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Liz Weston

Thursday’s need-to-know money news

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Today’s top story: Financial experts share what they wish they could have told their younger selves about money. Also in the news: A shift in the housing market, student loan borrowers in default get a do-over, and 4 ways to find flight deals.

Just Starting Out? Learn From Our Mistakes
Some personal finance experts share what they wish they could have told their younger selves about money.

Suddenly, the Housing Market Is Not All About the Sellers
Selling a home these days isn’t as effortless as a year ago, when a seller could choose among competing buyers.

Student Loan Borrowers in Default Get a Do-Over
About 7.5 million student loan borrowers with loans in default are set to get a fresh start — a chance to enter repayment in “good standing” — but only if they opt in.

Flight Deals Still Exist: 4 Ways to Find Them
Vigilance, flexibility and some airline miles are key to getting good deals in today’s airfare market.

Tuesday’s need-to-know money news

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Today’s top story: Why don’t we know if people are getting COVID on airplanes? Also in the news: changes to electronic vehicle tax credits, will interest rates continue to rise, and the stupidest fees you should never pay.

Why Don’t We Know If People Are Getting COVID on Planes?
With all the energy devoted to air travel and COVID safety, you’d think we’d have some hard data. We don’t.

Changes to EV Tax Credits: Where Your Battery Is Made Matters
New changes to the EV tax credit could make it harder to find a model that qualifies.

Ask a Nerd: Will Interest Rates Continue to Rise?
Interest rates seem like they will rise for the foreseeable future, but consumers should make sure to still save.

These Are the Stupidest Fees You Should Never Pay
Life is expensive enough without unnecessary fees—here are the ones you should never pay.

Monday’s need-to-know money news

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Today’s top story: What Medicare Part A’s belly-up date means for you. In other news: A new episode of the Smart Money podcast on investing for your dream life, what the Inflation Reduction Act means for your Medicare coverage, and what small businesses should do now to prep for a recession.

What Medicare Part A’s Belly-Up Date Means for You
Shifting services, revamping drug coverage and cutting payments to providers are all strategies that could slow Medicare Part A insolvency.

Smart Money Podcast: Investing for Your Dream Life
This week we’re running an episode from our financial dream series.

What the Inflation Reduction Act Means for Your Medicare Coverage
The act would implement cost-cutting measures for prescription drugs and cap out-of-pocket spending with Medicare Part D.

4 Things Small Businesses Should Do Now to Prep for a Recession
Speculation about a looming recession is putting pressure on many small-business owners to protect themselves against a downturn.

Q&A: Medicare Part A

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Dear Liz: You recently answered a question from someone who was delaying signing up for Medicare because he had health insurance through his job. You mentioned that if the employer had 20 or more employees, he didn’t have to sign up until that employment ended. That’s correct, but there’s typically no cost for Medicare Part A so there’s no reason not to sign up.

Answer: That’s an excellent point. Medicare Part A covers hospital visits and typically is premium-free, so signing up at age 65 is a good idea even if you have insurance coverage through work. The other parts of Medicare require monthly premiums and can impose penalties if you don’t apply when you’re first eligible.

Q&A: Switching back to original Medicare

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Dear Liz: I’m 75 and I’ve been on an Advantage plan since I started on Medicare at 65. I’m interested in switching to original Medicare with a supplemental policy. I know I will have to enroll in a drug policy also. Will I be subject to any penalties for late enrollment for any of the three policies?

Answer: You won’t be subject to penalties but you will be subject to underwriting for the supplemental policy. That means the private insurance companies that offer these plans can deny you coverage or charge you more for preexisting conditions.

There are a few exceptions. Insurers can’t subject you to underwriting if you’re still within the first 12 months of having a Medicare Advantage plan, for example, or if you move out of the plan’s service area. In addition, four states — Connecticut, Maine, Massachusetts and New York — require Medigap companies to offer coverage to all Medicare beneficiaries.

Start shopping around and make sure your application for a supplemental policy has been approved before canceling your current plan.