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Part A Medicare Part A covers hospital care and long-term care. This includes skilled nursing facilities, nursing homes if not just for custodial care, and hospice. In addition, Part A also covers certain home health services. Part B Medicare Part B coverage includes medically necessary services or supplies needed to diagnose and treat a medical condition. It also […]Continue reading
With all this market volatility and inflation, talk about investment strategies and portfolio longevity seems to dominate the discussion on retirement. But one of the most important aspects of retirement is often overlooked: Medicare. Medicare is a an important health insurance that can provide the support you need to take care of your health in […]Continue reading
Healthcare is one of the largest expenses for people in retirement, but it’s not easy to budget for them. Sometimes, accidents happen, or certain health-related concerns can come out of nowhere. Because of how difficult it can be to predict; it can be just as difficult to plan for it. But luckily, there are tools […]Continue reading
Annuities may be used for more than just lifelong income. Some annuities come with additional features for a cost, known as riders. Here are some of the most frequent ones: Long-Term Care Riders: Long-term care costs (either in-home or nursing home care) can be alleviated by these features, which add income to help pay for […]Continue reading
What’s the best way to calculate how much insurance coverage you should buy? What’s your risk tolerance? What will you need? How much can you afford? How long of a period should I insure myself for? How much can you afford? What does projected inflation look like? What coverage will give you peace of […]Continue reading
Long-term care is generally the most significant question mark when saving the optimal amount for your retirement years. According to Financial Professional Barry Bigelow, “statistically, if you’re a married couple, there’s a 25% chance one of you’ll need this type of care.” The concern here because, it’s an unknown expense based on unknown needs. This […]Continue reading
Many Americans underestimate the impact that caring for a loved one can have on their lives, marriage, work, and finances. In a column by Michelle Singletary, a Washington Post columnist, an “AARP study found that three-quarters of family caregivers regularly spend their own savings on caregiving expenses—which averages to 26% of their income.”1 President […]Continue reading
Who pays the bill? Medicare doesn’t cover LTC if that’s all you need, and when it does cover costs, it’s only available for a specific number of days. If you need custodial or more extended care, who pays the bill? If you’re hoping to stay home, you may want to consider a LTC policy that […]Continue reading
According to IRS Revenue Procedure 2020-45, a couple age 70 or older who both have the right kind of long-term care insurance policy can deduct as much as $11,280 in 2021 an increase of $420 from the $10,860 limit for 2020. Essentially, more of the premiums you pay will be deductible. If you own a […]Continue reading
Many wealth advisors suggest their clients don’t have a long-term care plan in place. Yet, people ages 65 and older currently have a 70% chance of needing long-term care services, according to the U.S. Department of Health and Human Services. It’s advisable to start preparing for long-term care costs between ages 40 – 50. But […]Continue reading
