Seniors, Consider These Ideas And Earn Extra Income

Seniors, Consider These Ideas And Earn Extra Income

 In earlier times, seniors used to look at retirement as an income of three sources: Pension, savings, and Social Security. No more is all these available. The company pensions decline and the hit of financial markets resulted in seniors facing less income in retirement than anticipated.

Tips to promote your income and savings

 Delay retirement

Do you know that you can delay your retirement and delay the age of receiving Social Security benefits and thus increase the benefit amount?  The age for retirement today is 66, but on waiting until age 70 or may be even later to take the Social Security, you can see your monthly payments will show significant increase. Check the fact sheet of Social Security and learn about important decisions.

Determine if you want to get back to work

If you already have stopped working and have got Social Security, going for a part- or full-time job may offset extra expenses.  Mature workers over 55+ with no or very limited income may consider some SCSEP, Senior Community Service Employment Program. This offers community service work training and part-time job for most people.

Tap your home equity

If you are a home owner, free up income by tapping into home equity. You can find several ways of doing and this also includes taking a home equity loan, or a reverse mortgage. A home equity loan is also known as a second mortgage. It gives a fixed repayment schedule with lump sum of money. This loan type could be a good choice in a home improvement project or in case you wish to consolidate debt. At the same time, HELOC allows getting money if you are in need of extra cash and will pay interest only on the borrowed amount. HELOCs are useful if you want a “rainy day” cash or fund to pay for purchases such as a new furnace.

Get financial assistance from family

In case you are in need of cash or a 2020 Medicare advantage plans comparison head on over to   to settle caregiver expenses or some medical bills, you may ask family to support and preserve this asset. These extra costs should not disturb the financial plans or the ability of saving their own retirement. It is difficult for families to discuss options and finances realistically. The government made this less costly for families to pay medical bills. Even a taxpayer can show elderly relative as his dependent and support you with the claim. Thus receiving support from relatives staying at home helps ease burden.

Medicare Benefits

Among the advantage programs of the legislature, the most material one for the retirees is the medicare benefits. Be that as it may, the majority of us don’t comprehend the basics of the medicare program. How does the administration set up it? How might we profit by it? This review will endeavor to teach the individuals who need such fundamental and basic data about medicare advantage. This will likewise fill in as a guide for the individuals who are planning to resign and apply for the said program. Fundamentally, the medicare is one of the results of previous U.S. President Lyndon B. Johnson’s “Incredible Society” thought which was marked into a law on July 30, 1965 as a change to the Social Security laws. Consequently, this plan expects to bestow the senior subject of the U.S. a steady and viable human services framework which will significantly bolster their medical needs. In any case, the medicare benefits can likewise be given to those people who are crippled and not exclusively to the individuals who have achieved the retirement age of 65 years gave that they have met the necessities set by the Social Security Agency.

All together for a debilitated individual to qualify for the medicaid benefits, he or she is required to record an underlying case for title II benefits to the closest Social Security Administration office. Title II is under the title 2 of the Social Security Act which is ordinarily known as the government managed savings inability benefits (SSD). This advantage is given over to crippled people who neglect to meet the standard salary.  Once the petitioners’ applications for SSD benefits were endorsed, they will have the capacity to get their medicaid benefits following two years preceding the date of endorsement. This would imply that they will be guaranteed of money related help from the legislature for their day by day fundamental needs.

Then again, medicare benefits are given to the individuals who are handicapped or have just achieved their retirement age paying little mind to their wage. This is different from supplemental security pay and medicaid benefits which are fundamentally needs-based programs. The medicare has the accompanying coverage 1) Medicare section A – covers hospital visits and remaining in nursing homes; 2) Medicare part B – covers outpatient care and administrations which may incorporate specialist appearances, research facility reports and x-beams; and 3) Medicare part D – covers physician endorsed drugs. This, be that as it may, is accessible for the individuals who are as of now qualified for medicare section An and B benefits.  And there is Medicare Supplement Plans 2018 that covers the gaps. The medicare program of the legislature has some muddled viewpoints. If the solicitor still finds the way toward applying for the said benefits, at that point, it is especially recommendable to contract the master help of a qualified government disability lawyer to help them in seeking after their cases. This will guarantee them of procuring their genuinely necessary money related help from the administration.

