Medicare and Me: Time Tested Tips
Leah Kari, licensed insurance agent, and retired pharmaceutical representative
Finally! Your long-awaited doctor’s appointment is a few days away. In preparation, you’ve wisely jotted questions to ask on bits of paper or stored the questions on your phone. During your appointment, you’ll reference notes if you have them available. If not, you may not recall all the doctor said, overlook raising an important concern and understand the next steps to take. My clients have refined some tips I’d like to share to make the most of your doctor visit and your plan.
Dedicate a spiral notebook or folder for your medical visits. This simple step makes doctor visits organized since your questions, notes and the doctor’s recommendations are in one place. It’s invaluable when you are looking at a bill or explanation of benefits from your health plan to match what was reported by the provider and what you actually experienced. Many providers offer a concise printed report of your visit as you leave, listing what was reviewed and next steps to take. One client received a bill for an in-office surgical procedure during an examination when none clearly took place. The doctor’s report and the client’s notebook proved different from the explanation of benefits, and the correction was made.
Use one form of payment for medical and prescriptions co-pays and coinsurances. One credit/debit card used exclusively for medical and prescription purchases is a game changer. This makes proof of payment simple when your bill shows a payment discrepancy and makes tallying medical costs at tax time a smooth process.
Enlist your enrolling agent’s help. Nobody wants to face a problem alone. Your enrolling agent will review your Explanation of Benefits (EOB) and can help with customer service matters. These plans work well, but should a matter arise, you may want the support of your enrolling agent. Your agent can start a three-way telephone call with you and your plan to clarify a billing question from your EOB or handle other matters. Your agent will take notes, raise a question or idea to help resolve the matter, and ask Customer Service for a call reference number that identifies the telephone transaction. This reference number is used if your issue wasn’t resolved in one call and your agent is advocating on your behalf with your plan. Your agent keeps relationships with the carriers that can save time and expedite matters, so don’t hesitate to enlist your enrolling agent’s aid.
Tried and true tips work. Your medical spiral notebook or folder, using one form of payment for medical and prescription charges, and involving your enrolling agent to assist in plan matters lets you take full advantage of your health care team and plan. The result may be improved outcomes in your health management and increased peace of mind.
Leah Kari specializes in showing Medicare beneficiaries their insurance options. Reach Leah for comments or to share your tried-and-true tips at 520-484-3807 or email leah@leahkarisolutions.com (TTY users dial 711.)
Spring Into Financial Wellness: Five Steps for Your Money Check-Up
Elisa Ross
Just as you schedule annual physicals with your doctor, your finances deserve regular check-ups. Spring is the perfect time to ensure your financial house is in order with these five essential steps.
1. Review and Update Beneficiaries
Life changes, but designations often don’t. Verify that retirement accounts, life insurance and bank accounts reflect your current wishes. Remember, beneficiary designations on accounts, such as IRAs and 401(k)s, typically override your will.
2. Strengthen Security Protections
With fraud reaching epidemic proportions, defense is vital. Review bank statements monthly for tiny “test” charges and enroll in immediate account alerts. Check your credit reports at AnnualCreditReport.com and consider a credit freeze if you aren’t seeking new loans. Never share PINs or full Social Security numbers with unsolicited callers.
3. Reassess Your Investment Strategy
An allocation that worked at 55 may not serve you at 75. Ensure your portfolio aligns with your current risk tolerance and income needs. Professional guidance from a credit union can be invaluable; as not-for-profit cooperatives, they focus on objective member service rather than shareholder profit.
4. Consolidate and Simplify
Fragmented accounts make it difficult to see your full financial picture. Consolidate where possible by bringing your checking and savings accounts together in one place, rolling old 401(k)s into an IRA, or closing unused accounts. Managing your everyday banking through a single, trusted relationship reduces stress and makes it easier to track your progress toward financial goals.
5. Update Estate Planning Documents
Ensure your will, power of attorney and healthcare directives are current and accessible. Verify that your proxies are still willing to serve and that family knows where documents are located. Don’t forget to account for digital assets such as cloud photos and online accounts.
Take Action
Financial wellness is an ongoing journey. You can start by reviewing your credit card rates and looking for better options, exploring refinancing your car loan to lock in lower rates and evaluating whether your checking and savings accounts are working as hard as you are. Your local credit union is an excellent partner in this process, providing the education and one-on-one planning needed to help you make informed decisions.
Elisa Ross is the Chief Experience Officer at Hughes Federal Credit Union.