3 Things you Need to Know About Prepaid Cards

If you’ve been paying attention the last 5 years, you will notice that there is a growing proliferation of prepaid debit cards in the country. It used to be dominated by prepaid brands like the Rush Card, Vanilla Visa Card, Netspend and the Walmart Moneycard. However, lately, banks are also entering the space, with Chase, Citibank and Wells Fargo all offering their own branded reloadable debit cards. Other new entrants include the Bluebird Card by American Express, which they launched in partnership with Walmart. Another popular one is the Green Dot card. Here are three things you should know about these prepaids.

The first thing you should know about these bank issued cards is that they can either be reloadable or non-reloadable. With the non-reloadable ones, after you add money to it the first time, you cannot top it or reload it even if you wanted to. Once the funds you added when you purchased the prepaid card are used up, the card is worthless. These types of cards are great for short term needs, like travel expenses, holiday shopping to help you stay on budget or as a surprise allowance for your high school or college student to use. It may also be given as gifts for any occasion, including birthdays, house warming parties and anytime you want to give someone money but don’t want to give them cash because you may think it is insensitive.

"food stamps prepaid card"

The reloadable prepaid come in may forms. Most are issued by banks and aimed at the general public, especially people in unbanked communities. That is why prepaid cards like the Walmart American Express Bluebird Card have been very successful because they are aimed at people without traditional checking accounts or debit cards. However, reloadable prepaid debit cards are also issued by the government to pay benefits. States use them to pay unemployment benefits and child support payments under the Eppicard prepaid debit card program. They are also used to pay snap benefits, under what is called the EBT program. Most of these EBT Debit cards are issued by banks on behalf of the states that run the programs. Eligible beneficiaries apply for the programs through their appropriate state agencies, then once they are approved for food assistance, then they are issued prepaid debit cards called EBT cards. Then their monthly benefit payments are automatically deposited on the card at the due date for their convenience and they can use the card anywhere the card issuer’s cards are accepted, just like a regular debit card is used.

Medigap Plan Customer Service Video

This is a video that looks into Medigap Insurance Customer Service and what kind of support you can get from your state’s medicare supplemental benefits plan. Medigap is a plan that people who have Medicare plan A&B are able to buy to cover certain out of pocket costs that they would otherwise have to pay on their own, including co-payments, co-insurance and other payments that come out of the blue that Medicare holders don’t have the money to cover. Medicare is a very complicated program for anyone to grasp. There is plan A&B which are considered the traditional plans then there is the Advantage plan, which has certain benefits that the traditional plans do not have. Those who have plan A&B can get the supplemental coverage also known as Medigap to cover the things that the advantage plan covers that the traditional plans do not.

The video below goes into the question – what is medigap insurance plan – helping you understand how to sign up for a plan in your state since this program is administered at the state level and contact customer service to help you through the process.

As you can see from the, medicare only covers 80% of your medical expenses, leaving you with the other 20% that you have to cover. The supplemental insurance covers 100% of that 20% gap. This helps with a huge financial burden that people 60 and over have when they finally jump onto the government medical benefits program for people in that age category. Each plan with the same name offers holders the same benefits regardless of which carrier is issuing the plan but the cost may vary from carrier to carrier. Hopefully, the video was able to help you understand this program better and be able to make a decision about what plan of coverage is better for you.