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Does financial industry jargon leave you bewildered and frustrated? Does this frustration leave you reliant on the industry professionals, or worse yet, paralyzed with inactivity?

When the market sells off, the “industry professional” is off on some golf course, while you are stuck holding the bag.

-Foundation for Financial Wellness

Video Transcript

In this module, we’re going to explore the wonderful world of investing.  Now, investing can be tricky to understand and even intimidating because with all things in the financial services world, investing has its own industry jargon and lingo. But here’s the thing, every industry creates their own language. And unfortunately, much of the jargon is there to create a false sense of demand for their expertise. In other words,  if you don’t understand the language then you have to rely upon the “industry professionals.” To compound the problem, when the market sells off (and they do, that is a healthy part of the economic process), the “industry professional” is off on some golf course, while you are stuck holding the bag.

Now, of course, not everyone in the financial industry is like this, not by a long shot, so it is unfortunate that the few bad apples spoil the barrel.

But, please remember, no one is coming to rescue you. You are responsible for your own financial wellbeing. One component of financial wellbeing is understanding the language and economic laws of money so you can sleep better at night and feel confident knowing what questions to ask. This module is not intended to make you a financial expert, but it is intended to get you thinking about the right questions and keeping the main thing the main thing - your values aligned with your behaviors and investment products.

OK, now a quick review for you to decide if you again have any decisions to make or any actions to take.

Number one - Commit to continuing with our investment lessons.

Number two - Begin thinking through your values, your financial behaviors, and your investment products and take an honest and authentic accounting if all of these three things align.

As always, don’t forget to take advantage of your private counseling session. It’s included. It’s private. It’s confidential, and it’s always with one of our Certified Financial Wellness Counselors. To schedule your counseling session, simply click on the "Request Counseling" button.

Part A, Part B, Part C, Part D, Medicare Advantage - You've almost finished your ABCs! Do the different Medicare elements confuse you?

Part B covers things like clinical research, ambulance services, durable medical equipment (called DME), mental health (inpatient, outpatient, partial hospitalization), and limited outpatient prescription drugs.

-Foundation for Financial Wellness

Video Transcript

Medicare coverage is based on 3 main factors:

1. Federal and state laws.

2. National coverage decisions that are made by Medicare about whether something is covered.

3. Local coverage decisions made by companies in each state that process claims for Medicare. These companies decide whether something is medically necessary and should be covered in their area.

Part B covers two types of services:

1. Medically necessary services: Services or supplies that are needed to diagnose or treat your medical condition and that meet accepted standards of medical practices.

2. Preventive services: Health care to prevent illness (like the flu) or detect it at an early stage, when treatment is most likely to work best.

You pay nothing for most preventive services if you get the services from a health care provider who accepts what they call “assignment.” “Assignment” is an agreement by your doctor, provider, or supplier to be paid directly by Medicare, to accept the payment amount Medicare approves for the service, and not to bill you for any more than the Medicare deductible and coinsurance.

Part B covers things like clinical research, ambulance services, durable medical equipment (called DME), mental health (inpatient, outpatient, partial hospitalization), and limited outpatient prescription drugs.

Two ways to find out if Medicare covers what you need:

1. Talk to your doctor or other health care provider about why you need a certain service or supplies. Then ask if Medicare will cover those. You may need something that's usually covered, but your provider thinks that Medicare won't cover it in your situation. If so, then you'll have to read and sign a notice. The notice says that you may have to pay for the item, service, or supply yourself.

2. To find out if Medicare covers your item or service, remember go back to www.medicare.gov/coverage and find out yourself. Lastly, a noteworthy point to make - If you're in a Medicare Advantage Plan or other Medicare plan, your plan may have different rules. But, your plan must give you at least the same coverage as Original Medicare. Some services may only be covered in certain facilities or for patients with certain conditions.

Now to our review - Do you have any decisions to make or actions to take?

I would say number one, begin compiling questions you want to ask your Medicare professional. Two, keep that website address in your notes, www.medicare.gov/coverage to see if Medicare covers any specific item.

As always, don’t forget, you can also always to take advantage of your private counseling session for these topics. It’s included, it’s private, it’s confidential and it’s always with one of our Certified Financial Wellness Counselors. To schedule your counseling session, simply click on the "Request Counseling" button.

Part A, Part B, Part C, Part D, Medicare Advantage - Wow, what a mouthful! Do the different Medicare elements confuse you?

If you're in a Medicare Advantage plan or other Medicare plan, your plan may have different rules. But, your plan must give you at least the same coverage as original Medicare.