Benefits not Covered by Medicare Supplement Plans

Medicare supplement plans, also called Medigap plans is meant to supplement Original Medicare benefits. You simply have to enroll in Original Medicare to be eligible for Medigap coverage. You should stay enrolled in Original Medicare for your hospital and medical coverage.

As a medical beneficiary, you may also be enrolled in other types of coverage. When you sign up for Original Medicare, you will need to fill out the initial enrollment questionnaire form and need to mention if you have any other type of insurance. Medicare will use this information to decide who pays first when you take up any health-care services.

In general, all Medicare Supplement plans cover given below benefits-

  • Medicare Part A coinsurance and hospital costs
  • Medicare Part B coinsurance or copayment
  • Blood (First 3 pints)
  • Plan A hospice care coinsurance or copayment

But, there are some health services and supplies that Medicare Supplement Plans do not cover. Some of such health services are as below-

  • Long-term care (care in nursing home)
  • Routine vision or dental care
  • Hearing aids
  • Eyeglasses
  • Private-duty nursing
  • Prescription drugs

Some additional facts about Medicare Supplement Plans 2018 plans are following-

You should have Medicare Part A and Part b to get a Medicare Supplement plans. Every Medigap policy must be clearly identified as “Medicare Supplement Insurance.

A Medicare policy can only cover one person, so in case you are married, you and your spouse would need to buy separate Medicare policies. You can generally use your Medicare plan with any provider that accepts Medicare. However, some types of Medigap plans known as Medicare Select plans require you to only use doctors and hospitals in provider networks.

No all types of Medicare Plans may be available in all states of United States of America. However, premium costs may vary by plan and location, even for some standard benefits. In general, Medicare Supplement plans are renewable as long as you continue to pay its premium.

Now that you know what coverage you could get with Medicare Supplement plans and what coverage you do not get, you may be wondering if one of these plans may be right for you. Perform an intense research about the plans, and choose the one that fits your budget and requirement.

Medicare Insurance and its great purpose

As time passes, health is becoming more relevant within the entire national landscape. People start looking for new practices that can give them a healthier life as they find themselves in the search for a better situation for them.  That’s why Medicare has been created, to make everyone’s life much better. As such, it is a federal health insurance program for people who are 65 or older, young people with some type of disability and people with an end-stage renal disease.  Being an insurance seeks to cover the costs of any emergency related to the health of people who activate their benefits. But its mission goes far beyond just this since Medicare Insurance always seeks to apply new solutions so that people do not have such a heavy burden when paying medical expenses.

In this way, Medicare has been developing innovative solutions for the problems that people may face when activating insurance or cover a prescription for medication for treatment. The idea is to do the whole process faster and thus, everyone will save many headaches.  To achieve its great purpose, Aetna Medicare supplement plans has created four parts in which its insurance is divided. You see, the moment you start researching Medicare you will first find the original option which includes part A and Part B. And not only, this one uses new modalities that are added little by little and also that their renewal plans are very good along with the payment options.

Part A is quite useful when talking about Hospital Insurance. Here the costs of hospitalization, nursing, hospice care and home care are covered. Part B complements the aforementioned as it covers medical service expenses as such, those that are known as ambulatory care, medical fees and other health providers …  But if you continue to research or advise with an expert, you will find part C of Medicare which works for hand in hand with private institutions. Medicare Advantage includes the same benefits mentioned above only that it does not force you to leave aside your old insurance in case you have one previously.

In both cases, Original Medicare and Advantage allow you to add part D regarding prescription coverage. If you have a prescribed medication and it is crucial for all your treatment and recovery, Medicare will help you afford them and even get them. This part is everyone’s favorite and that’s why they always acquire it.  If you still do not feel completely sure about choosing Medicare Insurance, what you can do is check their official website or contact their authorized numbers. As a federal social insurance program, Medicare will always give you all of your information in a very easy way, such as online or with a simple call to 0800 – Medicare.  In case you still wonder, Medicare seeks to give everyone the opportunity to enjoy a full life being supported by an efficient social security especially during such difficult stages as those who live with the retired or disabled.

