Medical

Here’s How to Maximize Medicare Plans

July 28, 2020 By Trey LaRocca Leave a Comment

In retirement, there are many different aspects of setting yourself up for success. One of them is learning how to make the most out of the options your government gives. In the US, Medicare plans have a major impact on your health in retirement. So, once you learn to maximize Medicare plans, your healthcare will benefit greatly from it. There are a few ways to evaluate exactly what Medicare programs have to offer, and it is vital to be deliberate when choosing.

Evaluate Your Needs

How are you supposed to pick the right plan for you, if you don’t think about what you need from the plan? You can’t. So, before doing your research, take note of your specific healthcare needs. Do you have chronic health issues like diabetes or hypothyroidism? Do you have old injuries that need to be monitored? How active are you, and how often does that activity result in pain? There are so many factors to consider, but an easy way to do so is to take stock of your last few years’ worth of medical expenses. Write down the major expenses that have come up, and make sure they are covered in your next plan.

Shop Diligently

Don’t just accept the first plan you see, make sure to take your time comparing the list you made above with the plans offered to you. Odds are, not everything will be covered. Just try to get the highest number of them covered as possible. Once you narrow things down a bit, check just how well they are covered. There isn’t an overwhelming level of variety, so taking the time to shop shouldn’t be too tough. Make sure you are saving the most money possible. Consider even making those medical expenses you noted into one big bill, and seeing which plan would’ve led to the weakest punch to the wallet.

Keep Price in Mind

Just because Medicare plans are government-run, doesn’t mean they are dirt cheap. You need to make sure that the plan you choose is within your budget, and you aren’t over-covered. That is where that activity level comes in. If you make a decent effort to be healthy, and you don’t have too many medical bills to speak of, you may not need a top-tier plan just yet. While it is always important to be prepared in emergencies, sometimes not paying for coverage in certain instances can save you a lot of money.

Check For Quality

There is a star rating system that Medicare uses to measure how good each plan is. As plans fluctuate in price and coverage, it is important to keep track of your plan’s rating annually. Make sure you are checking everything you did while shopping every year. Value changes, and sometimes the best deal one year, can be the worst deal the next year. So, ensure that you check the performance, cost-benefit ratio, and if your plan is truly the right fit for your needs.

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Why LuLaRoe Should Already Be Out of Business

November 22, 2019 By Tamila McDonald Leave a Comment

In a world where many families scrimp and save to survive between paychecks. It’s easy to see the attraction of starting a business that can be run from the comfort of your own home. Multilevel marketing companies such as LuLaRoe draw in thousands of women each year with the promises of easy income as well as a flexible schedule and great discounts, but at what personal costs?

While many reputable companies have successfully built themselves upon this business model. LuLaRoe seems to be more concerned with swelling the numbers in their ranks and bank accounts than the products they represent.

Is LuLaRoe an MLM or Pyramid Scheme?

For those who are unfamiliar with direct selling or multilevel marketing companies. Here’s a quick break-down of how the operations work. The company sells its products to retailers at wholesale value who then turn around and mark up the merchandise for a huge profit.

In theory, any seller can be successful as long as there is a demand for the product. When put into practice, many people realize it is difficult to make a livable income and only a select few ever reach the upper strata of the business hierarchy. Earning commission from how much their recruits buy.

Some may feel these sales tactics are unethical. But it’s all perfectly legal as long as the company’s main objective is to sell their product. It officially ventures into the territory of scamming when their aims change towards luring their retailers into purchasing more products with no concern as to whether they are actually able to sell it. This is precisely why so many lawsuits have been brought against LuLaRoe in recent years.

Retailers in Financial Ruin

At the height of the LuLaRoe phenomenon, it was impossible to go onto social media without receiving a new request from friends and acquaintances to buy their products. The market was saturated. Making it nearly impossible to meet the sales goals required to earn the coveted bonuses and tier status.

