A New Medicare App May Help Answer Your Questions

February 25, 2019

[vc_row][vc_column width=”2/3″ el_class=”section section1″][vc_column_text]A new, free cellphone app was released to the public from Centers for Medicare and Medicaid Services. This app’s purpose is to aid people in understanding what’s covered by Part A and Part B of Medicare, which is often referred to more commonly as Basic or Original Medicare.

To clarify, Part A covers your care in places such as nursing homes, hospital, and other venues wherein medical care may be necessary. It also covers end-of-life and hospice care.

Part B covers all equipment, the expenses incurred with outpatient procedures, and doctor fees.

Original Medicare consists of two-thirds of all current Medicare recipients. The final third uses Medicare Advantage (MA) which is a private insurance plan. MA plans often cover additional services like vision care, dental, and hearing specialists, but at the very least it stipulates that it must cover all of the things that original Medicare already covers.

MA plans are not included when using the new “What’s Covered” app, available on Android and Apple phones. If you’re on a Medicare Advantage plan, you’ll need to get in touch with those private insurers if you have any inquiries about your coverage.
The “What’s Covered” app provides coverage and pricing information on-the-go to your smartphone or internet enabled device. Whether you’re in the hospital, a doctor’s office, or anywhere else, you’ll be able to rapidly access Medicare information and see what services are covered.

Once installed on your phone, the app also can provide information on eligibility, general cost, and coverage details even when you’re offline. A list of preventive services are also listed on the app.

While most of this information is accessible at medicare.gov, it can also found much more conveniently via cellular phone using the What’s Covered app. Even so, the app is not the final word on what services are and are not provided, says The Centers for Medicare and Medicaid Services. But be forewarned, there are many regional differences in coverage that may be more detailed and complex than what Medicare can convey to you on a small device. Use the app accordingly.[/vc_column_text][vc_custom_heading text=”Benefits of TSP” font_container=”tag:h2|font_size:20px|text_align:left|color:%23363636″ google_fonts=”font_family:Raleway%3A100%2C200%2C300%2Cregular%2C500%2C600%2C700%2C800%2C900|font_style:500%20bold%20regular%3A500%3Anormal” css=”.vc_custom_1527245185086{margin-bottom: 20px !important;}”][vc_column_text]There are several advantages to the Thrift Savings Plan for participants. The most basic part is that the federal government offers a contribution match for up to 5% of the employee’s annual income. These can be made in the form of automatic payroll deductions. TSP funds can be low-cost ways to save for retirement, especially with lifecycle funds tailored to a specific retirement date. You can also choose from traditional pre-tax contributions, which allow you to not have to pay income tax until retirement, or Roth TSPcontributions that allow you to pay the tax now and not worry about it at retirement. Both are good options, but consider talking to a TSP withdrawal expert before you make any decisions.[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_single_image image=”36046″ img_size=”292×285″ style=”vc_box_shadow”][/vc_column][/vc_row][vc_row][vc_column][vc_custom_heading text=”Difference between CSRS and FERS” font_container=”tag:h2|font_size:20px|text_align:left|color:%23363636″ google_fonts=”font_family:Raleway%3A100%2C200%2C300%2Cregular%2C500%2C600%2C700%2C800%2C900|font_style:500%20bold%20regular%3A500%3Anormal” css=”.vc_custom_1527247012499{margin-bottom: 20px !important;}”][/vc_column][/vc_row][vc_row][vc_column width=”1/3″][vc_single_image image=”28001″ img_size=”278×272″ style=”vc_box_shadow”][/vc_column][vc_column width=”2/3″ el_class=”section section2″][vc_column_text]TSP CSRS, or the Civil Service Retirement System, offers the Thrift Savings Plan as a supplement to your CSRS Annuity or military pay- as of January 1st, 2018, military employees also participate in a military TSP.

TSP and FERS, or Federal Employees’ Retirement System, makes your TSP one part of a three-part retirement plan. This also includes the FERS Basic Annuity and Social Security.

The difference between the FERS or CSRS Annuity and the TSP is that the annuity is based on your years of service, rather than how much you have contributed, and is also voluntary, as opposed to the annuity.

Regardless of which retirement system you qualify for, contributing to the Thrift Savings Plan is vital to your retirement, especially if you contribute early. TSP compound interest means that the earlier you start to make contributions, the better. However, if you did not start saving at an earlier point, committing to a steady and consistent contribution schedule will almost always produce positive results.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_custom_heading text=”How does TSP work?” font_container=”tag:h2|font_size:20px|text_align:left|color:%23363636″ google_fonts=”font_family:Raleway%3A100%2C200%2C300%2Cregular%2C500%2C600%2C700%2C800%2C900|font_style:500%20bold%20regular%3A500%3Anormal” css=”.vc_custom_1527247059259{margin-bottom: 20px !important;}”][/vc_column][/vc_row][vc_row][vc_column width=”2/3″ el_class=”section section3″][vc_column_text]If you are a new federal employee, you most likely have an established account and were enrolled in a 3% payroll deduction. If you were hired before July 31st, 2010, you were not automatically enrolled in a TSP account and will need to create it yourself. For CSRS employees and members of the uniformed services, you must elect to contribute to the TSP. You are also not eligible for agency contributions.

