four parts: A, B, C and D. Part A and Part B are considered Original Medicare as they are provided directly through the federal government and Part C and Part D are not considered Original Medicare as they are not provided directly by the federal government. (For related reading, see: Managing Healthcare Costs in Retirement.) Part A Part A covers hospital insu...