Many consultants cut their losses and got out before they lose even more time and money in the failed venture. For a short period, LuLaRoe offered a refund program. Ultimately the demands were so great they had to discontinue it. Leaving hopeful entrepreneurs with thousands of dollars of unwanted and unsellable merchandise.

However, those who reinvested their earnings in the products faced an even greater dilemma. They were no longer able to claim refunds and could not move the inventory. Stuck between the proverbial rock and hard place. There were not many options left to them beyond declaring bankruptcy. What was originally supposed to be an easy source of secondary income had cost them everything.

Mounting Lawsuits

Since 2017, LuLaRoe has been entangled in seventeen class-action lawsuits at the federal level ranging from deceptive marketing practices, unfair return policies, illegal sales taxes, and the most serious of which is running an illegal pyramid scheme.

To add insult to injury, LuLaRoe is also being sued by one of their clothing suppliers and owes more than $1 million in shipping costs to UPS. The growing line of debt collectors, disgruntled customers and employees do not bode well for their future. LuLaRoe will likely find itself back into the same position as its former retailers as it runs out of excuses and options.

Have you ever been a part of an MLM? If so, tell us about it in the comments below.

How to Save Money on Prescription Medication

August 13, 2019 By Kathryn Vercillo Leave a Comment

I’ve seen some tragic situations over the years when people can’t afford their meds. For example, I’ve met organ transplant patients who couldn’t pay for their anti-rejection drugs and ended up losing the organ they had struggled so hard to receive. I, myself, have dealt with some terrible withdrawal symptoms when I couldn’t access my mental health medications. Therefore, I know firsthand how important it is to learn how to save money on prescription medication.

Talk to Professionals to Save Money on Prescription Medication

The first step to take if you’re struggling to pay for your prescription medications is to ask for help. There are several different types of professionals that you can talk to about how to save money on prescription medication.

Talk to Your Doctor

Your first line of defense against expensive prescription medication is the person who prescribes the meds. Talk to your doctor. In fact, you may need to talk to multiple doctors: a general doctor, a specialist, a psychiatrist, etc.

Be very upfront with these professionals about how hard it is for you to pay for your prescription medications. Ask them what the options are. Oftentimes, they’ll be able to provide solutions. It might be as simple as changing the prescription to something more affordable that still works for you. Alternatively, they may be able to write a letter explaining to your health insurance why you need that specific medication.

Furthermore, your doctor may be able to offer samples and coupons to help you save money on prescription medication. At the very least, when your doctor knows that you are struggling, you’ll have someone there to help you manage symptoms related to not accessing your medication.

Talk to Your Pharmacist

Your pharmacist is another great resource to help you find ways to save money on prescription medications. They are familiar with all of the meds. They know what type of discounts are available, which insurance covers certain costs, and what generic versions of medications are available.

They may or may not be able to actually offer you a discount. Perhaps they’ll know of certain tricks, such as saving money by getting a 90-day supply instead of a 30-day supply. However, even if they can’t solve the problem, they can often point you in the right direction to find someone who can help.

Ask Your Health Insurance How to Save Money on Prescription Medication

Oftentimes, the biggest problem is that your health insurance doesn’t cover the medication that you need. Or it doesn’t pay very much of the cost. Therefore, you can go straight to your health insurance provider to get help.

If you have the option to visit your health insurance provider in person, then that’s your best bet. If not, then be prepared to wait on the phone for a significant amount of time before you reach the person who can help you. If you are persistent, they are often able to find some resolution.

You may need to discuss getting a different plan with your health insurance provider. Alternatively, they may be able to tell you what some other drug options are to reduce your costs. Then you can take that information back to your doctor to see if those medications would work for you.

Contact the Drug Manufacturer

There are certain prescription medications that are just very expensive. However, the drug manufacturers know that they have customers who can’t afford those high fees. Therefore, they often offer ways to reduce the costs of those medications.

