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Employer Health Care Coverage Changes 2016

On Saturday afternoon, I sat on the couch with my daughter, Taylor, half watching SpongeBob Squarepants while penning this week’s Update on my iPad.  In this episode, SpongeBob’s pet snail, Gary, shatters his shell, but sadly, SpongeBob doesn’t have the necessary savings to purchase a new one. I guess SpongeBob must have gotten clobbered in last week’s market. If you are familiar with SpongeBob, you know he doesn’t give up easily. So, he decides to ask his boss, Mr. Krabs, for...

China Devaluation And What It Means For You

Many of you are aware of the bold economic move made by China early last week. In an effort to increase growth, keep employment rates high, and compete in the global economy, China devalued its currency, the renminbi1 (人民币), or the “people’s money.” Historically, the greatest comparative difference between the renminbi’s unit of currency, the yuan, and the U.S. dollar can be measured in hundredths of a percent, so volatility between the two currencies has rarely been an...

Men, Women, and Social Security

This past weekend I hosted a men vs women golf tournament. As has been the case for the past several years, the men won, but fun was had by all. However, not long after, I noticed the headline of an article heralding the 80th Anniversary of Social Security. I was struck then by the similarities between the event I’d hosted and the differences between men and women when it comes to saving for retirement. Quite a jump, I know, but allow me to elaborate. At my tournament, I couldn’t help...

Nurse Practicioners

After playing a round of golf with my buddies over the weekend, I got the chance to celebrate a rare hole-in-one (unfortunately, not mine). According to tradition, the person who hit the hole-in-one buys everyone in the bar a drink (alcoholic or nonalcoholic), so we all had a mid-afternoon celebration on “Bob.” One of the golfers in the group, Tom Salines, happens to be a “nurse practitioner” (NP) and out of the blue, guys began to ask him questions related to primary medical...

Press Release- 7/29/15

Michigan, Florida, Nevada & Maryland Most Expensive States for Retirement Health Care; Hawaii, Vermont and Maine the Least Expensive New HealthView Explorer App Reveals Significant Differences in Retirement Health Care Costs by State ___________________________ Danvers, MA, July 29, 2015 - A new app developed by HealthView Services shows Michigan, Florida, Nevada and Maryland as the most expensive states for key components of retirement health care costs. Meanwhile, Hawaii, Vermont and...

Income Replacement Ratios & Health Care Costs

When you retire, you will still need an income. That much is clear. But the big question on people’s minds is how much will be needed to fund retirement years? What will your income have to be to maintain your desired standard of living? In order to think through this question clearly, financial planners and economists use something called an “income replacement ratio.” The concept of income replacement ratios is simple, and may already be familiar to you if you have a...

A Long-Term Care Story

A year ago, one of my golfing buddies, Joe, was an active, healthy 49-year-old who loved sports. Today, he is in the process of learning how to use a walker. Without going into detail, Joe was diagnosed with a serious illness, has been hospitalized for months, and probably has to live in a rehabilitation/nursing home facility for up to one year. The good news is that Joe is expected to fully recover. The bad news is that Joe’s health insurance does not include a year of long-term...

First Dollar Coverage

I had the opportunity to meet with the CEO of a large health insurance company last week, and he raised an important point during our discussions: he is actually anticipating higher out-of-pocket medical costs than HealthView. Many who are familiar with HealthView know that for the past several years, I have warned about the dangers of future health care expenses. Some have questioned the totals – especially pre-retirees who currently enjoy employer group Medical coverage for a fairly...

Medicare Enrollment Requirements

Medicare Enrollment Requirements Over the past couple of weeks, a few people who happened to be approaching their 65th birthday asked me the following question: I will be turning 65, intend to continue working for several more years, and have medical coverage through my employer. Am I required to sign up for Medicare Part A (hospitalization coverage)? Simple answer: No. You are not required to enroll in Medicare Part A but you probably should. Background...

The Social Security Conundrum

Did you know that delaying Social Security could increase your monthly benefits by as much as 32%? As the current policy stands, a person whose full retirement age (FRA) is 66 will see an 8% increase for every year that he or she delays receiving benefits up to age 70. Sounds like a great deal. Where else can you generate an 8% guaranteed return? But is it really such a great deal? The answer is sometimes, but not always. Think about it. The objective of the Social Security...
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