-Foundation for Financial Wellness

Video Transcript

Medicare coverage is basically based on three main factors. One, federal and state laws. Two, national coverage decisions made by Medicare about whether something is covered or not, and three, local coverage decisions made by companies in each state that process claims for Medicare. These companies decide whether something is medically necessary and should be covered in their area.

But in general, Part A covers inpatient care like in a hospital, skilled nursing facility care, nursing home care (inpatient care in a skilled nursing facility that’s not custodial or long-term care). It also covers hospice care, home health care, and there are two ways to find out if Medicare covers whatever it is that you may be in need of.

Talk to your doctor or other health care provider about why you need certain services or supplies, and then ask if Medicare will cover them. You may need something that's usually covered, but your provider thinks that Medicare won't cover it in your situation. If so, you'll have to read and sign a notice that says that you may have to pay for the item, the service, or the supply. The bottom line - To find out if Medicare covers your item, or service, or supply, go to www.medicare.gov/coverage.

Lastly, a noteworthy point to make here - If you're in a Medicare Advantage plan or other Medicare plan, your plan may have different rules. But, your plan must give you at least the same coverage as original Medicare. Some services may only be covered in certain facilities or for patients with certain conditions.

OK, a quick review here for you to decide if you have any decisions to make or actions to take.

One, begin compiling questions that you want to ask your Medicare professional. Two, keep that website address in your notes. Remember it was www.medicare.gov/coverage. That way you can always go back and see if Medicare covers any specific item that you may need.

As always, don’t forget to take advantage of your private counseling session. It’s included, it’s private and confidential, and it’s always with one of our Certified Financial Wellness Counselors. To schedule that session, simply click on the “Request Counseling” button.

Does the alphabet soup of Medicare make your head spin? This video will begin to make sense of it.

When Medicare was created, Parts A and B were all that existed. Today, Parts A and B are the only parts that Americans are required to sign up for.

-Foundation for Financial Wellness

Video Transcript:

In this lesson, we are going to breakdown the basics of Medicare and the enrollment process. This is often a topic that can feel confusing for a lot of folks. Part A, Part B, Part C, Part D, Medicare Advantage – What does it all mean? And, why are so many former athletes and aging actors trying to sell me something on TV commercials?! Today, our goal is to provide some clarity and peace of mind on the basics.

At its core, Medicare is a federally backed insurance plan for Americans who are 65 and older. 

We initially sign up for Medicare during a seven-month window surrounding our 65^th birthday. After the initial sign up, we can make changes to our plan annually during the open enrollment window which is at the end of each calendar year.

When Medicare was created, Parts A and B were all that existed. Today, Parts A and B are the only parts that Americans are actually required to sign up for.

Part A is premium free when you enroll in Medicare. It covers hospital and in-patient charges and has deductibles, co-pays, and benefit limits.

Part B does has a monthly premium associated with it. As of this recording, Part B costs $170 a month and covers items like doctor visits, lab tests, and preventative care. It has deductibles, co-pays, and benefit limits as well. For most items, the co-pay is 20% of the negotiated price.

The price for Parts A and B is fixed regardless of age or where you live in the country.

Now, Parts C and D came along a little later, and it was there to address some benefit deficiencies that were in Parts A and B. 

Today, Part C is referred to as Medicare Advantage and can cover items like dental, vision, hearing care, transportation to medical appointments, and even meals. It can also help reduce or even eliminate co-pays and deductibles on Parts A and B. Of course, the premiums will differ based on age and where you live, and the desired benefits, so you can really tailor a plan that makes sense for you.

Now Part D is the portion that covers some or all prescription drug costs. Like Medicare Advantage, it comes with a monthly premium, and it’s not required.

Both Medicare Advantage and Part D are provided by private insurance companies and are signed up for during the Medicare enrollment period.

OK, now a quick review for you to decide if you have any decisions to make or actions to take.

Medicare Part A – It’s required. There’s no premium and covers hospitalization and in-patient services.

Part B – It’s required, $170 a month as of today premium [and] covers doctor visits, labs, preventative care.

Medicare Advantage goes through private insurance companies. Premiums vary [and is] meant to round out or tailor Parts A & B.

And then Medicare Part D goes through private insurance companies. Premiums vary [and] covers some or all of your prescriptions.

As always, don’t forget to take advantage of your private counseling session. Remember it’s included, it’s private and confidential, and it’s always with one of our Certified Financial Wellness Counselors. To schedule your counseling session, simply click on the “Request Counseling” button.