For example, they may offer a discount program. They may provide samples or coupons. You never know unless you ask. Therefore, you should ask.

Find an Advocate

If you have tried all of these different outlets and you still can’t afford your medications, then it’s time to look for an advocate. Your therapist could be an ally in this. If you have a case manager, then they might be able to help. Alternatively, look for a lawyer, a local group, or a friend who has knowledge about how to deal with the prescription medication and health insurance industries. It helps to have someone in your corner who knows the language.

Common Ways to Save Money on Prescription Medication

Talking to professionals is your best route to save money on prescription medication. However, it helps a lot if you know what to ask for. Moreover, there are some things that you can try for yourself. Here are some of the most common ways that people save money on prescription medication:

Change the Medication

When talking to these professionals, find out if you have the option to switch to a more affordable medication. If there is a generic version of the same pill, then try that. If there’s a similar medication that’s cheaper, then try that. Always work with your doctor when switching meds, of course.

Change the Amount of Medication

Sometimes you can save money on prescription medication just by changing the number of pills that you order. A 60-day or 90-day supply may be cheaper per pill than a 30-day supply. Furthermore, it can reduce the number of times you pay a co-pay.

Also, ask about getting a stronger dose that you can split in half. For example, get a prescription for 45 days of a pill that’s twice the strength you need then cut those in half and you have medication for 90 days.

Shop with Coupons

Drug manufacturers offer coupons to reduce the cost of medications. You can also sometimes find other coupons online for various meds. Take a look at what’s out there before you pay full price.

Shop Around with a Tool Like GoodRx

How much you pay for your prescriptions depends on a variety of factors. One of those is the location where you buy the pills. Therefore, you can save money on prescription medication just by shopping around. You can use a comparison shopping tool such as GoodRx to easily find the least expensive option near you for the medications that you need. You may discover that you need to visit a few different pharmacies to get the best price if you have multiple prescriptions. Given the high cost of meds, that can be well worth the effort.

Make Sure You Have the Right Health Insurance

If you haven’t reviewed your health insurance options recently then make sure that you do so. Find out whether you have the right plan in terms of the medications they cover, your co-pays, and your monthly payment. Moreover, see if you qualify for any low-income programs in your area to help you save money on prescription medications. In addition to Medicare/Medicaide, there are often state programs that help pay the premiums and/or co-pays for people with limited income.

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1 in 4 Cancer Survivors Face Financial Hardship

June 7, 2019 By Amanda Blankenship Leave a Comment

One-fourth of cancer survivors under the age of 65 are drowning in medical debt and one-third of them say they’ve stressed about medical expenses at some point in the past. According to the latest Morbidity and Mortality Report, cancer survivors also typically have higher annual out-of-pocket spending for healthcare than those who have never had cancer.

Financial Hardship Hits Survivors Hard

There are approximately 16.9 million cancer survivors living in the United States. The report, which is published each year by the U.S. Centers for Disease Control and Prevention, found financial hardship hits survivors harder than you’d think.

“The population of cancer survivors is growing and many struggle to pay for costs of medical care,” said Donatus Ekwueme, a senior health economist at the CDC. “As a result, some survivors are worried about paying and have problems paying for medical care, and some are even forced to file for bankruptcy.”

The financial burden is only expected to continue to increase in the coming years. Because the number of people diagnosed will increase, so will the financial hardship.

Cancer Survivors Pay Out of Pocket

To construct the report, the CDC, the American Cancer Society, and the National Cancer Institute analyzed data about the out-of-pocket expenses and financial hardships of cancer survivors in the U.S. Those involved in the data analyzed were between the ages of 18 and 64 between 2011 and 2016.

For the average survivor, out-of-pocket spending each year for healthcare was about $1,000. The average American without a history of cancer spends just $622. On top of that, 25.3 percent reported material hardship associated with their diagnosis.

