Senior Healthcare Advisors Blog
Every day, approximately 10,000 baby boomers in the United States hit their retirement age, according to Social Security Administration. Unfortunately, many of them are unprepared for retirement, lacking sufficient retirement savings or a retirement budget.
While many soon-to-be retirees will face financial issues, there's one issue that stands out for the majority of baby boomers ... The cost of Healthcare!
The oldest baby boomers have already made their transition into retirement, and the youngest are on their way. They should be looking forward to of some well-deserved rest and relaxation after working most of their lives .... BUT
Poor financial planning could derail that for some. Baby boomers are on track to live longer than any generation before them, which means their dollars will have to stretch much further in retirement.
Medicare can be a confusing concept, especially when you are new to it. So, we've highlighted what many consider to be important basics to get you started on your Medicare journey.
Knowing These 8 Facts - Can help you save money, avoid complications, and prepare you for your next step with Medicare.
The Fact Is - This is a common question asked by seniors about to turn 65, especially if they are still working. Not knowing the answer to this question as it specifically relates to your situation could cost you some money.
Please be aware that there isn't one correct answer to the question above. In order to get a better idea of what you should do, ask yourself the following questions:
Losing muscle over time is one of the visible signs of ageing but there may be other signs of getting older that are not as obvious. Your brain's cognitive reserve also diminishes over time .... BUT initially there may be no visible signs of a slowing memory or memory loss.
Your brain's ability to withstand neurological damage due to aging and other factors lessens throughout the years, which can make it more difficult to perform mental tasks. But just like working out with weights to help retain more muscle in your later years, researchers now believe that following a brain-healthy lifestyle and performing regular, targeted brain exercises can also increase your brain's ability to function.
Let’s take a close look at Medicare Supplement Plans also known as (Medigap) plans and review costs and coverage in easy to understand language. As you read on you’ll begin to understand the differences in coverage that each supplement plan letter offers. You’ll also have the opportunity to get real time online quotes and side by side comparisons for each plan offered in your area.
Before we get started it's important to know the difference between the parts of Medicare and Medicare Supplement Plan Letters.
Navigating the Medicare maze can be overwhelming for beneficiaries. Usually, people qualify for Medicare at age 65 and are automatically signed up if they're receiving Social Security payments, unless they take steps to opt out.
Original Medicare comes in two parts - (Part A and Part B). Part A covers a portion of hospitalization expenses and Part B applies to doctor bills and other medical expenses, such as lab tests and some preventive screenings. But some seniors may find better value ....
From October 15th to December 7th, 42 million seniors will have the opportunity to make a choice on their Medicare Part D prescription plan that might save them hundreds and perhaps thousands of dollars.
However, 90% of those eligible will fail to take advantage and benefit from the savings, leaving billions on the table, which only benefits the insurance and pharmaceutical companies!
If you are approaching retirement and think your Social Security benefit always comes tax-free, you're mistaken. Today, 56% of Americans pay taxes on their Social Security benefit—up from 10% of Social Security recipients in 1984 when the federal government first began taxing the Social Security benefit.
These taxes can really take a bite out of your enjoyment of retirement, so it's important to learn now how Social Security income is taxed and explore ways to help reduce that tax burden.
As of 2019, Medicare beneficiaries enrolled in Part D prescription drug plans will no longer be exposed to a coverage gap, sometimes called the “donut hole”, when they fill their brand-name medications. The coverage gap was included in the initial design of the Part D drug benefit in the Medicare Modernization Act of 2003 in order to reduce the total 10-year cost of the benefit. Legislative changes are phasing out the coverage gap by modifying the share of total costs paid in the gap by Part D enrollees and plans and requiring drug manufacturers to provide a discount on the price of brand-name drugs in the gap.
So, let's briefly discuss a little more about the history of Medicare Part D and the coverage gap. Then we'll touch upon recent and proposed changes and how they will affect out-of-pocket costs for enrolles.
Senior Healthcare Advisors - Provides Medicare knowledge - guidance - quotes and resources - Specifically designed for Seniors and their continued quality of life.