Benefits of Volunteering

Being an active volunteer can have great number of benefits. The concept of volunteering can provide another dimension in the goal of strengthening the care for the seniors. Through the various “Not for profit” organizations and health care institutions, many people can contribute to the overall wellbeing of the seniors. However, the concept of volunteering is a win-win situation. The volunteers have a broad set of advantages for their help. In this article we will analyze the benefits of volunteering.

The first notable benefit for volunteers is that through volunteering they can expand the network and meet new people. Being in a diverse group of people can be an advantage. Through the interaction with the seniors, or with the other volunteers, people can gain new friends. In the same time, they can hear some important information about a specific topic. Through the daily communication, the volunteers can gain unique knowledge, advice and experience from other people. This can a valuable benefit for everyone involved in the concept of volunteering.

The second benefits is to learn new skills. The concept of volunteering represents the perfect platform that will enable volunteers to learn new skills. Moreover, through volunteering, people can also apply their skills while being in a friendly and relaxed environment.  Another important element that makes volunteering attractive is that it can provide professional development opportunities. Many volunteer organizations and groups offer various exclusive workshops for their members. Through these events, volunteers can gain training, skills and help in developing their professional approach. These elements can crucial in any career as they represent an important addition to the resume.

Another advantage of the volunteering is that it help to bridge generations gap. The concept of volunteering usually connects people from different age groups and different background. Through this concept, they can share their experience, ideas and perspectives. Also, through volunteering, people can make a real difference in their communities. In every town or city, there are people that need help and attention. Senior populations are the ones that are always in need of additional help. Through volunteering, people have the ultimate opportunity to make the day better for many seniors that are in need.  Click here for Medicare Supplement Insurance information:

Another advantage are the various volunteer appreciation events. Many volunteering organizations and not for profit movements organize these kinds of events. Through these special days, they want to show the gratitude for their work and dedication in helping others. In the same time, it is very beneficial as it enables people to socialize and mingle thus creating a healthy and united communities.  Volunteering is also fun! According to the Canadian Mental Health Association survey, volunteers reported that they felt a lot of positive vibes during their volunteering activities. Moreover, many of them saw those events as an opportunity to socialize, laugh and have fun.  The bottom line is that volunteering time and energy can help in strengthening the community. It can help to those that are in need and make their life easier. But also it also has important emotional and physical benefits for the people that are volunteering. It is a win-win situation for everyone involved.

Things to know about Medicare Supplemental Plans

Medigap is the short version used for Medicare Supplemental Plans, which helps in paying some of the health care costs which an original Medicare plan doesn’t cover, such as Deductibles, Coinsurance, Copayments, etc.

Private companies mainly sell Medigap policies, its different from the Medicare Advantage Plan since it just supplements your original Medicare benefit. Some might even provide you coverage which an original plan won’t, for instance, while traveling outside the US.

Few Essential Things You Might Know About Medigap Plans

  • To avail it you must have Medicare Part A as well as Part B
  • In case you have a Medicare Advantage Plan, you can still apply for Medigap policy. But, remember to leave the Medicare Advantage Plan before you start with your Medigap policy.
  • For this policy, you need to pay a monthly premium to the private insurance company. You have to pay this premium in addition to the monthly Part B’s premium which you are paying for Medicare.
  • Medicare Supplement Plan covers only one person, in case you want it for your spouse or parents, you need to buy separate policies.
  • One can quickly obtain the policy from any of the licensed insurance company in your state.
  • You can easily renew the policy even if you are facing any health issues. It simply states even the insurance company cant cancel it from their end, as long as you are paying the premium.
  • There are few policies which even cover the cost of your prescription drugs in some states, but you need to check it with your Plan to make sure whether or not its included in your Medigap plan.
  • If you have a Medicare Medical Savings Account Plan, it’s not legal to buy a Medigap policy.

What is not covered in the Medigap policies?

Generally, Medigap policies don’t cover hearing aids, long term care, eyeglasses, dental or vision  care, or any private care nursing.

There are other plans as well which are not Medigap plans but might confuse you for the same. Be aware of them and don’t let anyone fool you with these plans with the name of Medigap plan.

  • Medicare Prescription Drug Plans
  • Medicare Advantage Plans
  • Medicaid
  • Veterans’ Benefits
  • Employer or union plans which also include FEHBP (Federal Employees Health Benefits Program)
  • Indian Health Service, Urban, and Tribal Indian Health Plans
  • Long-term care insurance policies.

