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Did you catch Kathy Kristoff’s great article in the LA Times on 1/3/10? She suggests 10 great ideas about how you can be smart about your money in 2010. Read the whole article here. I particularly like items #4, #5 and #6. Great easy-to-do ideas for cleaning up your finances in the New Year! Remember, it’s your money, honey, and no one can do it for you! What other great resolutions have you promised yourself in 2010? How are
Happy Merry HoHoHo! The House and Senate have passed the legislation; Obama is expected to sign quickly. This will help you in two ways: The eligibility period has been extended to February 28, 2010. Which means that if you become eligible for continuation of your group benefits under the COBRA laws, you will still have until 2/28/10 to take advantage of the Federal premium subsidy. AND… if you’ve almost run through the original 9 months of subsidy, you’ll get
This is good news for anyone who is currently enrolled in a group health insurance plan under the Federal COBRA or California Cal-COBRA laws. The House of Representatives has approved a 6-month extension of the Federal subsidy to help you pay the premiums. Now the bill — HR 3326 — is on its way to the Senate for approval, hopefully before the subsidy ends on 12/31/09. To read more about it, go here.
If you have health insurance that allows you to have a Health Savings Account (HSA) here’s a little factoid. In 2010, the annual tax-deductible contribution has been increased to $3050 for individuals and $6150 for families. HSAs are great money-management tools. If you don’t have a Health Savings Account watch here for more factoids and details. And for other FAQs check out the Reference section.
If you are a corporation (because you have a smart CPA on your side), your corporate quarterly estimated taxes are due tomorrow, 12/15/09! You can either deposit your estimated taxes with IRS Form 8109 at your bank, or mail Form 8109 with your check, made payable to “Financial Agent,” to Federal Tax Deposit Processing, PO Box 970030, St. Louis, MO 63197. Don’tcha just love sending your money to the government?! After all, they manage it so well! Sure.
The Insurance Mom wants you to be a good little money manager. Think of an HSA like an IRA, but for medical expenses… and dental, vision, prescription and over-the-counter expenses too! ** Contributions to your HSA are tax-deductible — reduce your taxable income, pay less taxes. Very nice. ** Your money earns interest tax free, so your interest earns interest. Even nicer. ** You can withdraw money tax free to pay for medical, dental, vision, prescription and over-the-counter expenses. Very,
Remember that as of January 1st, your deductible will re-set to ZERO and you get to start all over again for 2010. Got FAQs? www.TheInsuranceMom.com is the place to go for answers!
Ask your insurance company to confirm that the health care provider is in its provider network — or you can simply ask your doctor or lab or hospital Read your insurance plan’s benefits booklet (or online benefits summary). First, look at the sections labeled “Exclusions” or “Not Covered,” you’ll find good information there. If you have any doubt that the procedure will be covered, contact your insurance company, or get in touch with The Insurance Mom. Don’t agree to any
Listen doll… I think it’s safe to assume you’re here because you need real information about, and help with, the insurance part of your life. I’m so glad you’re visiting. Yes… insurance, any kind of insurance, is a dark and scary place and The Insurance Mom is here to help guide you along the way. That’s why you’re here, right? This is where you can come if you want to feel safe and secure knowing that you’re getting straight forward
An Explanation of Benefits (sometimes called a Claims Summary), is a document the health insurance company sends you and your medical providers telling you how your medical claims (expenses) have been processed. For you it is simply an FYI. The EOB lists the treatments that took place, the portion of the cost that is covered (called the negotiated rate), and the amount remaining for you to pay directly to the doctor. From the EOB (or Claims Summary), the doctor (or
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