Monday’s need-to-know money news

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

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.