November 15, 2010 marked the beginning of Medicare's Annual Enrollment Period, which runs through December 31, 2010. During this time, people with Medicare can select or change their Medicare Part D prescription drug plan for 2011.

Plans change, and so do individual health care needs. Laven Insurance is prepared to review plan choices for 2011 and offer guidance on decision-making and other helpful information for selecting a plan. New Medicare enrollees can get solid advice for choosing a plan for the first time.

The Annual Enrollment Period is also a great time for people with Medicare to get a benefits check-up. By visiting with your local insurance agent you can not only learn about changes to Medicare Part D and the Low-Income Subsidy (Extra Help), you can also discover whether you may qualify for additional benefits that help pay for prescription drugs, healthcare, and other household costs.

Specifically, people with Medicare can get a personalized, professional recommendation on what benefits options may be available, including:

• Updates to Part D in 2011 as part of the health care reform law, such as the 50 percent discount on brand-name drugs during the coverage gap (also known as the "doughnut hole")
• Whether you qualify for Extra Help, a program that assists with the monthly premiums, deductibles, and co-pays for Medicare prescription drug plans.
• Updated information on State Pharmacy Assistance Programs (SPAP) and how these programs work with Medicare Part D
• Updated information on Patient Assistance Programs, made available by private drug companies, which provide free or low-cost medication to people with limited incomes
• Other benefits that help provide access to, and financial support for, other health care needs.

Keeping track of changes to Medicare Part D prescription drug plans and matching these changes to your current health care needs is a difficult task. People can get assistance during this enrollment period to select the plans that best suit their needs, and to learn about other benefits that may supplement their coverage by contacting Steve Webster of Laven Insurance at 574.291.5510 or stevew@laveninsurance.com.

Source: National Council on Aging and Laven Insurance

When you are doing business with a company of any kind, it is not uncommon to see the company offer a better or discounted rate when you bring them more business. This is the same thing that happens with insurance companies that promote combining insurance policies in order to get less expensive insurance. Combining insurance policies will get you the lower rates on auto and home insurance that you have been seeking.

Why is this so? It takes a lot of money for a company to attract a new customer. While it is a good thing to have new customers joining all the time, it is also a lot more expensive than serving existing clients to their maximum. In this spirit, it is good for the insurance company to bring on as many existing policyholders to new areas as possible.

The area that insurance companies can save you the most is the link between auto insurance policy holders and home owners insurance policy holders. Most people that own a home, rent an apartment or are otherwise a tenant also own an automobile so it is a natural and economical link to have one insurance company take care of both. If you want to be combining insurance policies to get less expensive insurance you should do this if possible.

Don't simply stop at combining insurance policies of this sort. Sometimes life insurance and health insurance can be offered in combination. Making sure your car and home are covered by the same group as life and health can make the process of filing a claim easier as you will only have to call one company.

When you start combining insurance policies to get lower insurance quotes you will add convenience as well as the savings. Keeping all of your pertinent insurance information at the with you in your purse or wallet will make it possible for you to file claims and talk to your agent much easier than having multiple companies and agents. If you get the opportunity to combine your policies, you should take it so that you are as efficient as possible. Eliminating another payment to another company and bringing everything together will likely get you discounts that will save on almost everything in the insurance world.

Source: AutoInsuranceQuote.com

Questions  & Answers on Health Savings Accounts and Payments for Over-the-Counter Medicines

Q. How are the rules changing for reimbursing the cost of over-the-counter medicines and drugs from health flexible spending arrangements (health FSAs) and health reimbursement arrangements (HRAs)?

A. Section 9003 of the Affordable Care Act established a new uniform standard for medical expenses. Effective Jan. 1, 2011, distributions from health FSAs and HRAs will be allowed to reimburse the cost of over-the-counter medicines or drugs only if they are purchased with a prescription. This new rule does not apply to reimbursements for the cost of insulin, which will continue to be permitted, even if purchased without a prescription. 

Q. How are the rules changing for distributions from health savings accounts (HSAs) and Archer Medical Savings Accounts (Archer MSAs) that are used to reimburse the cost of over-the-counter medicines and drugs?

A. In accordance with Section 9003 of the Affordable Care Act, only prescribed medicines or drugs (including over-the-counter medicines and drugs that are prescribed) and insulin (even if purchased without a prescription) will be considered qualifying medical expenses and subject to preferred tax treatment.

Q. When will the changes become effective?

A. The changes are effective for purchases of over-the-counter medicines and drugs without a prescription after Dec. 31, 2010. The changes do not affect purchases of over-the-counter medicines and drugs in 2010, even if they are reimbursed after Dec. 31, 2010.

Q. How do I prove that I have purchased an over-the-counter medicine or drug with a prescription so that I can get reimbursed from my employer's health FSA or an HRA?

A. If your employer's health FSA or HRA reimburses these expenses, you would provide the prescription (or a copy of the prescription or another item showing that a prescription for the item has been issued) and the customer receipt (or similar third-party documentation showing the date of the sale and the amount of the charge). For example, documentation could consist of a customer receipt issued by a pharmacy that reflects the date of sale and the amount of the charge, along with a copy of the prescription; or it could consist of a customer receipt that identifies the name of the purchaser (or the name of the person for whom the prescription applies), the date and amount of the purchase and an Rx number.

Q. How does this change affect over-the-counter medical devices and supplies?

A. The new rule does not apply to items for medical care that are not medicines or drugs. Thus, equipment such as crutches, supplies such as bandages, and diagnostic devices such as blood sugar test kits will still qualify for reimbursement by a health FSA or HRA if purchased after December 31, 2010, and a distribution from an HSA or Archer MSA for the cost of such items will still be tax-free, regardless of whether the items are purchased using a prescription. 

Source: Internal Revenue Service