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Category Archive for: ‘Building Retirement Knowledge’

Med

Health Care Inflation and Retirement Health Care Cost Index

One of the most subtle yet dynamic variables that contributes to rising medical expenses is health care inflation, which is projected to grow between 5% and 6% annually for the foreseeable future – more than twice the historic rate for Social Security cost of living adjustments (COLAs). The compounding effect of this differential over the next 20 years, combined with legislative changes that are shifting costs back to subscribers, means that retirees on fixed budgets will have a difficult...
Ltc

Long Term Care

What is Long Term Care? Long-term care (LTC) refers to assistance with daily living activities – including bathing, eating, and dressing – for a prolonged period of time (usually over 90 days). LTC can range from support with Instrumental Activities of Daily Living (IADLs), such as taking medication and shopping, to 24-hour nursing home care. Three Types of LTC Nursing Home Care is medically necessary and usually requires a residential stay. It is important to understand that...
Ss2

NEW: Introduction to Social Security: Part II

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 Limit Withholding from Benefit Before year FRA is reached $16.920 $1 for every $2 earned...
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Introduction to Social Security: Part I

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 for Medicare Part B premiums (and/or potential surcharges).  Also, recent changes to claiming strategies have left many people confused about what...
Doctor Medical Medicine Health 42273

Understanding Basic Medicare

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, retirees become responsible for 100% of the costs for comparable coverage (Medicare Parts B, D, and supplemental insurance) that they...
Data

Using Data to Make a Difference

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 that provide life expectancy, lifetime health care costs (Medicare Parts A and B, Medicare Part D, supplementary insurance, dental,...
Piggybank

Why Plan for Retirement Health Care Costs?

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 all citizens to place health care costs at the forefront of their retirement planning. Why Health Care is a Primary Retirement Concern  Most people...
Landscape2

The Changing Retirement Landscape

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 face. Despite what many Americans think, Medicare is not free. There are premiums, coverage gaps,...
Knowledge

Introduction to Building Retirement Knowledge

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, Social Security filing age, or Medicare means testing, you may feel unprepared to provide...
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