How Much Does Long Term Care Insurance Cost? Is It Worth It?
Find real answers about long term care insurance costs, what to look out for and who benefits. Plus, alternative ways to cover these costs.
Category: Medicare and Health Insurance
Will Social Security Run Out? What Does a Shortfall in 2033 Really Mean?
Demographics and the pandemic are 2 factors causing financial woes for Social Security. Learn if your benefits will be impacted.
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 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 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…
Don’t Make These 6 Medicare Retirement Plan Mistakes
No one is born understanding how Medicare works. And just because friends or family have navigated the system well doesn’t mean you won’t hit a snag. A solid retirement plan includes a good working knowledge of what to expect from Medicare. Because the more you know now, the less likely you’ll be to encounter these…
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…
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…
12 Surprising Ways to 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 that aren’t covered, unexpected health crises, and…
15 Ways to Save Money on Prescription Drugs
We’re living healthier and longer. For that we owe a big thank you to the scientists and doctors who make recommendations and medicines that make healthy living possible. But, prescription costs can dig into your budget. It is useful to know how to save money on prescription drugs, especially the drugs prescribed for chronic conditions…
What is a Health Savings Account (HSA)? And, Why It’s 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.
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:…
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…
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 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…
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,…