In case you decide to end your 2020 Aetna Medicare supplement policy, you need to be careful about the time. When you have understood this article, it will be easier for you to make your choice. You should be aware that some states may be more expensive than others. Also, some people with a complicated medical history may find it difficult to get a plan. However, there are still plans that will suit them like the Plan F.  You have the right to choose the plan that will cover your needs medically.

Medigap Plan N: When Should You Consider it?

Medicare Supplemental Plan N is considered as a standardized Medigap coverage. This means it offers benefits which stay the same irrespective of the carrier you decide to choose. Medicare Supplemental Plan N covers your entire Part B Medicare coinsurance expenses. The only exception is that it needs up to $50 co-payment when it comes to emergency room visits & $20 co-payment for office trips.


Benefits offered by Medicare Supplemental Plan N:


Medicare Part A hospital coinsurance & expenses covered up to 1 year after your Basic Medicare benefits are exhausted

Part A deductibles & coinsurance/copayment for hospice care

Part B Medicare coinsurance for preventive care

Part B Medicare coinsurance expenses (with the only exception being emergency room & office visits)

Coinsurance for SNF or skilled nursing facility

First 3 blood pints used during treatment


Important Note:


Plan N won’t be covering Part B Medicare excess charges & Part B deductible. As a result, you will have to pay for these out of your pocket.


Medigap Plan N benefits are identical to those of Medigap Plan D. The only exception is how both these plans pay for Part B Medicare coinsurance. When you consider Plan N, your entire coinsurance for Medicare is covered, the exception being up-to $50 co-payment for emergency visits & up-to $20 co-payment for a visit to the office. Both these will be totally covered within Plan D Medigap coverage, which makes it an attractive option for people who have to make frequent co-payments for their emergency room or doctor visits.


Other Medicare Supplement Plans vs Medigap Plan N


Just like any other Medigap coverage, the costs related to Plan N are likely to vary from one carrier to another. How a specific insurance agency “rates” the premiums of this plan determines the amount a person will be required to pay in order to obtain their chosen policy. Plan N Supplemental coverage might interest people who are seeking a broader plan. You won’t see it among the most comprehensive Medicare Supplement Plans. Thus, it would be wise for you to examine the benefits offered by each of the Supplement plans so as to locate one which works best for you.

Medicare Insurance Policy & Lifetime Reserve Days

Part A Medicare covers very few of the costs associated with inpatient hospital stays with the limit being 90-days for each benefit period. But, you might want to use lifetime reserve days for extending Part A coverage in case you want the inpatient hospital care to go beyond the 90-day restriction. For this purpose, you’ll be given 60 lifetime days as reserve in total.


The inpatient hospital plan under Part A Medicare covers “hospital services, which includes meals, semi-private rooms, regular nursing, medications as a portion of the inpatient treatment, along with other hospital supplies & services,” as per


The lifetime reserve days need a day-to-day payment of $682 as co-insurance in 2019. Each of the available Medicare Supplement plans can cover this cost on your behalf. In addition, Medigap also covers hospital health-care expenses of up-to an extra 365 days once you use up all your Medicare benefits.


Hospital care & Part A Medicare:


For using lifetime reserve days, it is important for you to prove your eligibility for in-patient hospital care which is covered by Part A Medicare.


To become eligible for in-patient hospital care, it is necessary that your hospital physician makes an authorized order stating “you require at least 2 mid-nights of medically essential in-patient hospital care for treating your injury or illness & the hospital officially admits you.” The official Medicare site also offers a guide which help you determine whether you’re a hospital inpatient or outpatient.


You need to use Part A Medicare hospital services (in-patient) for at least 90-days within your benefit period before you use your lifetime reserve days.


Use Medicare Supplemental Plans to Reduce Your Costs:


Medicare Supplemental Plans Can Help You Cover Extra Costs Not Covered by Original Medicare. With Medicare Supplement Plans, you will be able to easily cover your co-insurance of Part A Medicare lifetime reserve day applicable on a daily basis. Each of the Medigap coverages offers a complete coverage for the co-insurance required for Medicare Part A in-patient hospital care.


In addition to the above, your Medicare Supplemental plan will also be able to provide extra coverage which you will be able to use if you reach the threshold of lifetime reserve days. each time the 60 days lifetime restriction is used up, your Supplemental plan will offer coverage that can last up to 365 extra lifetime days.

