As a Health Policy Commissioner, I had the opportunity to participate in a two-day public hearing organized by the Massachusetts Health Policy Commission(HPC) in collaboration with the Office of the Attorney General and the Center for Health Information and Analysis. Attendees included the Governor of the State of Massachusetts, Charlie Baker, the Attorney General, representatives from [...]
I am certainly not a scholar on the topic of “virtue,” which the Merriam-Webster dictionary defines as “morally good behavior.” I’ve never read Aristotle’s treatise on what it means to live a good life or The Nichomachean Ethics, his best known work on ethics. But that won’t stop me from applying ancient philosophy to our 21st century world—because [...]
I’ve managed to conquer yet another mini-milestone in the form of a birthday. Looking back, I remember my father hitting various points in life as he aged, and I can state without any doubt whatsoever that I view those happenings much differently today than in years past. Yesterday, my ten-year-old daughter quizzically shouted, “Wow Dad, [...]
Introduction to Social Security: Part II (Policy) Understanding FRA is important, but it is also necessary to understand how additional policies could potentially impact benefits. Working in Retirement For those who claim before FRA, Social Security’s Earnings Test will automatically reduce benefits to the extent your wages exceed the below (in 2017). Year Earnings [...]
Introduction to Social Security: Part I (Overview) Millions of Americans rely on Social Security as a source of income in retirement. Despite its importance, most only have a cursory understanding of the program – including how benefits are calculated, the best time to claim, and how much will be deducted from monthly disbursements to pay [...]
Understanding Basic Medicare: Parts A, B, D, and Supplemental Insurance Medicare enrollment and coverage can be confusing, and many Americans still mistakenly believe that Medicare will cover all or most of health care costs in retirement. The truth is original Medicare (Parts A and B) will only cover approximately 20 percent of total costs. In truth, [...]
Traditional health care plans failed to incorporate variables such as longevity, health care costs, and long-term care into retirement plans; however, the financial industry is evolving, and many firms are now utilizing these data points to create a more holistic approach to planning. With just a few client inputs, you can create personalized reports [...]
Because millions are entering the Medicare system every year, retirees are going to have to pay more money for fewer benefits and purchase supplemental coverage to fill in the gaps. Financial and health-related stability in retirement, a luxury enjoyed by most Americans since the passing of Medicare in 1965, will be replaced by the need [...]
For many Americans, affording retirement will be a challenge. Earlier generations of workers could rely on employer-sponsored pensions, generous Social Security cost of living adjustments, (COLAs) and supplemental health care plans to provide long-term financial support. Unfortunately, many current and future retirees have no such parachute, and here are some of the challenges they will [...]
Dear Advisor, As a seasoned financial professional, you are probably comfortable engaging clients in discussions about retirement investments and savings; however, when conversations turn to Medicare, Social Security and long-term care, you probably wish you had simple solutions to address these complex programs. What’s worse, when clients ask specific questions about topics like Medigap policies, [...]
