Using your benefits before the plan year expires is important. Most plans run on the calendar year, which means you may have less than a month to use the benefits before 2014 ends. If your benefits are employer sponsored, verify with your Human Resource Department if you are in doubt on the plan's benefit period.
If you have an FSA (Flexible Spending Account), you will forfeit the money in your account once the plan year ends for qualifying expenses. If your plan offers a grace period, you can submit receipts for items purchased or medical EOBs (Explanation of Benefits) prior to the end of the plan year. The IRS dictates eligible FSA expenses and the financial limits of what you or the employer can contribute. The employer can opt to have the plan limit be less than the maximum. Since this is money you elected to contribute (in most cases), you are actually losing money if you do not use it. You may want to consider adjusting your election amount for the next plan year.
Some benefits may roll over into the following year, again this is at the discretion of how the plan was set up by the employer. Health Reimbursement Arrangements (HRA) can permit at least a partial carryover if funds remain at the end of the plan year. Check your plan document to see if this is the case.
Other reasons to use your benefits now are items like deductibles and co-pays may raise next year; your employer may not offer a particular benefit next year; and once the new plan year begins, your deductible resets and you will be responsible for the first dollar that is owed for any benefits used.
Remember the Open Enrollment window is a short time, so take time to consider your election decisions for the next plan year. See November's blog entry for more information on Open Enrollment for employer sponsored benefits. Remember the Medicare Open Enrollment period comes to an end in just a few days on December 7, 2014.
Tuesday, December 2, 2014
Monday, November 3, 2014
Decision Time
It's that time of year! Not only is it the time to begin planning for the holidays, it is also time for many people to make choices on their benefits.
Whether you are still employed and it's Open Enrollment time at work, or you are retired and deciding what Medicare Advantage plan to select for the next year, here are a few key points to consider.
Most plans run on the calendar year, which means all deductibles and out of pocket maximums reset to a starting balance of $0. If your plan does not have a renewal on January 1, this will happen on the date that your plan renews.
If you are employed, your options may be limited to the choices offered through your employer. If you purchase your own insurance, there are many options available and here are a few key tips and definitions.
Let's start with a few definitions.
A deductible is the portion of the expenses the insured must pay before the insurance plan begins to pay. There are some exceptions to items considered to be preventative.
An out of pocket maximum is the maximum amount you will pay in a plan year with the exception of prescription and doctor visit co-pays, which do not go away.
A co-pay is a payment made by the member for a prescription or a doctor visit. A primary care physician normally has a lower co-pay than a specialty physician like a cardiologist.
The premium is what you will pay for the benefit. It can be based on a weekly, bi-weekly, monthly, or in another time period. Many employer sponsored benefits are taken on a pre-tax basis, allowing your salary to be reduced before taxes are taken. Also, most employers pay most of the premium as a benefit of employment, leaving the employee to pay a small portion.
An aggregate family deductible requires all family members to "contribute" to the overall deductible before the total is reached. The total can be reached by one person or multiple family members. An embedded or "per individual" deductible means that family members must each satisfy a portion of the family deductible before the overall deducible is reached.
When selecting a medical plan, whether you are doing it on your own, through an employer, or if assisting an older family member looking for a Medicare Advantage plan, look at the options available, always verify the following:
Are your doctors and your hospital of choice in network? A network exists for lower costs to you when your providers join a network. You will pay the in network co-pays and portion of the insurance until you reach the deductible. If a provider is out of network, your portion increases.
In what tier are your medications? If you take a brand name medication, it may be in a higher tier for the co-pay. If a generic medication is available, request it to save money. Look at the co-pays for each tier. Using a mail-order pharmacy plan can save you money for a prescription you take on a daily basis.
If your employer offers additional benefits including a 401k or retirement plan, an FSA (flexible savings plan), and ancillary benefits (disability, life, etc.), take the time to carefully review these additional options since you can only enroll during open enrollment or for some if a qualifying event (marriage, death, new child) occur during the year. Take time to review the paperwork, ask questions, and consult with professionals if necessary when making your decisions.
Whether you are still employed and it's Open Enrollment time at work, or you are retired and deciding what Medicare Advantage plan to select for the next year, here are a few key points to consider.
Most plans run on the calendar year, which means all deductibles and out of pocket maximums reset to a starting balance of $0. If your plan does not have a renewal on January 1, this will happen on the date that your plan renews.