Material hardship, in this case, means ever having to borrow, rack up debt, or file for bankruptcy, as a result of medical costs. Additionally, more than 34 percent report suffering from psychological financial hardship. This means many of them worried about the ability to pay their medical bills and get the treatment they needed.

One-quarter of the individuals involved in the observations also reported struggling and even failing, to pay their medical bills.

More Likely to Seek Follow Up Care

Of course, the care for cancer patients during treatment is exorbitant. However, it also seems cancer patients’ cost of care doesn’t end when they go into remission. Most cancer survivors are more likely to go to the doctor on a regular basis.

In that respect, cancer “seems to be the gift that keeps on giving,” said Dr. Rachel Adams Greenup, a breast cancer surgeon at Duke University.

Greenup, who was involved in the study pointed out, “Cancer survivors, even if they’re cured, they interface with the health care system more frequently — and so it is more costly to them and to the health care system than someone who’s never had cancer. It’s devastating to these patients.”

How Much Cancer Costs

Depending on your diagnosis, treatment could cost between $5,000 (minor skin cancer) to $108,000 (brain cancer). And those figures are only for the first year of treatment. Not to mention, the indirect medical costs like needing the assistance of specialists or complications with their medication.

The cancer survivor’s family takes on a good bit of these medical costs as well. Families are twice as likely to have more than 20 percent of their income taken up with out-of-pocket medical costs.

Insurance vs. No Insurance

Some cancer patients are without insurance. If they are diagnosed without coverage, it can absolutely ruin them financially. Although they spend less altogether, a greater portion of their families’ income than individuals with insurance.

Even survivors who carry insurance reported borrowing money, accruing debt, inability to pay their medical bills, and even filing for bankruptcy.

How to Help

This year, it is predicted that nearly 1.8 million Americans will be diagnosed with cancer. So, how do we help guard cancer survivors from financial hardship?

First, the authors of the report suggest that making health care more affordable will help improve the long-term survival of those who have survived cancer.

Another way to help prevent such tremendous hardship is educating patients by discussing costs before they begin treatments. Doctors play a huge role in providing guidance regarding out-of-pocket expenses with their patients.

It isn’t really surprising that cancer patients face financial hardships. As Dr. Georges Benjamin pointed out, there are other factors to consider as well. “The other thing we know is there is a correlation between health care costs and people’s mental health,” he said. The inability to pay health care bills can increase risk of sadness and depression.

All in all, the best way to cure the financial hardships of those diagnosed with cancer is early detection and prevention. Early detection will lead to easier, less costly treatment and ease the financial burden of the terrible disease.

It should be noted there were some limitations in the CDC report. All data was self-reported. No information was gathered about the stage or types of cancer.

Readers, what do you think about the financial hardships faced by cancer survivors?

5 Benefits to Look For This National Employee Benefits Day

April 2, 2019 By Tamila McDonald Leave a Comment

Today is National Employee Benefits Day — a day to recognize everything professionals do for the workforce and take a closer look at the benefits available ro today’s worker.

In most cases, employees only pay attention to their benefits when they make plan selections or change jobs. But, understanding what is out there is always beneficial. With that in mind, here are five benefits everyone should look for, either in your current job or the next one.

1. Medical and Prescriptions

In most cases, medical and prescription benefits go hand in hand. These plans not only help you control the cost of your healthcare needs, but they can also protect you against financial disaster.

Medical bills are one of the leading reasons for bankruptcy, so having sufficient coverage is a must.

2. Dental Coverage

While these don’t inherently go together, they are usually additional benefits beyond medical and prescription, even if they fall into a similar category.

Although there are ways to get free dental care, it doesn’t usually cover everything. The cost of dental care can be significant without insurance, so many people choose to skip treatments they can’t afford. Dental insurance helps offset these expenses, making your care more affordable. Ultimately, your oral health is important, so finding a job with dental benefits is always a smart move.

