Posts Tagged: ‘Medicare’

Tips for Seniors to Avoid Medical Debt

November 6, 2017 Posted by kingcade

Open enrollment began November 1, 2017 for health insurance plans through the Affordable Care Act.  On October 15, open enrollment began for Medicare recipients.  For many seniors, Medicare enrollment is a complex process that does not always cover all medical bills and expenses.  As a result, some seniors are left with thousands of dollars in medical debt.  Here are some ways seniors can stay one step ahead and avoid medical debt:

Set savings aside to cover unexpected medical expenses.  A recent analysis found couples may need as much as $350,000 for medical bills post retirement.  Factor this amount in when saving for retirement.

Understand Medicare options and costs. Remember to sign up for Medicare at the right time. Most people are eligible to enroll in Medicare beginning three months before their 65th birthday. Enrollment continues until three months after they turn 65. You can choose standard Medicare or a Medicare Advantage plan. The second option offers lower out-of-pocket costs, but a higher monthly premium, for coverage through an HMO or PPO.

Gather all personal information and keep it organized.  Have this information readily available so a loved one or caregiver can help manage your healthcare if you are hospitalized or unable to do so.  This should include a daily list of medications, medical providers, your medical history and medical and legal documents such as advance medical directive and a will.  Here is a checklist to help manage your personal medical information.

Review medical bills carefully.  A recent study found that 49 percent of Medicare medical bills contain errors or unnecessary charges. When you receive a bill for a procedure, hospitalization or nursing care, take time to review it for accuracy. If you received only a total due, request an itemized list of services provided.

Avoid putting medical expenses on a credit card.  More than half of adults over the age of 50 put medical bills on their credit cards, according to a recent survey by AARP.  Request an affordable payment plan from your medical provider.

Those who have experienced illness or injury and found themselves overwhelmed with medical debt should contact an experienced Miami bankruptcy attorney. In bankruptcy, medical bills are considered general unsecured debts just like credit cards. This means that medical bills do not receive priority treatment and can easily be discharged in bankruptcy. Bankruptcy laws were created to help people resolve overwhelming debt and gain a fresh financial start. Bankruptcy attorney Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.

Related Resources: http://www.wrex.com/story/36647166/8-must-dos-for-seniors-who-want-to-avoid-medical-debt

 

Study Shows Floridians Struggled with Medical Bills in 2016

March 28, 2017 Posted by kingcade

According to a survey published last week by the Commonwealth Fund, residents of Florida and Texas reported having more difficulty paying their medical bills in 2016 than residents of California or New York.

All four states have seen an increase in the number of residents with health insurance since the Affordable Care Act was launched in 2014. The difference is, unlike in California and New York, legislators in Florida and Texas refused to expand Medicaid to most of the low-income adults, resulting in higher uninsured rates. Florida’s uninsured resident rate was 16 percent last year.

The survey reported that 41 percent of Floridians reported they had trouble paying their medical bills, they were contacted by a collection agency about unpaid medical bills or they were carrying medical debt last year. Approximately 44 percent of Texans reported they had trouble paying medical bills last year. Only approximately 28 percent of Californians and New Yorkers reported similar challenges with medical debt.

However, state decisions on Medicaid were not the only contributing factors. The rate of illegal immigrants living in each state were also reportedly factors in the survey results due to the fact that undocumented immigrants are not eligible for Medicaid or ACA coverage.

Click here to read more on this story.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

How Trump Policies Could Affect the Elderly and Disabled

January 19, 2017 Posted by kingcade

President-elect Donald Trump is set to take office tomorrow, January 20th at 12:00 PM. During his presidency, economists anticipate several policy changes that will significantly affect the elderly population, those who are disabled and those with special needs. Here are a few ways those changes might affect you.

Social Security and Medicare

Although President-elect Trump has consistently stated that the Social Security and Medicare programs will remain intact, both face an impending insolvency. As one of their proposals to keep those programs solvent, Trump and Congressman Paul Ryan are promoting an approach that will include some form of Social Security and Medicare privatization.

The Cost of Health Care 

There is a mounting fear among Americans about the cost of health care and long-term care. Restrictions on benefits and legislative changes that restrict or limit access to government programs, such as Medicaid, can only heighten such fears.

Block Grant Proposal 

Medicaid is currently administered at the federal level by the Center for Medicare and Medicaid Services. Each state has its own state Medicaid Plan, however, there are mandates and constraints. The proposed grants would issue each state a certain number of Medicaid dollars and the state would in turn, decide how to use and spend those dollars. In some states, little would change, however in other states the changes could be profound for those who rely heavily on Medicaid.

Trump has also stated that there are a few policies from Obama’s Affordable Care Act that he intends to keep, including:

  • Allowing young adults to remain on parental coverage;
  • Protecting people with pre-existing medical conditions;
  • Closing the Medicare prescription drug coverage gap.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Related Resources:

http://www.wealthmanagement.com/estate-planning/how-trump-policies-could-affect-elderly-and-those-special-needs 

https://www.yahoo.com/news/pointed-questions-await-trumps-pick-health-secretary-085931872–politics.html