Health Benefits Navigator LLC

HSA contributions are tax-deductible and distributions are tax-free (for qualified medical expenses). Traditional IRA distributions, on the other hand, are taxable. So it often makes sense to maximize HSA contributions over Traditional IRA contributions.

Long Term Care are services that include medical and non-medical care provided to people who are unable to perform basic activities of daily living such as dressing or bathing. Long-term supports and services can be provided at home, in the community, in assisted living or in nursing homes. Individuals may need long-term supports and services at any age. Medicare and most health insurance plans don’t pay for long-term care.

If you plan to retire when you turn 65, you will apply for Medicare during your Initial Enrollment Period (IEP). This seven-month window begins three months before your 65th birthday month and ends three months after.

“If people are doubting how far you can go, go so far that you can’t hear them anymore.”

A “Qualified Health Plan” is an insurance plan that’s certified by the Health Insurance Marketplace®, provides essential health benefits, follows established limits on cost-sharing (like deductibles, copayments, and out-of-pocket maximum amounts), and meets other requirements under the Affordable Care Act. All qualified health plans meet the Affordable Care Act requirement for having health coverage, known as “minimum essential coverage.

Confused about your health insurance options? Contact us today so we can review your situation!

Fast Fact: A health reimbursement arrangement (HRA) is a tax-advantaged benefit that allows both employees and employers to save on the cost of health care.

An investment in knowledge pays the best interest.

Medigap plans are standardized, meaning each plan offers the same benefits no matter the carrier you choose. However, the monthly premium you will pay depends on different factors like your age, gender, to***co use, zip code, and more.

Medicare Supplement and Advantage plans differ significantly as Supplement plans are secondary plans, and Advantage plans replace your Original Medicare.

Telemedicine is a medical or health service that allows beneficiaries to communicate with a practitioner in a separate location by either using a computer, phone, or television.

Hospital indemnity insurance is a type of plan that pays a set amount – per day, per week, per month, or per visit – if you’re confined in a hospital. The Hospital Plan is a hospital indemnity insurance plan.

“Don’t limit your challenges. Challenge your limits.”

Fast Fact: Medigap comes through private insurance companies and aims to fill in the “gaps” left in the traditional Medicare coverage.

Preventive Services means health care to prevent illness or detect illness at an early stage, when treatment is likely to work best (for example, preventive services include Pap tests, flu shots, and screening mammograms).

Auto or car insurance coverage has two parts. The first is the liability section of the policy. It covers your financial responsibility for injuring others. Some liability coverage is required by most states.

With Health Insurance, Cost Sharing is the share of costs covered by your insurance that you pay out of your own pocket. This term generally includes deductibles, coinsurance, and copayments, or similar charges, but it doesn't include premiums, balance billing amounts for non-network providers, or the cost of non-covered services.

Fast Fact: MOOP is an acronym standing for “maximum out-of-pocket” costs. The MOOP is the limit on annual out-of-pocket expenditures paid by a health plan enrollee for medical services that are covered by a health insurance plan.

“Whether you think you can or think you can’t, you’re right.”

A HIPAA eligible individual is your status once you have had 18 months of continuous creditable health coverage. To be HIPAA (Health Insurance Portability and Accountability Act) eligible, at least the last day of your creditable coverage must have been under a group health plan; you also must have used up any COBRA or state continuation coverage; you must not be eligible for Medicare or Medicaid; you must not have other health insurance; and you must apply for individual health insurance within 63 days of losing your prior creditable coverage.

The primary requirements for an HRA are that (1) the plan must be funded solely by the employer and cannot be funded by salary reduction, and (2) the plan may only provide benefits for substantiated medical expenses.

Tax Forms 101: 1095 – Proof of health insurance, required under the Affordable Care Act (ACA). Most taxpayers will no longer receive this form, unless you get your insurance through the Healthcare Marketplace. If you do, you may be entitled to a special premium tax credit. You will need this form to support this deduction.

Medical insurance reimburses the insured, or provider, for covered and approved medical services, procedures, equipment, and prescription drugs. The Cancer Plan pays an immediate one-time, lump-sum payment directly to the insured upon initial diagnosis of covered cancer. The cancer insurance policy benefit can be used for any purpose you choose.

Logic will get you from A to B. Imagination will take you everywhere.

The term “Coordination of Benefits” means a way to figure out who pays first when 2 or more health insurance plans are responsible for paying the same medical claim.

What are 2 things not covered in homeowners insurance? Termites and insect damage, bird or rodent damage, rust, rot, mold, and general wear and tear are not covered. Damage caused by smog or smoke from industrial or agricultural operations is also not covered. If something is poorly made or has a hidden defect, this is generally excluded and won't be covered.

Medicare Supplement plans cover 10 million Medicare beneficiaries. Also referred to as Medigap plans, these policies help pay for your share of Medicare expenses, such as your deductibles and co-insurance.

A Medicare approved amount is in Original Medicare, this is the amount a doctor or supplier that accepts assignment can be paid. It may be less than the actual amount a doctor or supplier charges. Medicare pays part of this amount and you’re responsible for the difference.

There are many ways of going forward, but only one way of standing still.