Tag: Health Care Needs

Managing Drug Costs

Nov 27, 2020

Drug Costs medicine in bottle on money
How can households meet the challenge?

Are prescription drug costs burdening your finances? Some people find it a challenge to manage the cost of prescription drugs. Americans pay an average of $1,200 per year for medicine. For those facing greater and more dangerous ailments, some drug costs are $10,000 per month or even lump sums in excess of $80,000 for certain drug therapies. Yes, health insurance and Medicare Part D can help you, but not everyone has access to Medicare, and not every insurance company has the same formulary. This means that your coverage may fall short—not something you want to hear when wrestling with a major diagnosis.1 (more…)

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How Medigap Choices Have Changed

Oct 23, 2020

Medigap
What you need to know about Plan F and Plan G.

As many may recall, seniors who previously enrolled in Medicare are facing some changes.

Medigap Plan F might not be sold after 2020 and Medigap Plan G will be undergoing some changes. (more…)

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Extended Care. How Much Do You Know?

Sep 14, 2020

Elder Care Tree
Separating some eldercare facts from extended care myths

How much does extended care cost, and how do you arrange it when it is needed? The average person might have difficulty answering those two questions, for the answers are not widely known. For clarification, here are some facts to dispel some myths. (more…)

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The A B C D of Medicare

Aug 19, 2020

Parts of Medicare
Breaking down the basics

Whether your 65th birthday is on the horizon or decades away, understanding the different parts of Medicare is critical, as this government-sponsored program may play a role in your future health care decisions. (more…)

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Cost of Medical Care

Aug 14, 2020

Choosing Medical Care Options
The expense of insuring yourself may be minor compared to the price of surgeries and procedures.

When uninsured people end up in the hospital, “sticker shock” can follow. Just a quick look at the current prices for medical care procedures can be sobering.

How much does a CT scan cost? Between $250 to $1,500, depending on where it is performed. Need a stent in your heart? The average cost of that delicate procedure is now close to $20,000. How about a knee replacement? That surgery may run anywhere from $15,000 to $35,000.1,2 (more…)

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What is Critical Illness Insurance

Jun 8, 2020

What is Critical Illness Insurance
What it is, why people opt for it.

Ever hear of critical illness insurance? This isn’t standard-issue disability insurance, but a cousin of sorts. With people living longer, it is a risk management option entering more people’s lives. (more…)

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ABLE Accounts for Loved Ones with Disabilities

Feb 5, 2020

ABLE hand holding father daughter
More families should know about these tax-advantaged savings vehicles.

Families with special needs children have a new tax-deferred savings option.

The ABLE account, also called a 529A savings account, is patterned after the popular 529 savings plan, created to help parents save for a child’s higher education. Like 529 plans, ABLE accounts are run by states rather than the federal government. These plans emerged after the passage of the Achieving a Better Life Experience (ABLE) Act in 2014.1 (more…)

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Ways to Fund Special Needs Trusts

Jan 27, 2020

Trust Wooden Blocks on Table
A Look at the Different Options & Strategies.

If you have a child with special needs, special needs trusts may be a financial priority. There are many crucial goods and services that Medicaid and Supplemental Security Income might not pay for. It may be used to address those financial challenges. Most importantly, a special needs trust may help provide for your disabled child in case you’re no longer able to care for them.

In planning for one, one of the most pressing questions is: when it comes to funding the trust, what are the options?

(more…)

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Healthcare Costs are Cutting into Retirement Preparations

Jan 10, 2020

 

health supplements on dollar bill
How healthcare costs affect retirement planning

You may have seen this statistic before or one resembling it: the average 65-year-old retiring couple can now expect to pay more than $250,000 in healthcare costs during the rest of their lives.

In fact, Fidelity Investments now projects this cost at $285,000. The effort to prepare for these potential expenses is changing the big picture of retirement planning.1

(more…)

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Facts About Medicare Open Enrollment

Nov 27, 2019

Stethoscope - Medicare
How much do you know about the different coverage options?

Medicare’s open enrollment period runs through December 7th. If you are enrolling in Medicare for the first time, you will discover that it is much more complex than an employer-sponsored group health plan.

When you are enrolled in Medicare, you pay multiple premiums for multiple types of coverage (Parts A and B as well as the Part D prescription drug plan), and unlike a group health plan, there are no caps on out-of-pocket costs and a risk that you might have to pay a hospital insurance deductible more than once per year. Original Medicare also does not cover some costs that many seniors would like to cover, such as dental and vision care expenses. (more…)

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More Insights

Mar 8, 2021

I’m sure you’ve heard that the House recently passed the Senate another round of stimulus to try and counteract the economic effects of the COVID-19 pandemic. The new stimulus package could narrow income eligibility to receive a stimulus check, while expanding other types of eligibility and broadening unemployment benefits. But is inflation looming?

Mar 5, 2021

On Monday, Feb. 22, the White House announced several changes to the Paycheck Protection Program (PPP) that went into effect on Wednesday, Feb. 24. These changes are intended to further target “the smallest businesses and those that have been left behind in previous relief efforts.”1 If you’re a small business owner in need of financial … Continue reading “Changes to Paycheck Protection Program”

Mar 3, 2021

The acronym “SPAC” is showing up more often these days because there is some big money behind the revitalized investment approach. SPAC stands for Special Purpose Acquisition Company, and they are sometimes referred to as blank check companies. SPACs raised more than $80 billion through 237 initial public offerings in 2020, accounting for more than … Continue reading “What is a SPAC?”

Mar 1, 2021

Will you pay higher taxes in retirement? Do you have a 401(k) or a traditional IRA? If so, you will receive income from both after age 72. However, if you have saved and invested much of your life, you may also end up retiring at a higher marginal tax rate than your current one. Tax … Continue reading “Tax Efficiency in Retirement”

Feb 26, 2021

As a parent, of course you want to give your child the best opportunity for success, and for many, attending the “right” university or college is that opportunity. Unfortunately, being accepted to the college of one’s choice may not be as easy as it once was. Additionally, the earlier you consider how you expect to … Continue reading “Countdown to College”

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