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Medicare

Tuesday’s need-to-know money news

June 21, 2022 By Liz Weston

Today’s top story: 7 things Medicare doesn’t cover. Also in the news: A new episode of the Smart Money podcast on the cost of eggs, where small businesses are feeling inflation most, and the No. 1 hotel amenity people love might surprise you.

7 Things Medicare Doesn’t Cover
From dental cleanings to overseas health care, here’s what you’ll have to cover on your own.

Smart Money Podcast: What’s Up With Eggs, and Home Improvement Projects
This week’s episode starts with a discussion about eggs — why they’re so expensive right now and how you can adjust your shopping habits.

Here’s Where Small Businesses Are Feeling Inflation Most
Consumers aren’t the only ones with rising prices. Small businesses are battling inflation and supply chain delays.

The No. 1 Hotel Amenity People Love Might Surprise You
It seems everyone’s ready to kick back by the pool this summer.

Filed Under: Liz's Blog Tagged With: eggs, hotel amenities, inflation, Medicare, Smart Money podcast

Q&A: Revisiting a Medicare penalty

June 13, 2022 By Liz Weston

Dear Liz: As a county employee of 44 years, I was offered the option to contribute to Social Security in the mid-1970s. It was not mandatory and I declined. When I retired in 2004, I did not apply for Medicare as I wrongly assumed that I would not qualify. I have since learned that I can apply for Medicare but that I would have to pay $499 per month as a late enrollment penalty on top of the monthly premium. Do you know any way that I can get a portion of the late penalty waived?

Answer:
As your situation shows, not getting sound advice about Medicare can be expensive. Failing to sign up for Part B coverage, which pays for doctor’s visits, can incur penalties of 10% for each 12 months you were eligible but didn’t enroll. The penalties are typically permanent.

There is an appeals process, but your chances of success may not be great unless you can prove that you delayed enrollment because of bad advice you got from a government representative. Medicare has more information on its site.

Filed Under: Medicare, Q&A Tagged With: Medicare

Friday’s need-to-know money news

February 4, 2022 By Liz Weston

Today’s top story: How to get what you want at your next job. Also in the news: Medicare to offer free at home COVID-19 tests in early spring, how your parents’ debt could outlive them, and what you need to know before you claim your child tax credit this season.

How to Get What You Want at Your Next Job
Before you start polishing your resume, here are tips from career coaches on being strategic with your job search, preparing for negotiations and asking for what you want.

Medicare to Offer Free At-Home COVID-19 Tests in Early Spring
Members will be eligible for eight free over-the-counter tests per month through local pharmacies.

How Your Parents’ Debt Could Outlive Them
Should you fear ‘filial responsibility’ laws?

What You Need to Know Before You Claim Your Child Tax Credit This Filing Season
The child tax credit was expanded up to $3,600 for the 2021 tax year. Here’s how to claim yours.

Filed Under: Liz's Blog Tagged With: child tax credit, covid tests, job benefits, Medicare, parental debt

Monday’s need-to-know money news

December 13, 2021 By Liz Weston

Today’s top story: How to avoid going overboard and over budget on kids’ holiday gifts. Also in the news: A new episode of the Smart Money podcast on countering uncertainty and building wealth early, Medicare and prescription drug costs, and what you need to know about Medigap Plan D.

Avoid Going Overboard and Over Budget on Kids’ Holiday Gifts
To avoid overspending this year, find a gifting strategy that works for your kids and your budget.

Smart Money Podcast: Countering Uncertainty, and Building Wealth Early
Sean and Liz discuss how to counter uncertainty, and respond to a young listener’s question about building wealth.

Does Medicare Cover Prescription Drugs?
Original Medicare beneficiaries can buy prescription coverage called Part D. Medicare Advantage plans usually include coverage.

What Is Medigap Plan D? What You Need to Know
Medigap Plan D helps Medicare enrollees with some costs not covered by Medicare Part A and Part B.

Filed Under: Liz's Blog Tagged With: building wealth, holiday overspending, Medicare, Medigap Plan D, prescriptions, Smart Money podcast

Monday’s need-to-know money news

December 6, 2021 By Liz Weston

Today’s top story: Cash back, miles, or…wine? Credit card rewards are evolving. Also in the news: A new episode of the Smart Money podcast on why you should question your bills and how to make the most of a raise, Medicare’s telehealth experiment could be here to stay, and the best way to ask for a cost-of-living increase.

Cash Back, Miles or … Wine? Credit Card Rewards Are Evolving
If cash back and travel feel blah, a new crop of credit cards will reward you in different ways.

Smart Money Podcast: Why to Question Your Bills, and Making the Most of a Raise

Medicare’s Telehealth Experiment Could Be Here to Stay
An astronomical increase in telehealth visits by Medicare beneficiaries in 2020 could prompt a reshaping of post-pandemic rules.

The Best Way to Ask for a Cost-of-Living Raise
Inflation rates are the highest they’ve been in 30 years.

Filed Under: Liz's Blog Tagged With: bills, cost-of-living raise, credit card rewards, Medicare, raises, Smart Money podcast, telehealth

Friday’s need-to-know money news

December 3, 2021 By Liz Weston

Today’s top story: Medicare’s telehealth experiment could be here to stay. Also in the news: 4 best practices to simplify your small business, how Omicron could impact your travel, and 7 things to buy early this holiday season.

Medicare’s Telehealth Experiment Could Be Here to Stay
An astronomical increase in telehealth visits by Medicare beneficiaries in 2020 could prompt a reshaping of post-pandemic rules.

Can’t Keep Up? 4 Best Practices to Simplify Your Small Business
These best practices can help small-business owners simplify daily operations, free up time and focus on company growth.

Omicron, Travel Bans and How They Could Impact Your Trip
As countries rush to impose travel bans amid the omicron COVID-19 variant, here’s what you need to know.

7 Things to Buy Early This Holiday Season
Between limited inventory and shipping delays, here’s what you need to buy early this holiday shopping season.

Filed Under: Liz's Blog Tagged With: holiday shopping, Medicare, Omicron, small business tips, telehealth, travel

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