If you are employed, your options may be limited to the choices offered through your employer. If you purchase your own insurance, there are many options available and here are a few key tips and definitions.
Let's start with a few definitions.
A deductible is the portion of the expenses the insured must pay before the insurance plan begins to pay. There are some exceptions to items considered to be preventative.
An out of pocket maximum is the maximum amount you will pay in a plan year with the exception of prescription and doctor visit co-pays, which do not go away.
A co-pay is a payment made by the member for a prescription or a doctor visit. A primary care physician normally has a lower co-pay than a specialty physician like a cardiologist.
The premium is what you will pay for the benefit. It can be based on a weekly, bi-weekly, monthly, or in another time period. Many employer sponsored benefits are taken on a pre-tax basis, allowing your salary to be reduced before taxes are taken. Also, most employers pay most of the premium as a benefit of employment, leaving the employee to pay a small portion.
An aggregate family deductible requires all family members to "contribute" to the overall deductible before the total is reached. The total can be reached by one person or multiple family members. An embedded or "per individual" deductible means that family members must each satisfy a portion of the family deductible before the overall deducible is reached.
Are your doctors and your hospital of choice in network? A network exists for lower costs to you when your providers join a network. You will pay the in network co-pays and portion of the insurance until you reach the deductible. If a provider is out of network, your portion increases.
In what tier are your medications? If you take a brand name medication, it may be in a higher tier for the co-pay. If a generic medication is available, request it to save money. Look at the co-pays for each tier. Using a mail-order pharmacy plan can save you money for a prescription you take on a daily basis.
If your employer offers additional benefits including a 401k or retirement plan, an FSA (flexible savings plan), and ancillary benefits (disability, life, etc.), take the time to carefully review these additional options since you can only enroll during open enrollment or for some if a qualifying event (marriage, death, new child) occur during the year. Take time to review the paperwork, ask questions, and consult with professionals if necessary when making your decisions.
Wednesday, October 1, 2014
Shopping Reward for Overpayment
One of the largest chains in America has a cash reward feature that can give you a refund credit. Most people shop at Walmart because their locations are convenient and abundant. In the last 10 years, one opened within 5 miles of my home.
On a recent September shopping spree, I noted an index card sized tablet at the register. I tore off a sheet and once at home I read the paper. I learned that this major retailer wants to put money back into the pockets of their shoppers. No staff member had ever mentioned it to me, so I have to question whether the staff has been informed about it or are they just avoiding a wonderful promotion that assists their customers.
Called Savings Catcher (https://savingscatcher.walmart.com), any shopper can simply register their Walmart shopping receipt on the store's website for a review of the receipt vs. local competitors for a cheaper price. Up to 7 receipts can be entered during a week and within a few days, two emails will arrive in your inbox letting you know that your receipt was registered and if any money is being placed into your "account." This "account" is available for use on an upcoming Walmart shopping trip through an eGift Card.
Upon entering my first three receipts, I was disappointed to have a $0 balance. It was the fourth receipt that garnered $3.80 for purchased items. When this application checks local grocery stores and other chain stores, it found $.33 in savings for the razors purchased and $3,47 in grocery purchases including a whopping $2.53 for the grapes as compared to Bottom Dollar (a store in which I have never shopped nor even know of a local location).
My fifth receipt has placed $.66 back into my account. It was only on one item, frozen pizza that had a lower price at Weis Markets.
For shoppers with a smart phone, there is an app available. Both the app and the web site require minimal information after you are a registered Walmart user. Above the bar code on your receipt is a TC#, a 20 digit code that is unique to your shopping spree. The other piece of data is the date of your shopping spree.
Rules for use and the items not included in this program can be found at for following link. Many categories are excluded including electronics. https://savingscatcher.walmart.com/faq#faqs-matching
Walmart is not my firs choice for shopping. Some of the products we like are not available elsewhere in other stores. I know I will continue to spend the few minutes entering my receipts since I am seeing some savings.
On a recent September shopping spree, I noted an index card sized tablet at the register. I tore off a sheet and once at home I read the paper. I learned that this major retailer wants to put money back into the pockets of their shoppers. No staff member had ever mentioned it to me, so I have to question whether the staff has been informed about it or are they just avoiding a wonderful promotion that assists their customers.
