Protect Yourself from Unexpectedly High Retirement Health Care Costs

| posted in Blog

More than 40% of retirees encounter health care costs that are greater than they had anticipated or planned for. That’s according to a new study from the LIMRA Secure Retirement Institute. Here are LIMRA’s key findings: • Retirees spend 13% of their income on health and long-term care expenses, on average. • 43% of those with retirement plans still underestimate health care expenses in their golden years. Furthermore, seniors should plan for continued increases in health care costs, over and above the effects of inflation. According to HealthView Services’ 2017 Retirement Health Care Costs Data Report, health care costs are…
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How Many Seniors Get Medicare Open Enrollment Wrong

| posted in Blog, Newsletter

Medicare can be hard to navigate, even if you’ve been enrolled for years. As open enrollment approaches – it starts Oct. 15 and runs through Dec. 7 – you’ll want to pay attention to some of the most common mistakes people make. Not understanding the difference between Original Medicare and Medicare Advantage – With Original Medicare, there is typically no premium for Part A coverage if you or your spouse paid Medicaid taxes while you were working. However, you do pay monthly premium for Part B coverage. Also, with Original Medicare, you can usually see any doctor or specialist you…
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CMS Issues New Medicare Cards for 2018

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The Centers for Medicare & Medicaid Services has started issuing new Medicare cards, which it will mail out. Because identity theft has been on the rise, the new cards will no longer include your Social Security number. This should reduce the chances of someone stealing your identity should you lose your wallet and all of its contents. Identity theft has affected retirees disproportionately, which is a growing problem. In 2014, 2.6 million individuals aged 65 and over were identity theft victims, compared with 2.2 million the year prior. The following are all the details you’ll need, thanks to the American…
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Prepare Now for Medicare Open Enrollment

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Oct. 15 is the official start of open enrollment for Medicare and Medicare Advantage and you should take stock of your situation before signing up for your 2017 plan. Before you get started this year on either renewing your plan or opting for a new one, there are steps you can take to make sure that you get the plan that is best for you and that fits your budget and meets your expected medical needs for the year.   Understand the open enrollment period Open enrollment runs from October 15 to Dec. 7, 2015 for Medicare Advantage (Part C)…
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Crackdown on Employers Who Shunt Employees onto Medicare

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The Centers for Medicare and Medicaid Services (CMS) is stepping up efforts to root out employers who have improperly put workers who were eligible for the company’s group health plan into Medicare. Under the law, employers are prohibited from offering incentives of any kind to a Medicare-eligible individual to enroll in Medicare instead of the employer’s health plan. Companies with 20 or more employees may not encourage covered employees and/or dependents to make this change in coverage. The fine for encouraging an employee or dependent to take Medicare is $5,000 per situation, but that’s not the largest potential penalty. The…
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