The standard Part D benefit refers to the basic structure and parameters of coverage that Medicare prescription drug plans must offer. When Medicare’s voluntary outpatient drug benefit, known as Part D, launched in 2006 it established this standard benefit design. While plans have flexibility to modify the standard benefit, it serves as a consistent benchmark … Read more
Knowing how to calculate a prorated refund is an important skill for many customer service and accounting professionals. Providing an accurate prorated refund to a customer can save time and improve customer satisfaction. This comprehensive guide will explain what a prorated refund is, when it’s used, and walk through the steps to calculate it properly. … Read more
If you’ve ever reviewed your insurance policy’s paperwork, you may have come across the term “issue date” and wondered – what does this date actually mean? Understanding key dates like the issue date is an important part of decoding common insurance terminology. This guide will explain the key definitions around insurance issue dates, how they … Read more
Mold can be a headache for homeowners. If left unchecked, it can cause extensive damage to your home. So does your USAA homeowners insurance policy cover mold? The short answer is yes, USAA homeowners insurance can provide coverage for mold damage under certain conditions. In this article, we’ll explain exactly how USAA covers mold, key … Read more
Insurance is an important expense for most businesses. But when recording insurance transactions in your books, is insurance a debit or credit? The short answer is that insurance is typically recorded as a debit. But the full accounting treatment of insurance is more nuanced. In this comprehensive guide, we’ll cover: The basics of debits and … Read more
Stacked insurance is an option that can provide drivers with extra protection in the event of an accident with an uninsured or underinsured motorist. By combining or “stacking” coverage from multiple vehicles or policies, you can increase the limits of your uninsured/underinsured motorist (UM/UIM) coverage. But what if you only have one car? Is stacked … Read more
Medicare Part B and Part D premiums are recalculated annually based on updated financial information. This means the premium amounts can change from year to year, sometimes increasing substantially. Understanding why the premiums are recalculated each year and what triggers changes can help beneficiaries evaluate if they are being charged the right amount. Overview of … Read more
The effective date is one of the most important dates on any insurance policy. It indicates the date that the policy’s coverage will start. Knowing your health insurance effective date can help you avoid costly surprises and ensure you have coverage when you need it most. When Coverage Starts The effective date is the first … Read more
Retirement income can affect your eligibility for Medi-Cal, California’s Medicaid program. However, not all retirement income is counted the same. Here is a detailed look at how different types of retirement income are treated when determining eligibility for various Medi-Cal programs. Overview of Medi-Cal Medi-Cal provides free or low-cost health coverage to low-income California residents. … Read more
Managed care refers to a system that integrates the financing and delivery of healthcare services to patients in order to control costs and improve quality. Managed care organizations (MCOs) contract with groups of providers to form networks that patients must use to receive coverage. There are many potential benefits of the managed care model: Cost … Read more