Called Savings Catcher (https://savingscatcher.walmart.com), any shopper can simply register their Walmart shopping receipt on the store's website for a review of the receipt vs. local competitors for a cheaper price. Up to 7 receipts can be entered during a week and within a few days, two emails will arrive in your inbox letting you know that your receipt was registered and if any money is being placed into your "account." This "account" is available for use on an upcoming Walmart shopping trip through an eGift Card.
Upon entering my first three receipts, I was disappointed to have a $0 balance. It was the fourth receipt that garnered $3.80 for purchased items. When this application checks local grocery stores and other chain stores, it found $.33 in savings for the razors purchased and $3,47 in grocery purchases including a whopping $2.53 for the grapes as compared to Bottom Dollar (a store in which I have never shopped nor even know of a local location).
My fifth receipt has placed $.66 back into my account. It was only on one item, frozen pizza that had a lower price at Weis Markets.
For shoppers with a smart phone, there is an app available. Both the app and the web site require minimal information after you are a registered Walmart user. Above the bar code on your receipt is a TC#, a 20 digit code that is unique to your shopping spree. The other piece of data is the date of your shopping spree.
Rules for use and the items not included in this program can be found at for following link. Many categories are excluded including electronics. https://savingscatcher.walmart.com/faq#faqs-matching
Walmart is not my firs choice for shopping. Some of the products we like are not available elsewhere in other stores. I know I will continue to spend the few minutes entering my receipts since I am seeing some savings.
Monday, September 1, 2014
One Online Storage Option
Have you ever needed to access a document or an important piece of information when you are away from your home computer? Was your wallet stolen or you experienced a disaster when you lost important documents such as a college transcript or your driver's license?
There are many sites on the Internet where you can safely store items like your resume, a copy of your driver's license, and photos.
Google Drive is just one of these free cloud locations. By creating a profile on www.google.com, you can gain access to a series of applications that permit the storage of spreadsheets, typed documents, photos, videos, and scanned important documents. It's like having your hard drive accessible anywhere or not needing to carry a flash drive with you.
After you create a free account at google.com, look for the "tic tac toe" like icon (a nine small square board) in the upper right corner of the screen. When you open this icon, a series of nine applications are visible - Google+ (a simpler version of Facebook that has not caught fire), Search, YouTube, Maps, Play, News, Gmail, Drive, and Calendar. An additional option of "More" appears at the bottom of the window offering a variety of other choices. Each of these applications is free to use, some with the possibility of purchasing additional storage space.
I use Google Drive to store and access documents that I may need outside of my own laptop. Included in this is a spreadsheet of my user IDs, passwords, and security questions. Also, I have scanned important documents including my husband's and my drivers license, car registrations, medical ID cards, and other documents that if lost in a disaster like a fire or flood or if stolen, I can easily access anywhere from a computer.
To learn more, a tutorial is located on Youtube.com at www.youtube.com/watch?v=mpOmuG3HfPo.
There are many sites on the Internet where you can safely store items like your resume, a copy of your driver's license, and photos.
Google Drive is just one of these free cloud locations. By creating a profile on www.google.com, you can gain access to a series of applications that permit the storage of spreadsheets, typed documents, photos, videos, and scanned important documents. It's like having your hard drive accessible anywhere or not needing to carry a flash drive with you.
After you create a free account at google.com, look for the "tic tac toe" like icon (a nine small square board) in the upper right corner of the screen. When you open this icon, a series of nine applications are visible - Google+ (a simpler version of Facebook that has not caught fire), Search, YouTube, Maps, Play, News, Gmail, Drive, and Calendar. An additional option of "More" appears at the bottom of the window offering a variety of other choices. Each of these applications is free to use, some with the possibility of purchasing additional storage space.
I use Google Drive to store and access documents that I may need outside of my own laptop. Included in this is a spreadsheet of my user IDs, passwords, and security questions. Also, I have scanned important documents including my husband's and my drivers license, car registrations, medical ID cards, and other documents that if lost in a disaster like a fire or flood or if stolen, I can easily access anywhere from a computer.
To learn more, a tutorial is located on Youtube.com at www.youtube.com/watch?v=mpOmuG3HfPo.
Friday, August 1, 2014
Safety First
My goal in writing this monthly blog was to provide ways for you to save money. Sometimes there are other things that are more important, like safety.
