Elderly Care - Home Care - Elder Home Care
- We Found $6,636 in Overspent Money!
- Eddy & Schein in the Public
- Previous Newsletters Archived on Our Website
We Found $6,636 in Overspent Money and Got it Returned to our Clients!
Client Story 1
Sam and Gina had a supplemental insurance plan which included prescription drug coverage and cost $996 per quarter. In June 2006 they signed up for the Medicare Part D Plan, which was the correct course of action. The problem is that the secondary insurance company was never informed. Sam and Gina continued with their secondary insurance provider's expensive plan, which cost $759 a quarter instead of switching to the plan without drug coverage.They were each paying $237 per quarter more than they needed, plus a monthly premium for the Medicare D plan, deducted from their Social Security.
Rebecca Eddy discovered this overpayment when the annual letters arrived from the supplemental plan stating that Sam and Gina did not have credible drug coverage. Since this did not make sense, Rebecca called both the supplemental insurance company and the Medicare D company to clarify the situation and get instructions on how to remedy the problem.
We received proof of the start date of the Medicare D plan for both Sam and Gina. We then wrote letters to the supplemental insurance provider for each stating that they wanted a refund of the overpayment going back to June 2006 and that going forward they wanted the non-prescription coverage supplemental plan. These documents were faxed to the supplemental plan and after several follow-up phone calls, it was arranged that Sam and Gina would receive their refunds.
The total refund is $3,318 for each or $6,636 for the couple. In addition, savings for each of $237 quarterly going forward will result in a total future savings of $1,896 per year for the couple.
Client Story 2
Joe and Laura were on a joint pension plan, which had a joint Rx cap of $5,000 per family. They exceeded this cap every year. Consequently, they were paying a third of their drug cost in full. With Gideon's help, Laura signed up for a Part D plan. Now she will be paying essentially the same premium as she was under her husband's plan. One week after signing up for Part D she was diagnosed with breast cancer. This could have potentially increased her out-of-pocket medication cost substantially. Fortunately, this year as a result of being on Part D, not only will she be covered for 95% of her costs above $4,850, but her husband will be able to use the $5,000 cap in his private insurance for himself alone, thereby covering his current needs in full. In either case, the family will be saving an as yet undetermined amount of money, with very few limits.
The Medicare Part D Plan is excellent insurance against the increasing expense of medications as we grow older. There may or may not be initial cost savings, but in the long run, considerably more money should be saved than under private policies.
Are you or someone you know paying more than you should for your health care coverage? It pays to check!
Please call 212-987-1427 for a
Free Telephone Consultation
Rebecca R. Eddy and Gideon Y. Schein in the Public
February 4 @ 7:30 pm
MoveSeniors.com webinar on "The Team Approach to Elder Care."
March 13 @ 8 pm
Rebecca Eddy to facilitate a teleconference for Dorot Caregivers on "Preparing for an Emergency"
April 24
Rebecca Eddy and Kristin Bergfeld of Bergfeld Estates will lead a seminar on "Aging in Place" at the NAPO Annual Conference
Principals from Eddy & Schein are available to speak on a variety of issues relating to senior life. Please call us at 212-987-1427 to discuss your upcoming event or webinar.
Previous Newsletters Archived on our Website
Our previous newsletters are archived on our website at: http://www.eddyandschein.com/newsletters.php
At any time, from our home page, you can click on the "View Archives" link situated below the subscription sign up space.
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Please feel free to contact us and take advantage of our free telephone consultation. We would be happy to talk to you about how we can provide Life Keeping, Not Just Bookkeeping.®
Sincerely,
Copyright, December 2009, Eddy & Schein, Inc.
About Us
Partners Rebecca R. Eddy and Gideon Y. Schein, both MBAs and certified Professional Daily Money Managers, have a primary focus on the needs of an aging population:
- Seniors who need help in organizing and streamlining tasks such as expense and revenue tracking, bill paying, health insurance claims management, or providing regularly required information to accountants and lawyers.
- Seniors who may or may not have an estate plan in place, but need to catalog assets and personal effects and coordinate and track philanthropic activity.
If you have not already downloaded our "10 Mistakes to Avoid: Make Your Senior Years Easier," go to www.eddyandschein.com/10mistakes.
Our Promise
Eddy & Schein In-Home Administrators for Seniors® is dedicated to making life easier when it comes to managing seniors' personal administrative matters. From simply gathering and paying bills each month to performing a complete review of seniors' financial and personal affairs, we provide exactly the help needed. Working with Eddy & Schein, clients are given private, one-on-one attention at home. Together, we'll develop a plan to address our clients' specific needs. And of course, privacy is strictly guaranteed.
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