Health care costs in retirement: Medicare Facts & Myths
(BPT) – As their 65th birthday looms, many people eagerly anticipate the affordable access to health care that Medicare will provide. After all, Medicare covers everything, right? Not exactly. Because of this common misconception, many peopleare caught off guard when they realize that each one of the dozens of Medicare options available to them comes with its own set of out-of-pocket cost implications. In fact, a survey of the newly retired found 43 percent are spending more on health care than they had planned & have a hard time understanding Medicare Facts & Myths.
The more you know about Medicare plans and costs, the better prepared you’ll be to avoid unpleasant surprises. Think you’re savvy enough to discern myth from fact when it comes to your health care costs in retirement? Read on to put your knowledge to the test.
Myth: When comparing Medicare plans, it’s best to choose the lowest-premium option to help minimize your costs.
Medicare Fact: While premiums are an important factor when choosing a health care plan, they should View full post…
Posted: September 21, 2018 Under: Insurance By: BPT
(BPT) – Enrolling in Medicare for the first time or starting coverage under a new plan? It might bring you back to that first day starting a new job. You knew some of the basics, but you also knew there was a lot more to learn. More than likely, you got help from colleagues who have been around for a while and helped show you the ropes.
Don’t worry. With Medicare, you have the same kind of knowledgeable support. You’ve got a team on your side that can help make navigating the health care system easier. Goodbye hassles, hello helpers.
Here are five allies in your corner:
1. Your Primary Care Physician. This physician is the “go-to” doctor who provides guidance on your health care needs, taking the time to really get to know you, your medical history and View full post…
Posted: September 7, 2018 Under: Insurance By: BPT
The real bottom line: Maximize the value of your Medicare coverage
(BPT) – In a recent survey, 43 percent of newly retired people said they were spending more on health care than they planned. One of the primary reasons? An unintentionally misguided approach to choosing their Medicare coverage.
To make the process of comparing their plan options easier, too often people focus largely on their monthly premiums.
“Although it may seem like the obvious choice to select a plan with the cheapest monthly premium, it’s important to look beyond the premium and focus instead on the overall value a plan provides,” said Ben Kehl, vice president of consumer experience for UnitedHealthcare Medicare & Retirement. “One of the best ways to do this is to give careful consideration to what’s important to you in a Medicare plan as well as what isn’t.”
Not sure where to begin with this value-focused approach to your Medicare choices? The following three questions can help you move beyond a plan’s premium and consider other factors that contribute to a plan’s value. Your answers can help you maximize your Medicare health care dollars by selecting a plan that provides the greatest value for you.
How much financial risk are you comfortable with?
All Medicare plan options cover some health care costs, but they vary in the amounts View full post…
A fairly new profession, blogging is becoming more and more popular. So much so, that many individuals are making a full time living at it, while others earn minimal amounts. And there are some who just blog because they like to.
Those who have been in the business for a while know that the same tax laws that apply to other occupations apply here also. The purpose of this article is to inform those who are new to blogging and not familiar with the requirements of the tax code.
What form of organization to use for blogging
One of the first decisions to be made is the type of business formation. View full post…
Posted: June 2, 2017 Under: Income Tax By: Gust Lenglet
3 Little-Known Factors That Could Affect Your Saving for Retirement
I don’t want to be the one that bursts your bubble, but even as we are saving for retirement, the plain fact of the matter is that many of us will be working until the day we die. I can hear gasps of disbelief, and yes, some are laughing at this silly notion.
We see the stock market at record highs, and even this fragile economy is showing some signs of recovery. So why the doom and gloom comment? I’ve been planning for retirementfor a few years now, and have some money put away, so isn’t my retirement safe?
I wish that I could say yes, but there are many outside factors that come into play. The first problem is the social security system that our lawmakers have made a mess of. This system was set up to provide retirement benefits for workers that paid into it. Now, it is practically bankrupt because funds are paid out in benefits that have nothing to do with retirement.
Do You Plan To Retire In 2013? Can You Afford To? Do Careful Retirement Planning
When the year 2013 begins, there will be approximately seven million individuals in the USA, who will be approaching 65 years of age. Many of these will be giving serious thought to retirement planning. For the first time in decades, there are some financial planners that are very concerned with current conditions, and have gone so far as to warn those who are about to take that step.
They go on to say that even if we avoid the pending “fiscal cliff”, there is a lot of uncertainty about taxes, scheduled spending along cuts, the stock market in general, and the health care issue. Putting all of these issues together, with the large number who are contemplating retirement planning and others who will lose their jobs, could make 2013 a very troubling year for new retirees.
The primary concern that is number one on the list is taxes, caused by a substantial increase in tax on investments. This is sure to be felt by many retirees. If a deal can’t be worked out before the end of 2012, the rates now in effect known as the Bush tax cuts, will end and capital gain and dividend rates will increase.
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