Medicare "Must Knows"


Except in some rare cases, we all need to have a plan for our retirement years. Each person has individual financial goals along with their personal savings situation. Hopefully, you have a personal financial advisor to help manage the savings you have accumulated. However, your healthcare is a “wildcard” during your retirement years, and you need to plan for it. Planning for retirement is one of the smartest things you can do, not only for you but your loved ones, too. Here are five helpful tips to keep your retirement plans on track.

Let’s look at the upcoming important dates for Medicare Open Enrollment:

The next open enrollment period will run from October 15, 2020 to December 7, 2020, for coverage effective in 2021. Do Not Underestimate Your Costs of Healthcare

Most people think they can cover their health expenses during retirement. 64 percent of people believe they will have enough money to cover their medical expenses during retirement. This could be a case of not looking at facts. Estimates show that an average couple needs $270,000 for retirement to cover their healthcare cost. This figure is just an average, so you may need more money in retirement to cover your healthcare cost. No matter what your situation is, you may need more money in retirement than you have available to you now. Pre-Retirement Income Helps Determine How Much Medicare Will Cost

In fact, your pre-retirement income is a big factor in determining the cost of Medicare. The longer you remain in the workforce and contribute to Social Security, the more you can expect to receive during retirement. There are admittedly many other factors that contribute to how long one can remain in the workforce, including catastrophic illnesses and/or divorce and or death. Do Not Overestimate Your Medicare Coverage

Keep in mind that Medicare, while very valuable, was not designed to cover all of a retirees health care expenses. There are four principal parts to Medicare coverage: Part A, Part B, Part C, and Part D. However, do not let the fact that there are four available parts to your healthcare coverage fool you into thinking everything is covered. These gaps in Medicare coverage can be covered with Medicare advantage or perhaps a Medigap plan. Medigap policies can help with some healthcare costs Medicare does not cover. An example of this would be a Medigap policy that covers deductibles and copayments. Retirement Age is an Important Factor

Although not always possible, one needs to have a plan regarding at what age they will retire. Whether you retire before the age of 65 or after the age of 65 can make a difference in how much Social Security money one receives. Because this can be important day to day living or just as a supplement for other saved money, it is important to know what you will receive. When to retire also can be determined by factors such as health, desire to work longer, health or spouse’s health, offspring’s financial situation, or related matters. Retirement: Current and Future

As of 2019, the odds of most American’s having security in their retirement has not improved. Retirement in America reflects distinct realities depending on affluence. The cost of Medicare keeps going up while the value of Social Security benefits continues to decline. However, a successful retirement for the affluent has improved. The lowest income households do not have as good of retirement prospects. In fact, baby boomers who are approaching retirement have seen their odds of a successful retirement fall from 26 percent, down to 11 percent.

Recent Posts

Archive

Follow Us

  • Grey Facebook Icon
  • Grey Twitter Icon
  • Grey LinkedIn Icon
  • LinkedIn Social Icon
  • Facebook Social Icon

DISCLAIMER

iInformational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. Consult the actual policy or your agent for details regarding terms, conditions, coverage, exclusions, products, services and programs which may be available to you. Your eligibility for particular products and services is subject to the final determination of underwriting qualifications and acceptance by the insurance underwriting company providing such products or services.

This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording.

 NO RENDERING OF ADVICE

The information contained within this website is provided for informational purposes only and is not intended to substitute for professional advice. In accessing this service, no client, advisory, fiduciary or professional relationship is implicated or established and neither Kilcrease financial,inc nor any other person is, in connection with this site, engaged in any professional services or advice. Internet subscribers, users and online readers are advised not to act upon this information without seeking the service of a professional. kilcrease financial,inc specifically disclaims any liability for any direct, indirect, incidental, consequential or special damages arising out of or in any way connected with access to or use of the website (even if kilcrease financial,inc has been advised of the possibility of such damages), including liability associated with any viruses which may infect a user’s computer equipment.

COPYRIGHT & TRADEMARKS

The trademarks, logos and service marks displayed on this website are the property of kilcrease financial, inc. Users are prohibited from using any of these without the written permission of kilcrease financial,inc. All content on the website is protected by copyright. Users are prohibited from modifying, copying, distributing, transmitting, displaying, publishing, selling, licensing, creating derivative works or using any content on the website for commercial or public purposes.