Month: October 2022

Cost-of-living adjustment (COLA) is the automatic upward adjustment of Social benefits for inflation by the Social Security Administration (SSA) to help counteract the effects of rising prices in the economy. COLA has been in use since 1975. It’s based on the increases in the cost of living, as measured by the changes in the wage earners’ consumer price index (CPI-W) in a specific period.

The Social Security Act was signed by President Franklin Roosevelt on August 14, 1935. This is a federal program (run by the Social Security Administration (SSA)) and uses social security taxes (and the balance goes into a trust fund) to provide benefits to people who are eligible (Old-Age, Survivors, and Disability Insurance (OASDI) ).

Medicare Part B is that portion of Medicare (medical insurance) that covers;

Medically necessary outpatient medical services (like doctor visits, diagnostic tests, etc.),
Some preventive care (Like screenings, certain vaccines, and mental health counseling) and
Durable Medical Equipment (DME).

Medicare Part A(Hospital Insurance) is the hospital coverage portion (inpatient and care following hospital stays) of Original Medicare (alongside Part B). It’s the federal government-sponsored health insurance program for U.S. citizens aged above 65 years (individuals who are disabled or with End-Stage Renal Disease (ESRD) can get it at any age).

Medicare Part D, the Prescription Drug plan is a part of the Medicare program (optional to anyone with Medicare) that caters to most outpatient prescription drugs. Part D is “privatized”, meaning its offered and managed through approved private companies either as a stand-alone prescription drug plan (PDP) for Original Medicare enrollees or packaged as a benefit in a Medicare Advantage prescription drug plan (MA-PD)- Which includes HMOs and PPOs, that cover all Medicare benefits including drugs.

Medicare Advantage Plan Part C Medicare Advantage Plans, sometimes called “Part C” or “MA Plans,” are a type of health plan offered by a private […]

What is Medigap Medicare Supplement Insurance, also known as Medigap, is a private health insurance plan that helps fill the coverage ‘gaps’ (standardized benefits- costs […]

Who is a TRICARE Provider TRICARE providers are Health Care entities (either person, business, hospital, or Pharmacy) that provide healthcare services to individuals participating in […]