Recently I learned from our local television station with a wonderful "On Your Side Team" that my year old car was under a recall. Their ability to share safety issues to the mass public in south central Pennsylvania is a major benefit to thousands. While this blog will only touch a few people, it may just be the the thing that makes someone's life safer.
The web sites I am featuring this month is an invaluable resource for anyone due to the vast nature of the items included. Whether you own an item or are looking to buy something new or used, keeping your family and home safe gives you piece of mind.
Log onto www.recalls.gov to search for recalled items. If the item you search is subject to a recall, instructions will be given on how to file a claim or where to return the item.
For example, select models of Gree dehumidifiers have been recalled due to the potential of a fire. We owned one and followed the instructions, including the immediate disconnection of the unit from the power source, cutting the power cord, and mailing it along with the completed recall form. This link shows which models by which manufacturers are under the dehumidifier recall and explain the recall process. www.cpsc.gov/en/Recalls/2014/Gree-Reannounces-Dehumidifier-Recall
The Consumer Product Safety Commission (www.cpsc.gov/en/Recalls) is the agency that oversees the recalls. There is a listing of recently recalled items. That list includes clothing, light bulbs, a laptop computer, a snowblower, and many other items for which I did not see anything in the media. Auto recalls are not listed on this site. You can also report a product you feel is unsafe on their site
If you purchased a used car, it is extremely important for you to check for a recall. The major auto manufacturers only contact the original owner as long as they still reside at the same address where they resided when the automobile was purchased. Unless you take the vehicle to the an authorized manufacturer service center for the auto dealer, existing recalls will go undetected when your vehicle is in for servicing.
News agencies do cover recalls that affect the masses. Unless you have time on your hands to read newspapers and watch television all day, you will miss most of them. The Federal Government can be proud to offer the web sites that places all recalls in one convenient location.
Recently I learned from our local television station with a wonderful "On Your Side Team" that my year old car was under a recall. Their ability to share safety issues to the mass public in south central Pennsylvania is a major benefit to thousands. While this blog will only touch a few people, it may just be the the thing that makes someone's life safer.
The web sites I am featuring this month is an invaluable resource for anyone due to the vast nature of the items included. Whether you own an item or are looking to buy something new or used, keeping your family and home safe gives you piece of mind.
Log onto www.recalls.gov to search for recalled items. If the item you search is subject to a recall, instructions will be given on how to file a claim or where to return the item.
For example, select models of Gree dehumidifiers have been recalled due to the potential of a fire. We owned one and followed the instructions, including the immediate disconnection of the unit from the power source, cutting the power cord, and mailing it along with the completed recall form. This link shows which models by which manufacturers are under the dehumidifier recall and explain the recall process. www.cpsc.gov/en/Recalls/2014/Gree-Reannounces-Dehumidifier-Recall
The Consumer Product Safety Commission (www.cpsc.gov/en/Recalls) is the agency that oversees the recalls. There is a listing of recently recalled items. That list includes clothing, light bulbs, a laptop computer, a snowblower, and many other items for which I did not see anything in the media. Auto recalls are not listed on this site. You can also report a product you feel is unsafe on their site
If you purchased a used car, it is extremely important for you to check for a recall. The major auto manufacturers only contact the original owner as long as they still reside at the same address where they resided when the automobile was purchased. Unless you take the vehicle to the an authorized manufacturer service center for the auto dealer, existing recalls will go undetected when your vehicle is in for servicing.
News agencies do cover recalls that affect the masses. Unless you have time on your hands to read newspapers and watch television all day, you will miss most of them. The Federal Government can be proud to offer the web sites that places all recalls in one convenient location.
Tuesday, July 1, 2014
Deal or no deal?
Growing up, I fondly remember going to a store in my hometown called Grants. It was a variety store, selling a little of this and a little of that. It was similar to the 5 and 10-cent stores that existed in many small towns and some cities years ago. These locations were an easy way for our parents and grandparents to go to one location and shop before the days of shopping malls and Internet shopping. Many people could even walk to the store and carry their purchases home.
One of today's version of the variety store is known as the dollar store. Some are true dollar stores where item is one dollar while other stores sell items in one dollar increments like a 64-oz. bottle of laundry detergent for $3.00. The array of items they sell can save you money on many products, if you know what to look for while shopping. Determining the deal depends upon many factors.