Explained: Medicare & Annual Enrollment Period

The Medicare Annual Enrollment Period starts from Oct 15 and ends on Dec 7 every year. For seniors who didn’t enroll in any of the given coverages when they initially became eligible for the Medicare plan, AEP is their best chance for making these changes, except they’re eligible for SEP also known as Special Enrollment Period.


Below we’ve listed things the enrollee can do within their AEP:


Change to MA coverage from Traditional Medicare

Switch from their current MA coverage to a new Advantage Plan (irrespective of whether any of the policies covers prescription medications).

Switch to Traditional Medicare from Medicare Advantage Plan

Enroll themselves in Medicare Part D prescription coverage.

Switch from their current Medicare prescription coverage to a new one.

Disenroll themselves totally from Medicare prescription coverage.


Changes that are made during AEP apply from Jan 1 of the following year.


Making changes post Annual Enrollment Period:


Suppose you presently have the Advantage plan & would like to enroll in Part A & B Original Medicare, you’ll be able to make such a change during your Disenrollment Period of the Advantage Plan, from Jan 1 to Feb 14 every year.


In case you go back to Traditional Medicare within this term, you can enroll until Feb 14 in Part D Medicare prescription coverage. Although it’s optional, if you do decide to enroll in it in the future, you might have to pay a penalty due to late enrollment.


Medicare allows for changes outside your regular enrollment periods in certain situations which might be out of your control most times, like Medicare terminating its contract with the plan which you presently have, via SEPs otherwise mentioned as Special Election Periods. Additional examples of such situations might include:


Relocating out of the service region of your current plan.

Receiving both Medicaid as well as Medicare benefits.

Becoming eligible for additional Help.

Moving from, moving to, or residing in an institution like a skilled nursing care or long-term care unit.

Etc.  Get a quote for a 2019 medicare advantage plan here


You might have to pay a penalty for late enrollment in the event each of the below mentioned things are true:


You fail to enroll in a part D prescription coverage(like Medicare Advantage policy which covers prescription medications or an exclusive prescription coverage) when you become initially eligible.

You do not have additional creditable coverage for prescription medications for over 63 consecutively.

You then make a choice to participate in the Medicare prescription policy after some time.

Understanding How Insurance Companies Rate Your Medicare Supplement Plans

Now since you have already enrolled in Medicare policy, and selected your preferred Supplemental Plan, you’ll be eager to know how much your insurance company is going to charge for your coverage. At the moment, insurance companies are able to choose any of the 3 available ways of charging their customers for Medicare Supplement Plans.


Issue-Age Rated Supplemental Plan:


With Issue-Age Rated Medigap plan, your rate will depend on the age you’re initially authorized the coverage. Thus, if at the age of 65 your Medigap premium is set at $120, it might continue to remain at $120 even at the age of 72. However, if you decide to purchase the plan when you’re 72, the premium amount may begin at $165, & wouldn’t be raised with your age. The premium might also increase because of inflation, however it’ll never rise simply because you’re growing older day by day.


Community Rated Supplemental Plan:


With Community Rated Supplemental Plan, each of the community members will be charged a fixed rate if they’ve selected the same coverage. Hence, it doesn’t matter whether you decide to participate in a plan when you are 65 or 72, the premium amount will stay the same nonetheless. The monthly premium can still be raised by the insurance provider, however your age won’t be a factor for this increase.


Attained-Age Rated Supplemental Plan:


With Attained-Age Rated Medigap coverage, your premium will depend on your present age. Also, it’ll continue rising as you grow older. Thus, if you enroll in a Supplement plan at the age of 65 when the rate is $120 for example, your premium amount might rise to $132 at the age of 69, & $165 when you’re 72. Other factors such as inflation might also play a deciding role.


How to Pick the Best Medigap Coverage?


The truth is, most of the plans which you’ll presently find in the market tend to increase their premiums as you age. Virtually every insurance agency prefers to sell Attained Age Rated Medigap plans only. So, it is wise to pick a plan which can offer you the best rates when you’re initially enrolled & showcases a history of smaller increase in premiums for older folks.

Proudly powered by WordPress
Theme: Esquire by Matthew Buchanan.