Can you reconcile Medicare acct like you do regular insurance acct?
8 years ago
last modified: 8 years ago
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Buying Business, Mtg. W/ Acct....What Should I Ask?
Comments (11)DH has been working closely w/ the SBA and their mentoring program over the past few yrs. It was here and there to get an idea of things in the beginning but this past yr. he has been utilizing them as much as possible. I wasn't involved w/ the other business (he started taking it over before we met) and as I found out more about it way down the road it was too late. I kept saying 'Oh no! Now wonder it was doomed!'. Needless to say DH learned a lot from that situation and it's almost 15yrs later too. Large debt and crazy rent that kept getting jacked up monthly due to a last minute move that the owner wanted to make, turned it all over to DH (poor guy), said he was going to take the Summer off so DH could get his feet wet and then vanished. The business is the furniture refinishing and repair business that he's worked at for the past 6yrs. Small family owned and operated since 1945. Technically the only debt is the new truck that was recently bought. All of the equipment and machinery is paid off as far as I can tell but I will surely confirm that tonight. According to the books the monthly supplies that are used are paid in full at the end of each month. Nothing carried over. This business will be 3rd generation. The owners never had children and they used to shop at the previous business. When the owner decided he wanted to retire he was either going to close the business or find DH. He always remembered DH from the previous business and what type of person he was. So he tracked DH down and asked him if he would be interested in carrying on the business after training him and teaching him everything he knew. Regarding the real estate and shop: It could go one of two ways should we decide to buy the entire property or not as it has a house on it that is a rental. 1. We buy the business and rent the building from the current owner while the land remains in his name and the house is still used as a rental (currently occupied by a steady long term resident). Then when either we're ready or the owner decides to sell the real estate portion we get first dibs at fair market value and we then own everything outright. 2. We buy the business, move into the house on the property and pay rent to the owner for both the house and the building. Then we buy the real estate in 2 - 3yrs. At the current projections we would be able to afford a sizable down payment on all of the acreage, house and shop in 2yrs and that takes into account the monthly loan payment to the bank. Based on the numbers in the account it would be projected that we could feasibly pay the entire business loan back to the bank in 5yrs if we wanted. There is essentially no retail per se' as they don't sell anything. It is strictly refinishing and repair. Golddust - you ask a great question. I think together we make a great pair - we pay attention to different details. He's people oriented and I'm detail oriented (obsessed). Don't be worried that I'm asking you guys questions. I'm a firm believer that some of the best questions, solutions and answers may come from everyday people and those who may be 'outside' of a situation. And I value that (and you) very much....See MoreWhich supplemental Medicare plan do you have?
Comments (29)Just thought I would report back that I looked into Bankers Fidelity and for me it is $205 a month for Plan F and $141 for Plan G. Plan F is an "issue age plan" and G is an "obtained age plan". I called the company and a very annoying local insurance agent called me back. Actually she seemed to know her stuff but her manner was annoying. I think AARP is going to be hard to beat. I downloaded and printed a booklet called Choosing a Medigap Policy and it is very helpful. It makes things clear and has great advice about what to ask an insurance agent if you choose to buy from one. It's on the medicare.gov site. Maybe my research will help the next person and it certainly helps me to bounce these questions off all of you!...See MoreDo you save those health insurance claim details?
Comments (17)I have not only ours, but have been over the years caregiver for both my mother and aunt. I'd highly recommend keeping them for at least several years. Just about a week ago, I got an EOB from her supplemental for Aunt (who died in Jan) for a service that was performed in Dec. Reasons you need to keep them for a while: not all facilities bill promptly--you often need to go 6 months back to make sure benefits are coordinating properly; if you end up in an estate situation, you sometimes need those records; often you think a bill is taken care of, an the facility thinks it's NOT*; also, aside from the financial aspects, those are a great addition to your health record (what year was it I had my appendectomy?)--everything is on them, and you can refer to them. There's also the tax stituation--you need to be able to verify your health deductions--what you paid, what was paid for you, etc. *We've had a problem with this just recently. I was in the ER last August, DH paid the bill IN FULL, IN CASH and got a Paid in full receipt the beginning of SEPT (2011). We've been billed at least 5 times since for a portion of that bill. Each time we've addressed the issue, sending proof we paid it--and been told the matter was cleared off our account. And just a few weeks ago, I got a letter saying they would be turning the matter over to collections--I have been told one more time that our account is cleared. The gal I spoke to seemed surprised that I wanted written proof (????????) I got a printout of the account with a 0 balance, but I'm not wholely convinced yet.... I cannot tell you how many times, for one reason or another, I've had to refer back to those records years later. I'd hang on to them--neatly organized, of course....See MoreMedicare supplemental insurance
Comments (58)chisue, understand the lesser of two evils. They use prednisone for my disease too. Thankfully, I've never been bad enough to have to use it on a daily basis. I'm allergic to one of the main drugs to treat my disease so if my current drugs really stops working I will have no choice but to take those awful , dangerous and expensive drugs. Hopefully it will never come to that. I have one older brother that did not move to the States when my family moved and so I've really been thinking about how much easier it was for him to retire in Canada. No jumping through all these hoops to figure out how to get his health care needs covered. Emma, what I understand is that they don't have to insure you if you have had a gap in insurance and are outside the 6 month open enrollment. Our situation was a little confusing to these insurers because our medicare part A automatically kicked in at 65 and our B took effect two years later when my husband turned 67. So they carelessly were just looking at the date part A kicked in and assumed we'd had a two year gap in coverage. Some asked if we'd been on cobra. They were asking for proof of insurance until I reminded them that medicare B was just starting and we were within the 6 month open enrollment. The drug plan still said that if I had not been covered they would have raised my premium.Not sure if that is legal under the 6 month open enrollment, but I didn't research it anymore sine it didn't apply to me. In my case, if I went without and then ended up going on one of those $3000 a month drugs and then decided at that time to get part D, no one would be too excited to insure me . And you can bet if one of my drugs was $3000 a month and they agreed to insure me, my premium would be pretty hefty. Our total costs for the two of us are around $480 a month United(AARP) is $116.78 for me, $121.94 for my husband. It is community based which means they can't raise your premium just because you are a year older. It goes up according to your zip code. In my state there were only two options for community based or issue age --the two that can't be raised because you are a year older. All the others were attained age which will go up for each year older you get. Then medicare B is $99.90 for each of us. I'm paying $27 for my part D and my husband picked the cheapest for 15 a month. I didn't figure it was as important to get the perfect plan with drug because it apparently is easy to change at the end of the year if what you picked didn't work out so well. It just seemed to me that there was a real learning curve to getting this all arranged. Dedtired, I'm confused why you would be paying 300 a month for medicare part B or something else?? something doesn't sound right....See More- 8 years ago
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