You can elect to stop or change your contributions at any time. Check with your payroll office or agency to find out how to sign up for TSP. You may be required to use your agency or service’s electronic system, or you may have to submit Form TSP-1 (Form TSP-U-1 for uniformed services). The Thrift Savings Plan website has the forms available if your agency or service accepts them.[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_single_image image=”28002″ img_size=”293×286″ style=”vc_box_shadow”][/vc_column][/vc_row][vc_row el_class=”section section4″][vc_column width=”1/3″][vc_single_image image=”28000″ img_size=”279×273″ style=”vc_box_shadow”][/vc_column][vc_column width=”2/3″][vc_custom_heading text=”TSP funds” font_container=”tag:h2|font_size:20px|text_align:left|color:%23363636″ google_fonts=”font_family:Raleway%3A100%2C200%2C300%2Cregular%2C500%2C600%2C700%2C800%2C900|font_style:500%20bold%20regular%3A500%3Anormal” css=”.vc_custom_1527247090362{margin-bottom: 20px !important;}”][vc_column_text css=”.vc_custom_1527241648849{margin-right: 0px !important;}”]There are five core funds in the Thrift Savings Plan- four of them are index funds, which mean that they are exactly matched to a broad market index.

G Fund (Government Securities Investment Fund)
- This fund does not invest in an index. The only fund that it is connected to is a nonmarketable treasury security issued for the TSP by the U.S. Lowest return and risk
F Fund (Fixed Income Investment Index Fund)
- Matches the Barclays Capital U.S. Aggregate Bond Index. Slightly higher return and slightly higher risk.
C Fund (Common Stock Index Investment Fund)
- Out of the three stock funds in the TSP, the C is considered the most conservative. It is connected to the Standard and Poor’s 500 Index, which has greater volatility than either the G or F funds.
S Fund (Small Capitalization Stock Index Fund)
- This fund is connected to the Dow Jones U.S. Completion Total Stock Market Index, which is a total of 4,500 companies that fall outside of the S&P 500’s list. Potential for large growth, but also large losses.
I Fund (International Stock Investment Fund)
- The only internationally invested fund. High risk, but potentially high reward.

There is another option for Thrift Savings Plan investment funds- the L funds. These are funds that actually invest in a variety of all the other funds and target a specific retirement date, initially investing in the more aggressive funds and slowly moving into the more stable bonds funds as retirement approaches.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”2/3″][vc_custom_heading text=”How to change my TSP contribution” font_container=”tag:h2|font_size:20px|text_align:left|color:%23363636″ google_fonts=”font_family:Raleway%3A100%2C200%2C300%2Cregular%2C500%2C600%2C700%2C800%2C900|font_style:500%20bold%20regular%3A500%3Anormal” css=”.vc_custom_1527247118723{margin-bottom: 20px !important;}”][vc_column_text]If you have not made a contribution election through your agency to start contributions or change the way your contributions work, there are a few steps:

Ask your personnel or benefits office whether your agency or service handles enrollments
Determine the amount you want to contribute and whether you want a Roth or Traditional TSP
Return your completed TSP-1 or TSP-U-1 to your employer to get your payroll deductions set up. Your election should be effective no later than the first full pay period after your agency or service receives it.

[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_single_image image=”25543″ img_size=”279×273″ style=”vc_box_shadow”][/vc_column][/vc_row][vc_row][vc_column width=”1/3″][vc_single_image image=”28001″ img_size=”279×273″ style=”vc_box_shadow”][/vc_column][vc_column width=”2/3″][vc_custom_heading text=”Withdrawing from the TSP” font_container=”tag:h2|font_size:20px|text_align:left|color:%23363636″ google_fonts=”font_family:Raleway%3A100%2C200%2C300%2Cregular%2C500%2C600%2C700%2C800%2C900|font_style:500%20bold%20regular%3A500%3Anormal” css=”.vc_custom_1527247146075{margin-bottom: 20px !important;}”][vc_column_text]You have several withdrawal options that you can choose from. Partial withdrawals are allowed in a single payment. You can also make a full withdrawal with any one or any combination of the following methods:

A single (lump sum) payment
A series of monthly payments
A life annuity (Thrift Savings Plan Lifetime payment options).

A combination of any of these three full withdrawal options is called a “mixed withdrawal.” You can have the Thrift Savings Plan transfer all or part of any single payment or, in some cases, a series of monthly payments, to a traditional IRA or an eligible employer plan by completing the TSP-70 form. Payments to you can be deposited directly into your checking or savings account using electronic funds transfer (EFT).[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”2/3″][vc_custom_heading text=”Spouse’s Rights” font_container=”tag:h2|font_size:20px|text_align:left|color:%23363636″ google_fonts=”font_family:Raleway%3A100%2C200%2C300%2Cregular%2C500%2C600%2C700%2C800%2C900|font_style:500%20bold%20regular%3A500%3Anormal” css=”.vc_custom_1527247169854{margin-bottom: 20px !important;}”][vc_column_text]If you are a married Thrift Savings Plan participant (even if you are separated from your spouse), spouses’ rights apply to annuity purchases. If you are a married FERS or uniformed services participant with a total account balance of more than $3,500 and you are making a full withdrawal of your account, your spouse is entitled by law to an annuity with a 50% survivor benefit, level payments, and no cash refund. If you choose any other withdrawal option or combination of options by which your entire account balance is not used to purchase this particular type of annuity, your spouse must sign the statement on your withdrawal form that waives his or her right to that annuity.[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_single_image image=”28002″ img_size=”279×273″ style=”vc_box_shadow”][/vc_column][/vc_row]