What is a Health Savings Account? And, Why It Can Be a Great Retirement Savings Option
What is a Health Savings Account? Explore 4 ways it saves you money and why you might want to use one for retirement savings.
Category: Medicare and Health Insurance
How Much Does Long Term Care Insurance Cost? Is it Worth It?
Insurance can be a fantastic way to protect your assets from big unforeseen costs. Long term care insurance can, in theory, be a cost effective way to cover a long term care need. However, it can also be expensive and not best for everyone. So, let us explore: How much does long term care insurance…
Social Security and Medicare: Changes Coming for 2020
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. So, any…
Medicare Open Enrollment for 2020: 10 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…
Real Life Questions and Expert Answers About Medical Insurance Before Age 65
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. It can be very expensive, depending on your circumstances! And, let’s face facts, health factors are more prevalent and unpredictable at this age. You need…
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:…
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 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 or…
9 Things You Need to Know About the New Medicare Cards
The more things change, the more they stay the same. In response to privacy concerns about the old Medicare cards that included your Social Security number on them, Medicare is in the process of issuing new Medicare cards. The new cards have a new number, but not much else is changing. Your wallet will hopefully…
6 Types of Insurance for a Worry Free Retirement
Saving money is hard enough. No one wants more bills to pay, especially when you’re on a fixed or limited income.But insurance is something of a necessary evil. And certain insurance plans can help you live out your golden years as worry-free as possible — a worthy investment in your well-deserved break from workaday reality.…
9 Surprising and Dirty Secrets About Healthcare, Medicaid and Your Retirement
The recent nationwide debate about whether or not Medicaid should continue to receive funding should have had special resonance for people of retirement age. Here are 9 things you might not know about Medicaid and your chances of needing it in the future: 1. You Have a High Percentage Chance of Winding Up on Medicaid…
12 Surprising Ways Save on Retirement Health Care Costs
Knowing you are eligible for Medicare at age 65 may give you some peace of mind about retirement health care costs, but you may be surprised to find out that you’ll still be paying a lot out of pocket. While Medicare premiums are fairly predictable, tests and procedures and that aren’t covered, unexpected health crises,…
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,…
Medicare Open Enrollment 2016: What You Need to Know
Medicare Open Enrollment 2016: Medicare open enrollment is the time period when you can buy into or switch your Medicare Advantage and/or Part D coverage. This open enrollment period goes from Oct. 15 through Dec. 7. Some might argue that enrolling in Medicare is off the charts painful… It can be so hard to understand……
These Are The Best States For Health Care
What are the two most expensive and important things in retirement? Housing and medical costs. As such, you probably want to review this list of the best states for health care. In 2014, health spending accounted for 17.5% of the national GDP, according to the Centers for Medicare & Medicaid Services. Even more, by 2025,…
How Much Will Medicare Cost in 2018: Wealthy to Pay Even MORE for Coverage
How much will Medicare cost in 2018? If you have wealth, your Medicare costs could rise rapidly. Paying for your health is going to be more expensive by 2018. Congress has decided that the wealthiest 5% of Medicare recipients should pay more for their health coverage. What Are the Current Medicare Costs? The annual baseline…
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…
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 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.…
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…
Don’t Make These 6 Medicare Retirement Plan Mistakes
You might be far too young for Medicare now, but the more you know the healthier you’ll stay. No one is born understanding how Medicare works. And just because friends or family have navigated the system well, that doesn’t mean you won’t hit a snag. A solid retirement plan includes a good working knowledge of…
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,…
Expert Interview With W. Patrick Jarrett About Retirement and Health Savings Accounts
Want to amp up your efforts to save money for retirement and take care of your financial health? Luckily, it’s all in your hands. W. Patrick Jarrett, COO of HealthSavings Administrators, was kind enough to answer our questions about retirement and health savings accounts. What is your professional background? How has it served you in…
How to Enroll in Medicare
Medicare can be confusing when you’re just learning about the system before receiving benefits. There’s Medicare Part A, Part B, and Part D, and they each have a different job to do. The federal government holds two trust accounts that fund each facet of Medicare, and many Americans get these benefits without having to sign…
Alarming Analysis: Social Security Will Not Be Adequate to Fund Your Out-of-Pocket Healthcare Spending
Social Security has served as a financial safety net for many older adults, but recent research indicates that era is drawing to a close as retirement health care costs skyrocket. Many older Americans rely heavily on Social Security benefits as their main source of income in retirement. Nearly half (47%) of unmarried people depend on…
What Are Your Healthcare Options?
Healthcare is again in the news and many people are feeling confused by the amount and variety of information being communicated. Here is what you need to know about Medicare, Obamacare and Medicare Supplemental insurance. Obamacare: Obamacare is the commonly used name for the Affordable Care Act. This act is designed to make healthcare affordable for…