Insurance Claim

Once you turn 65 you are eligible for Medicare health care insurance. Medicare is broken into 2 sections, Part A and Part B. These parts are broken down as follows:

Part A covers hospital benefits such as

There are requirements that need to be met before Part A coverage begins. For a hospital stay your doctor and the hospital must agree that you need care. For skilled nursing facility your doctor certifies that you need care and you must spend the first 3 days in the hospital; this benefit will only last up to 100 days of care. For home health services doctor approved therapies and Hospice requires doctor certification that you have six months or less to live. There are no monthly premiums for this coverage, some people believe this is free but you did pay into FICA taxes your working life so essentially you already paid your premiums. There is an annual deductible of $1,184 and there are other deductibles based on the length of stay, ranging from $148 to $592 after you have exhausted either 60 days in the hospital or 20 days in a skilled nursing facility.

Part B covers other health expenses such as

There is a long list of things that Part B does not cover and some of these are: dental care, vision care, cosmetic surgery, prescription medications, hearing aids, dentures, and long term care.

Part B operates differently than Part A, there is a monthly premium of $104.90 for most people. The premium could be higher if your annual income is greater than $85,000. This premium is automatically deducted from your monthly Social Security check. There is an annual deductible if $147. You are also responsible, if the services are covered by Medicare, coinsurance, charges above the Medicare approved amount, and all cost if the provider is not approved by Medicare. The coinsurance you are responsible for is 20% of all approved expenses after you meet your deductible of $147.

These charges are for 2013 and are reviewed annually by Social Security. The expenses are usually adjusted for inflation, which has been very low over the past few years while the cost of services has gone up.

As you can see Medicare does not cover all of your expenses. To cover the gaps in coverage people sign up for a Medicare Supplement Insurance Policy. These policies are standardized, meaning that Social Security sets what expenses each policy will cover. The policies are designated by letters A thru N, with each offering different coverage options. The details of each policy and what they cover maybe confusing, please allows us to help you decide which policy best suits your needs. Contact us at http://commonsensefinancialadvice.com.

An average PPI refund will total around £2,500 and it may be that you have two or more policies waiting to be reclaimed. Fortunately, banks and lenders have had to put systems in place to ensure that you are able to reclaim that money relatively quickly and easily. While some banks have recently received fines for failing to comply with deadlines and not providing the simple claims process they should, it is still possible for you to claim back this money, which is rightfully yours to claim.

How Do I Claim PPI Refund From Major Banks?

The five major banks are those that have been hit the hardest by this scandal because they are guilty of having mis-sold the largest number of policies between them. Most, if not all, have taken on additional employees and put aside large pools of money in order to provide claimants with the refunds they require. Some banks have written to PPI policy holders, others provide details on their website, and some may offer other means of access to the required information n PPI reclaims.

What If The Banks Reject My Claim?

You can always appeal your decision with the bank itself and they should take another look. One of the biggest reasons for banks rejecting a claim is that they say you have not paid PPI. Some lenders do not have records that date back more than a few years so these cases may take more investigation. If you still have no joy with your lender then you can contact the Financial Ombudsman Service who will take up a claim on your behalf in most cases.

How Do I Claim PPI Refund From Companies That No Longer Trade?

A number of companies have sold their credit card, mortgage, or other credit business on. It is still possible to reclaim your PPI Refund. In some cases you should contact the company that initially sold you the policy while in others you will need to contact the company that has taken over your account instead. Again, check for details on lender websites to find out which is the most appropriate for your requirements.

What Will My Claim Be Worth?

Every claim is treated individually because every policy is slightly different. The length of time you have been making payments and the amount of your monthly repayments will be taken into account and the lender will use these figures to calculate a settlement figure. If you agree with this figure you can accept it, or you can challenge it if you believe it falls short of the actual amount you are owed.

Is There A Time Limit To Making A Claim?

The banks have asked that an April 2014 deadline be introduced so that all claims must be filed by then. However, while the FSA and FOS has said that they will consider the idea, no final decision has yet been made on this proposal. For now, at least, there is no deadline and you can certainly still claim now to have your PPI payments refunded.