1. Know what you would pay in another store. What is the price for the size? The dollar store size may be smaller in size, so do the math and determine if the price is worth it per ounce.
2. Be familiar with the label. Some of the stores sell major brands as well as look-a-likes, products that are similar to major brands in appearance and name. Counterfeits do exist, so be familiar with the company's logo and their packaging colors. Recently CNN reported on fakes in certain products. Here is the link to the story: http://www.cnn.com/2014/03/08/justice/new-york-counterfeit-beauty-supplies/index.html
3. Review the products packaging the manufacturing location and the ingredients. Many of the products are made outside the United States with ingredients that do not match those in the name brand product. There may be items like shampoo or toothpaste where you will not want to try another product due to the differences in the ingredients. There may be additives that change the quality of the product.
4. If the item is something that could expire, check for the expiration date. Buying out of date or about to expire products would be a waste of your money and could be dangerous to use or eat.
5. Shop at well established chains. Some are nationwide while others are regional.
6. Be careful of impulse buying. Keep to your list so you keep to your budget. Knowing you can fill your cart for less does not mean you should.
7. Look at the quality of the product. Is it well made or something that could break easily. One item I have seen with a major difference is aluminum foil. The dollar store version is a very thin foil in a smaller size.
Just like any other shopping, you can find deals. Try their items and see if you like the quality as much as that of the name brand item. One of the we sites that rates items in categories as a deal or not a deal for the dollar stores is Kiplinger. http://www.kiplinger.com/article/spending/T050-C000-S001-dollar-store-deal-or-no-deal.html
In the end, it is your decision where to shop and what to purchase. Be a conscious consumer while keeping money in your pocket.
One of today's version of the variety store is known as the dollar store. Some are true dollar stores where item is one dollar while other stores sell items in one dollar increments like a 64-oz. bottle of laundry detergent for $3.00. The array of items they sell can save you money on many products, if you know what to look for while shopping. Determining the deal depends upon many factors.
1. Know what you would pay in another store. What is the price for the size? The dollar store size may be smaller in size, so do the math and determine if the price is worth it per ounce.
2. Be familiar with the label. Some of the stores sell major brands as well as look-a-likes, products that are similar to major brands in appearance and name. Counterfeits do exist, so be familiar with the company's logo and their packaging colors. Recently CNN reported on fakes in certain products. Here is the link to the story: http://www.cnn.com/2014/03/08/justice/new-york-counterfeit-beauty-supplies/index.html
3. Review the products packaging the manufacturing location and the ingredients. Many of the products are made outside the United States with ingredients that do not match those in the name brand product. There may be items like shampoo or toothpaste where you will not want to try another product due to the differences in the ingredients. There may be additives that change the quality of the product.
4. If the item is something that could expire, check for the expiration date. Buying out of date or about to expire products would be a waste of your money and could be dangerous to use or eat.
5. Shop at well established chains. Some are nationwide while others are regional.
6. Be careful of impulse buying. Keep to your list so you keep to your budget. Knowing you can fill your cart for less does not mean you should.
7. Look at the quality of the product. Is it well made or something that could break easily. One item I have seen with a major difference is aluminum foil. The dollar store version is a very thin foil in a smaller size.
Just like any other shopping, you can find deals. Try their items and see if you like the quality as much as that of the name brand item. One of the we sites that rates items in categories as a deal or not a deal for the dollar stores is Kiplinger. http://www.kiplinger.com/article/spending/T050-C000-S001-dollar-store-deal-or-no-deal.html
In the end, it is your decision where to shop and what to purchase. Be a conscious consumer while keeping money in your pocket.
Sunday, June 1, 2014
Free Museum Entry
This month’s
blog is more restrictive as to those who will benefit from the tip. It applies to a select group of people and is
only valid now through Labor Day 2014.
If you or a
loved one is a currently enlisted active duty service member (including
reserves) or other dependent family member, you are in luck. An active duty military ID, the DD Form 1173 or
DD Form 1173-1 is required for admission in one of the participating museums. A listing is available at http://arts.gov/national/blue-star-museums. Click on the state and by town, a listing
will appear of the participating museums.
For additional
information regarding this opportunity, including more information on the
required identification, click on the FAQ link on the right side of the page.
Enjoy your
visit.
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