The income thresholds that trigger IRMAA surcharges for Medicare Part B and Part D premiums increased significantly for 2023. This means more Medicare beneficiaries will pay extra premiums based on their income. What is IRMAA? IRMAA stands for Income Related Monthly Adjustment Amount. It is an extra premium charged to Medicare Part B and Part … Read more
Giving out your Medicare number over the phone can open you up to fraud, waste, and abuse. Medicare and other government agencies advise extreme caution before sharing this sensitive information. What is the Medicare Number? The Medicare Number is the unique identification number assigned to each Medicare beneficiary. It consists of 11 characters – letters … Read more
Fronting is an arrangement between a licensed insurance company and a self-insured organization or captive insurer. It allows the self-insured or captive to issue policies while avoiding certain regulations and requirements. What is Fronting? Fronting refers to when a licensed, admitted insurance company issues policies on behalf of an unlicensed insurer. The fronting company provides … Read more
When you lose employer-sponsored health insurance, continuing coverage through COBRA can be very expensive. COBRA allows you to keep your same plan for 18-36 months, but you pay 100% of the premium plus a 2% administrative fee. This can cost $500-$2000 per month for family coverage. Fortunately, there are cheaper alternatives to COBRA you can … Read more
Your marital status can have a significant impact on your car insurance rates. Insurance companies often charge higher premiums for single drivers compared to married ones. However, there are some exceptions and variables to consider. This article will explain how marital status affects car insurance and provide tips for getting the best rates. How Marital … Read more
When you receive medical care covered under Medicare Part B, there is often a difference between the amount Medicare approves for payment and the amount your provider charges for their services. This discrepancy between the Medicare-approved amount and a provider’s charges can impact your out-of-pocket costs. Let’s take a closer look at how Medicare payment … Read more
Insurance companies and banks are both financial institutions, but they serve different primary purposes. Insurance companies provide risk protection by insuring individuals and businesses against potential losses. Banks act as financial intermediaries that accept deposits and make loans. While distinct in function, insurance companies and banks do share some common traits as financial institutions. Let’s … Read more
Medicare Part B covers medical services like doctor visits, outpatient care, home health services, and durable medical equipment. Most people eligible for Medicare are automatically enrolled in Part B. The standard monthly premium that enrollees pay for Part B coverage is set annually by the Centers for Medicare & Medicaid Services (CMS). So what will … Read more
If you work with an insurance broker to purchase a policy, you may wonder – who actually pays their commission? Is it baked into what you pay as a policyholder? Or does it come directly from the insurance company? The short answer is that insurance companies pay commissions to brokers. But let’s break it down … Read more
If you’ve been injured in an accident that was caused by someone else’s negligence, one of the first steps in seeking compensation is to determine who was at fault. This establishes liability – meaning who is legally responsible for the accident and your resulting damages. When the at-fault party’s insurance company accepts liability, it can … Read more