Recently in Wall Street Journal (October 18, 2021) there was an article titled "8 Things To Know When Picking A Medicare Plan".

Let's look at their recommendations and provide some of our own insight.

1. Supplemental insurance is usually the best option for people who can afford it or who have health issues.

Yes, we agree. But it's also great for those who don't need it ... right now.  As we age, it's more likely that we will need additional medical care, and after-the-fact, it may be impossible to switch from an "Advantage" plan back to a "traditional" Medicare plan, which may limit your access to care... when you need it most.

2. Having Medicare alone is risky.

Yes. We agree.  It's essential to have a supplement plan to cover the excesses you may be charged with your A and B plans.  It's also essential to have a part D plan, and NEVER have a gap in coverage.

3. Medicare Advantage plans are cheaper for seniors in good health.

Yes.  But how do you guarantee that...

Medicare Open Enrollment is almost here.  (Depending on when you read this...)

Each year, there is a special period of time in the Medicare System, October 15-December 7, when you can make a change to your Medicare Advantage or Drug plan.

This is one of those periods, and it's called Medicare Open Enrollment.

During this time you can:

• Join, Switch or drop a Medicare Advantage PLAN ("MA" - "Part C"), which can be with, or without a Medicare drug plan element.
  • Your Coverage would start on Jan. 1, provided your request is in by Dec. 7.
  • If you join a Medicare Advantage plan during this time, and change your mind,  you can go back to a Traditional Medicare Plan ("TM") or a different Medicare Advantage plan during the Medicare Advantage Open Enrollment Period, Jan.1-March 31. 
  • If you are IN a MA plan, you can change back to a traditional Medicare plan.
  • If you are IN an MA plan and you want to move to a different MA plan, you can do it during this time period. That...

New Physicians, Residents and Fellows: The Doctor's Essential Guide to Disability Insurance and Benefits

What IS Disability Insurance?

Disability insurance is a type of insurance that protects an individual against the financial consequences of disability. This can be either partial disability, where you lose a portion of your ability to work and earn a living, or total disability, where you lose your complete ability to generate income. The financial benefit you receive when disabled provides the income necessary to cover your basic living needs and costs, and can help cover the additional costs associated with a disability, such as medical bills, prescriptions and therapy.

Why is Disability Coverage ESSENTIAL For New Physicians? Residents? Fellows?

Most young people feel invincible. But the real truth is that approximately 25-33% of 20 year old individuals will have some long term disability (> 90 days) during their career. A career ending disability due to accident, injury...

Fraud.

The word alone makes people shudder.

Then add "your online credit account" or any number of online financial resources.

It all spells disaster for your credit. Your nerves. Your sanity.

Yes, there are many different online protection services that can provide various tools to help you prevent or thwart online fraud.  But they all cost a monthly fee.

And there IS something that you can do to help prevent such fraud which is EASY, INEXPENSIVE and EFFECTIVE.

It's locking access to your credit reports from the big three credit bureaus.  Experian. Transunion. Equifax.

Credit Freeze

It's called a "Credit Freeze" and it's an inexpensive (or free) service that the credit companies offer.  By putting a freeze on your accounts, any request to review your credit history, such as a credit card application, is stopped, usually resulting in rejection of that application.

Want to learn more about what it all means for you?  Here is a great resource that provides more...

Who do you call in an emergency?

I bet it's 911.

It's the universal number for calling for help.  It has been used millions of times to help save people from crime, medical emergencies, weather damage and injuries and countless other issues.

It worked GREAT when your 911 number was physically hooked up to your house.  The 911 operator could determine where you were with good accuracy. 

911 and Cell Phones

But what about now with cell phones?  You don't just use them at home.  In fact it's likely they are not even recognized as being associated with a single address.  But it's also likely that it's the first thing you would dial on your cell phone if you were in trouble.

So what to do?

There is a service that allows you to register your cell phone to be associated with your specific address. https://www.smart911.com/ It also goes deeper and allows you to register other people to be notified.  It can tell the 911 operator where your house is. ...

We shouldn't measure our "success" by measuring our net worth to others. Why? Because each person is different and unique. However there are times when it is useful to determine if we are "on track" with our asset accumulation.

Here is a nice article on what the typical American accumulates during their lifetime. 

Where do you fall in comparison? 

Are you ahead?  Then good for you!  Keep up the good work and enjoy the benefit!

Are you behind?  This can be a great stimulus for you to work to boost your savings for the future. 

How Does Your Net Worth Compare?

Note:  In this article, they use two different measurements of wealth. Here is a simple way to think of these numbers.  Average can be thought of a "typical" or "most common" number in the group.  Median is the number "in the middle" of the group, where half of the people in the group are below this number and half are above this number. 

Note:  WCRM is not responsible for...

If your business is subject to HIPAA compliance, as are all medical practices, it's important to ensure you are compliant with those regulations.  Here is a nice summary article that can help you better ensure your compliance.

Keeping Your Healthcare Email Marketing HIPAA Compliant

Note:  WCRM is not responsible for the content of articles, posts and other information that is not created by WCRM or is the work of other authors. Such materials are provided for informational purposes only. You remain responsible for any and all actions you take, or fail to take, due to this information. 

The proposed Medicare Fee Schedule is published and there is an 11% overall cut in the conversion factor.

Yes, ANOTHER cut to the fee schedule for next year.

To read the AMA summary of the fee schedule change visit:

www.ismanet.org/pdf/amaproposedrule.pdf

or the text of the proposed rule at:

www.ismanet.org/proposedruletext

Cuts to the Medicare program and other insurance payments are sure to continue into the future.  For that reason, it is more important than ever to be sure that your practice costs are minimized, including business insurance coverage and medical malpractice.  Contact WhiteCoat Risk Management for complimentary review of your existing policies to determine if there are hidden savings that you are not taking advantage of.

Chances are that during this COVID lockdown, yoiu did a lot less driving.  For many people this resulted in a check showing up one day in the mail.  A refund check from your auto insurer. 

Yes, it may have been a small check, but heck ... that money is better in your pocket than the insurers, especially when their pay-outs for claims is far reduced due to significant reduction of insured driven miles by their policyholders.

More Possibilities for Savings

But beyond that check, there are other opportunities for savings on your auto insurance costs.

 Let's look at some you can consider:

• Permanently Reduced Mileage. If you find that you are now working from home far more, on a permanent basis, you can call your insurer and have your annual travel mileage changed to reflect that new driving level.  In some cases it may result in a reduction of your premium.  Another option with some carriers is to look into a "pay per mile" option for coverage. Be sure to...

Having too much money in an account that is a problem that I am sure all of us would love to have.  It's not common, but can happen when you have saved money in a specific account for a specific purpose. The college 529 saving account is one such account.  If the person who the account was created for has completed their higher education, there may be a nice "nest egg" remaining in the account. 

This current Wuhan Covid 19 virus pandemic has changed the way many parents, students and others are looking at college.  The focus on a college education may be reduced, replaced by a focus on career training in a trade school.  Not only is that a better choice for many individuals, it may dramatically reduce the amount of money used for higher education.  In that setting, a surplus of funds in a 529 plan may be a reality for more and more people. 

In his article, David Crossman, senior portfolio manager for Bedel Financial Management reviews some of the...