Health Insurance Tip #5 – Traveling away from home? Be sure to purchase a travel medical plan!
December 31, 2009
Many people don’t realize how inexpensive purchasing a travel medical plan can be. We are talking pennies per day in many cases to cover your medical expenses in the event of illness or injury while away from home. These travel plans are available to US citizens traveling within the US or US citizens visiting countries abroad. There are also travel medical plans specifically suited for non-US citizens who are planning stays within the United States for a period of time – 2 days up to 1 year or more.
Many countries actually require proof of a travel medical plan in place in order to issue certain travel visas. Another population of poeple who may not realize that travel medical plans may be a must for them — cruisers. People who are vacationing by way of a cruise might be surpised to know that their current medical plan may not cover expenses for medical care obtained while on the boat and bills may also add up quickly should they need to be evacuated to a nearby hospital for additional care. Because cruises often travel in international waters and even for the reason that the “location” of care can be a very “gray,” medical companies aren’t always forthcoming with paying these expenses. Might these expenses be covered by your existing medical plan? Maybe. But, why take the gamble when it comes to your health and your savings account? Literally, a couple of dollars can purchase $1 million of medical coverage…and, for the peace of mind and potential savings should you need to use it, I would say, these travel medical plans are almost always a good investment.
Not everybody knows that these plans exist nor do they always know what plan will suit their needs best. It’s a very good idea to at least learn about these plans and options and/or consult a health insurance agent so you can make an informed decision whether to purchase, or not to purchase this type of insurance coverage before your next trip. Bon voyage!!!
If Safeguard can be of assistance to you or someone you know, please don’t hesitate to contact us at (925) 627-1800 or online at: www.safeguardfinancial.com
Health Insurance FAQ #7 – The ABC’s of Medicare.
December 9, 2009
Really…when I say “ABC’s” of Medicare, I really mean it. It seems, in the process of simplifying Medicare and supplemental plan choices, we have somehow made things much more complicated. I am going to try to simplify things here for you, but keep in mind, this is a simple overview so there are some details that I will not touch on that may be important to know in your specific situation. Should you have questions, please feel free to call us at (925) 627-1800 or visit the social security website at www.ssa.gov.
Though there are some exceptions for younger Medicare enrollees, most people become eligible for Medicare at age 65. The “original” Medicare programs are labeled Part A and Part B. Part A being a free program that is designed to cover the more “catastrophic” (hospital) care. Part B, on the other hand, comes with a small fee, and tends to cover the more general care and some preventive services. The fee for enrolling in Part B amounts to approximately $96.40 per month.
Then, we have Medicare supplement plans that are offered through several different health insurance companies. These supplement plans, for the most part, carry the same “names” regardless of carrier. These plans are also labeled by letters, generally A-K. Each of the plans (A-K) are intended to be identical, regardless of the carrier offering the plan, but the premiums do vary by carrier. Each of these plans offers coverage for something that Part A and/or Part B does not cover — for instance: deductibles, fees in excess of what is permitted by part A/B for certain services, etc. Some supplement plans offer little coverage while others will cover 100% of what Part A and/or Part B will not cover for permitted care/services.
There are also Medicare advantage plans (a different type of “supplemental” plan) that are offered by many carriers, however, we will not go into much detail about these plans here. At least, not yet.
And, then…we are brought to Part D – often referred to as prescription drug plans (PDP.) Neither part A nor Part B cover fees for prescriptions drugs. The supplement plan you may have chosen to enroll in that is supposed to cover 100% of what Part A and Part B won’t, doesn’t cover prescriptions drugs. Because prescription drugs are not a covered benefit under any of these plans, there is a need for an additional plan option — a prescription drug plan. The details of these PDPs are less streamlined than the supplement plans since each carrier may have different names for the Part D plans and each plan can offer different benefit coverage.
You may want to start saving up to treat yourself to a nice, long vacation after your 65th birthday because sorting through all the Medicare plan options and enrolling in the plans that best suit your needs can be a real tedious task! You may need the R&R to recover from the process.
If Safeguard can help you or someone you know, please feel free to contact us at (925) 627-1800.
