How to Read a Summary of Benefits and Coverage
Posted: February 25, 2022
The Summary of Benefits and Coverage (SBC) was created under the Affordable Care Act. It was designed as a standardized tool to help you better understand what is covered by your health plan or to directly compare different health insurance plans. The following is a guide on how to read a Summary of Benefits and Coverage. General Plan Information At the top of the SBC...
Can I Be Denied a Medicare Supplement Plan?
Posted: February 21, 2022
Whether you can be denied supplemental insurance for Medicare depends on when you apply for the coverage. Timing is crucial if you want to enroll in a Medicare Supplement plan without penalties. The process is simple if you beat the clock. When you turn 65, age into Medicare, and sign up for Part B coverage, you cannot be denied Medicare supplemental insurance for the following...
What Determines the Cost of Health Insurance?
Posted: February 10, 2022
Everyone in the U.S. needs health insurance today. When you reach age 65, Medicare provides low-cost health coverage. Below that age, the cost of health insurance can vary, depending on a number of factors. Since the Affordable Care Act (ACA) went into effect, insurance companies are using different factors to determine premiums for health insurance plans. For example, under the ACA, your gender and your...
Is Medigap Insurance Tax Deductible?
Posted: February 6, 2022
If you have Original Medicare along with a Medigap insurance plan, your Medigap premiums are tax-deductible. They are treated as a medical expense on Form 1040, Schedule A, Itemized Deductions and subject to the same guidelines as any other medical expense in this category. As with other medical expenses, to be able to deduct your Medigap premiums, you must be itemizing deductions. Only the portion...
Celebrating Black History Month
Posted: February 1, 2022
February has been officially designated as Black History Month by every U.S. President since 1976. Every year, during the month of February, we celebrate the achievements of African Americans and recognize the vital roles they have played in our country’s history. Black history month is also known as African American History Month. It grew out of Negro History Week, which was launched in 1926 by...