No matter your age, health insurance plans can be confusing. But if you're a senior over the age of 65, it becomes increasingly important for you to make the right choices with your healthcare. By the year 2030, Medicare enrollment is expected to rise to 79 million people across the nation. With so many participants, there are bound to be folks who make the wrong decision as to which Medicare policies and Medicare supplement plans they choose.
For many seniors, one of the most pivotal parts of their medical care may be their prescription drug plan. Most seniors will have to determine whether Medicare Advantage (known as Medicare Part C) or the Medicare Prescription Drug Plan (known as Medicare Part D) is the best fit for their needs. If you want to determine whether Medicare Part D is the right choice for you, you'll want to ask your provider the following three questions.
Yes, the costs of your prescriptions can vary from year to year, too. Most Medicare drug plans will split the cost of these medications with you through your co-pays, while others have deductibles you must meet before that happens. These terms are subject to change every year, so co-pays, deductibles, and premiums may not stay the same. So too can your drug costs, if the particular medication you take is moved to a different tier in your plan. Low tiered medications usually cost less. While your insurance company will be required to notify you, it's better to check on this yourself -- ideally, before you enroll in a plan.
At S2S Silver Services, we understand how complex finding a drug coverage plan can be. We'll take the guesswork out of the equation and match you with an insurance company that fits your needs. For more information or to obtain a quote, get in touch with us today.
Nearly 45 million people are enrolled in Medicare due to their age, and around 90% of Medicare participants rely on supplemental plans to complete their coverage. But if you are healthy and not currently taking any prescription medications, do you really need Medicare Supplement plans in addition to your regular policy?
No one likes to think that their health could fail at any point, or that it will likely decline as you age. But it is important to keep these thoughts in mind, especially since the average 65-year-old American has a 70% chance of needing long-term care services in their lifetime.
When you take into consideration that the average medical expenses of a 65-year-old couple can total around $218,000 over 20 years, it's clear why so many people choose to invest in long-term care insurance. For the same reasons, Medicare supplement plans could be a huge money saver in the post-retirement years to come.
If you are wondering whether long-term care insurance is the right financial decision for you, then keep reading to learn more.
I have received so many questions over the years regarding the safety of certain investments so I would like to share with you about "safe" and "no risk" investments. I would like to define what those terms mean and how they apply to financial planning. Customers often believe investment choices are supposed to become more conservative and less risky as they approach retirement. They don't always know how to evaluate an investment's risk.