Medicare and Health Insurance

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…

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.…

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…

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,…

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…

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…

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…

According to the Center for Retirement Research at Boston College, the above is largely true no matter how high you think they are. A good rule of thumb for estimating health costs in retirement is that Medicare will, on average, cover 60%, while the remaining 40% come out of the retiree’s pocket. Unfortunately, according to…