If you're still covered under your employer's health plan, you may not think you need to sign up for Medicare . But even if you stay on that health policy, you still need to enroll by the time you turn 65. Otherwise, there are big penalties involved: for every year you fail to sign up, you get an additional 10% penalty. Your employer's policy can cover your primary coverage, but Medicare Part B and D can be a big help in other ways. For many folks, it just makes more sense to use Medicare as their primary coverage but use their employer's plan as a backup. With proper financial planning and a complete understanding of your healthcare plan, you can make a decision as to which option will work best for you.
As we age, our financial situations can become a whole lot more complex than they used to be. Therefore, it's important to work with a reliable financial planner to gain understanding and create a plan that will allow you to retire at the age you want to. To find out more about how working as a senior over the age of 65 may impact your finances, contact 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.