3. Vision Benefits

The same goes for vision plans. Whether you currently need corrective eyewear or not, neglecting your vision can have serious consequences. Without insurance, the cost of appointments, glasses, and contacts can add up fast. Plus, numerous conditions can affect the eyes, so you need to keep up with your exams.

Vision insurance makes it easier to stay on top of your overall health, so seek out these benefits when possible.

4. Retirement Plans

Saving for retirement is a must. If your employer offers a retirement plan, then keeping up with this form of savings is a breeze. Usually, you can have the monthly payment taken straight out of your paycheck. And, in some cases, you can get additional funds from an employer match.

Having an employer provide you with a retirement plan can be significantly more convenient than setting up one yourself. Plus, you’ll be much less likely to ignore your retirement savings, ensuring a more stable financial future.

5. Paid Time Off

Everyone has obligations outside of the workplace, and most people experience occasional illness. But, without paid time off, they can be hard to manage. You might struggle to make doctor’s appointments, handle the needs of your children, or simply to recover after getting sick if you can’t get away from work. But, with suitable leave, you can take the time you need without having to sacrifice anything from your paycheck.

What National Employee Benefits Day Is All About

Ultimately, National Employee Benefits Day is a great time to review what you have or what you want from your job. Not every company offers the same benefits, so look closely at their programs to ensure you get everything you need.

Which kinds of employee benefits do you value the most, readers?

Here’s How To Get Help With Your Medical Bills

November 15, 2018 By Amanda Blankenship Leave a Comment

About 26 percent of Americans between the ages of 18 and 64 struggle to pay their medical bills. That is 52 million people who don’t know how they will cover the costs of simply maintaining their health. If you feel like you’re drowning in your medical debt, there are places that help with bills. Let’s take a look.

Places That Help With Bills

Searching for places that will help you pay your medical bills is easier than you’d think. In fact, there are usually quite a few local organizations that will be happy to help you back on your feet. Some will even provide personal financial counseling to ensure you don’t find yourself up to your neck in debt again. Below are a few places you may want to reach out to if you’re having trouble keeping up with medical bills.

Churches

Local churches are known to help people out with just about anything. They will often lend a helping hand with housing, transportation, food, and, on occasion, they will also help you pay medical debt. This usually only applies if you attend the church regularly. However, if you know someone within the church, it is possible to receive some help that way too.

Crisis Assistance Ministry

Not every city has a Crisis Assistance Ministry. However, if your city does, it’s one of the few places that help with bills. Crisis Assistance doesn’t just help you pay bills either. They help you get back on track by providing counseling to ensure that once you have recovered, you don’t end up in the position again. On top of helping with medical bills, they also help with food, transportation, and housing, as well as job placement.

Government Assistance

There are some government programs that can assist you in paying your medical bills. The U.S. government has programs to assist with paying utilities, prescriptions, and telephones. It is important to note, however, that you will need to meet certain criteria to receive this assistance. In most cases, you need to have income 135 percent or less than the federal poverty guidelines.

Salvation Army

Helping meet basic needs is the entire goal behind the Salvation Army. Although they may not be able to help pay your bills in every instance, they are a great organization to reach out to if you are in need.

Local Action Agencies

Most of these are small non-profit organizations that help with paying different bills, food, and basic necessities. These are often like Crisis Assistance or similar organizations. Search for non-profits in your area to see what may be available.

The 2-1-1 Program

United Way offers a 2-1-1 program that helps individuals locate the help they need in their immediate area. This service is available 24 hours a day, seven days a week. Learn more about the 2-1-1 program here.

Final Thoughts

Each of the organizations listed above are places that help with bills, food, transportation, housing, rehabilitation, and more. If you’re ever in need, don’t feel like you are alone. These organizations were put in place to help YOU (and others) when you’re in need. Don’t hesitate to get assistance.

If you’re looking for some additional suggestions and personal finance advice, head on over to the Saving Advice forums.