Category: Medicare and Health Insurance

health insurance for 55 and older

Health Insurance for 55 and Older: Real Life Questions and Answers for Health Insurance Before Medicare Eligibility

Many people want to retire before they are eligible for Medicare at age 65.  However, figuring out health insurance — and how to afford that coverage — is very difficult.  Health insurance for 55 and older can be very expensive, depending on your circumstances!  And, let’s face facts, health factors are more prevalent and unpredictable…

How to Deal with Dementia or Alzheimer’s: 5 Retirement Financial Planning Steps

More than 5.5 million people have Alzheimer’s today, and as the baby boomers age, by 2050 that number is projected to triple. Additional research from the Alzheimer’s Association shows that last year millions of family and friends provided 17.7 billion hours of unpaid care — care valued at $220.2 billion — to loved ones with…

medicare costs 2018

Medicare Surcharges (IRMAA): How the Wealthier Pay MORE for Coverage

If you have enough wealth, your Medicare costs — specifically your premiums — might be more than you had bargained for. Not everyone knows this, but there are Medicare surcharges (officially called Income Related Monthly Adjustment Amount, or IRMAA) that correspond to income brackets. These additional costs can really add up. It is the highest-earning…

retiring before 62

Retiring at 62 or Before? 9 Ways to Cover Your Health Costs for an Early Retirement

There are a lot of hurdles to overcome when figuring out how to retire early — before 65. However, early retirement health care is one of the most fiscally challenging. Medical care is going to be expensive no matter when you retire, but the picture is more serious for those who retire early, by choice…

How a Biden Presidency Might Affect Your Retirement

Joe Biden is now President elect. There are several ways a Biden presidency might affect your retirement, including lower tax benefits on 401(k) accounts and more generous Social Security benefits. Biden’s Plan for Older Americans gives specific details on what Biden would like to do as President to overhaul the nation’s retirement system, shore up…

Your Guide to Medicare Open Enrollment for 2021: 12 Tips for Getting Great Coverage

Tis the season… No, it is not quite time to decide whether you’ll say Happy Holidays, Merry Christmas, Bah Humbug or none of the above. It does, however, involve shopping! The 2020 Medicare Open Enrollment season is upon us and will last from Oct. 15 to Dec. 7. Now is the time to assess your…

Changes Coming to Social Security & Medicare: Small COLA and 6 Other New Developments for 2021

To say that Social Security and Medicare are important to the financial well being of seniors would be an understatement. Sixty-two percent of eligible beneficiaries rely on Social Security income for more than half of their income. And almost everyone who is eligible uses Medicare to help fund their healthcare after 65. Here are the…

9 Surprising and Dirty Secrets About Long-Term Care, Medicaid, and Your Retirement

Medicare and Medicaid have been in the news for several years as a debate rages in the Federal government about a possible budget shortfall in the programs and how to fund them. Here are nine things you might not know about Medicaid and your chances of needing it in the future. 1. You Have a…

When Will Social Security Run Out? Coronavirus Accelerates “Doomsday” to 2028

So, when will Social Security run out? What about Medicare? Social Security and Medicare have been on shaky ground for years, but the impact of the COVID-19 crisis may be accelerating their financial woes. The chances are increasing that you will see your benefits diminished. Keep reading to get informed about the situation and find…

make the most of medicare Close up of senior woman in checked blue shirt inside vintage pickup truck

12 Tips for a Healthy Retirement and Making the Most of Medicare

Medicare is a hugely popular program, providing health coverage to the vast majority of Americans over 65. Here are a few tricks for taking care of your health and making the most of Medicare… 1. Understand Your Medicare Options Once you turn 65, you need to make choices about your Medicare coverage. Will you choose:…

Medicare Changes

Changes for Medicare in 2017? Some Already Done and Others in the Pipeline

Medicare is the de facto healthcare for most retirees.  You are eligible when you turn 65.  While most people like the program, it is quite complex and everything from baseline premiums to supplemental coverage and other details can change from year to year. The changes made thus far offer somewhat good news to retirees.  However,…

healthcare costs in retirement

How to Plan for Healthcare Costs in Retirement: How Much Do You Need in 2016?

Retirement planning is hard. You have to account for 20-30 years of expenses that are difficult to predict and make sure you have enough money to pay for them. How to plan for healthcare costs in retirement is particularly challenging. These costs continue to rise and it is difficult to know what kind of care…

medicare cost

6 Ways to Cover Your Medicare Cost in Retirement

During retirement, most expenses decrease on average. This includes housing, clothing and transportation. But there’s one expense that has been shown to increase and consume a large portion of older American’s incomes: health and Medicare cost. The share of the 75-plus population’s total spending that goes toward health care is 15.6 percent, which is nearly…

best medicae supplement plans

Best Medicare Supplement Plans for 2016 and Beyond

What is Medicare, and do you need more than basic coverage? Original Medicare can leave you with hefty, uncovered expenses, but the best Medicare supplement plans — either Medigap or Medicare Advantage — can lower your costs and improve your care. There are so many questions that accompany signing up for America’s retirement healthcare plan.…

medicare

Don’t Get Eaten Alive: 8 Ways to Plan for Healthcare Costs in Retirement

Let’s go ahead and state the obvious: healthcare is a huge expense in retirement.  HUGE. And, not only huge, but also unpredictable and potentially debilitating. According to Fidelity, a couple who is 65 years old today can expect to spend $245,000 on Medicare premiums alone.  Out of pocket expenses and long term care costs can…

Retirement Planning: 3 Ways to Calm Your Terror Over Health Care Costs

Health care costs are one of the largest — if not the largest — expense you will face in retirement. Over the course of the an average married couple’s lifetime, out of pocket health care costs could total a staggering $394,954 — $463,849, according to recent research from HealthView Services. If these numbers terrify you,…

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