By Elliot Raphaelson From Tribune Content Agency If you use Part D of Medicare to help cover your prescription costs, Medicare has recommended five ways to lower your costs. I’ll summarize them below and add a further recommendation. Consider Switching to a Generic Prescription If you are using a name-brand prescription that is expensive—the costs…
The Savings Game: Roth Advantages Reviewed
By Elliot Raphaelson Based on reader inquiries, many readers do not understand when funds are available after a Roth conversion. When you make a Roth IRA contribution, it is understood, by most, that after you pay the income tax in the year of the contribution, there is no tax or penalty associated with the withdrawal…
The Savings Game: Do You Qualify for a Medicare Savings Program?
By Elliot Raphaelson Most individuals, when they reach age 65, sign up for Medicare. For most participants, Medicare Part A (hospital insurance) is free. For other parts that are needed, such as Part B (outpatient medical insurance), Medigap (supplemental insurance), and Part D (prescription coverage), the costs can be high and, for many low-income families, difficult…
What Medicare Part A’s Belly-Up Date Means for You
August 11, 2022
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At its current pace, Medicare’s Hospital Insurance trust fund will run out of money in 2028, according to the June 2022 Medicare trustees report. That’s a two-year extension on the previous estimate, but experts say it’s still not good news, and the government needs to stop twiddling its thumbs. Here’s what you should know. What…
Sen. Ron Johnson Suggests Annual Review of Medicare, Social Security Spending for Better Oversight
Sen. Ron Johnson (R-Wis.) on Wednesday suggested that Social Security and Medicare should no longer be classified as federal entitlement programs and instead the funds should be approved by Congress on a yearly basis in an effort to curb debt. The lawmaker made the comments during an Aug. 3 interview on “The Regular Joe Show,” a conservative radio program on WTAQ News…
Avoiding a Bitter Pill: Medicare Penalties for Late Enrollment
United States citizens are eligible for Medicare when they reach 65. If you are receiving benefits from Social Security (or the Railroad Retirement Board) at least 4 months before your 65th birthday, you will be automatically enrolled in Medicare. If you are not receiving Social Security benefits at 65, you will need to watch the calendar…
Advocates for Private Health Care Decry BC Court Decision to Uphold Public Health-Care Monopoly
Advocates for private health care say they’re disappointed in the B.C. Court of Appeal’s ruling against a constitutional challenge brought forward by a Vancouver surgical clinic, as they say patients are dying on wait-lists. Cambie Surgeries Corporation issued a constitutional challenge against two sections of B.C.’s Medical Protection Act that prevent doctors from billing patients…
6 Things You May Not Know About Medicare
Whether or not you are on Social Security at age 65, you are eligible for Medicare, as long as you are a U.S. citizen or lawful permanent resident. Medicare is federal health insurance for people 65 or older, and for some younger people with disabilities. Most people on Medicare have helped fund it over the…
SCOTUS Upholds HHS’s Medicare Reimbursement Formula for Hospitals Serving the Poor
June 24, 2022
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The Supreme Court ruled 5-4 against a hospital system that serves low-income people in Washington state, finding that the formula the U.S. Department of Health and Human Services (HHS) uses to calculate Medicare reimbursements is correct. The ruling is a victory for the Biden administration. The case, on appeal from the U.S. Court of Appeals…
Little Help on Inflation
Commentary Recently, the White House released its plan to deal with inflation. Except for its commitment to off-load most of the effort onto the Federal Reserve (Fed), it offers little that can help except over the very long run, which means little for people paying to cool their homes this summer, bring home groceries, or…
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