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What Is a High Deductible Health Plan (HDHP)?

A high deductible health plan (HDHP) is a plan with a higher deductible than traditional health insurance. The premiums may be lower, but you have to meet a higher deductible (payout of pocket for more health care costs) before your coverage kicks in. An HDHP is often combined with a health savings account (HSA), which allows you to set aside pre-tax dollars to pay for...

Social Security vs. Medicare

Social Security and Medicare are related. Many seniors begin receiving benefits from both at approximately the same time. However, they are two different programs administered by other federal agencies, which provide different benefits to older adults. What Is Social Security? Social Security was created to promote the economic security of Americans. It is administered by the Social Security Administration (SSA) and designed to pay continuing...

8 Health Insurance Terms You Need to Know Before Choosing a Plan

When shopping for a health insurance plan, it is important to understand the language. Like any specialized subject, health insurance has its own terminology. Learning what the terms mean makes it possible to understand the costs and benefits of any given plan and how it compares to others. You need to know the following eight terms before choosing a health insurance plan. Deductible A deductible...

How to Avoid Medicare Penalties

Medicare charges late enrollment penalties that take some people by surprise. These penalties are designed to discourage older Americans from passing up Medicare coverage and possibly incurring high medical bills down the road. Take steps to avoid these penalties, so you do not have to pay higher Medicare premiums. What Penalties Does Medicare Impose? You end up paying more for Medicare if you enroll late...

How to Get Health Insurance After Adopting a Child

Welcoming a new member to your family is one of life’s most rewarding and fulfilling experiences. Whether you are adopting a new baby or an older child, adoption is treated as a “qualifying life event” that allows you to purchase health insurance. A qualifying life event triggers a special enrollment period that allows you to put health insurance in place for your new family member...