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How to Prepare for the Cost of Aging with Long-Term Care Insurance

Insurance involves thinking about the possibility of misfortune—everything from a damaged car, to a damaged home, to damaged heath. And the older we get, the more we need to consider the possibility of long-term care (LTC) insurance to help in our twilight years. What is Long-Term Care Insurance? LTC is an insurance policy that pays for care when you can no longer manage yourself. Should you need to enter a nursing home, move to an assisted-living facility, use an adult daycare center or have a caretaker in your home, LTC can protect you, and family members, from financial disaster. How High Are Long-Term Care Costs? The costs of long-term care are staggering. According to the 2018 edition of Genworth’s Cost of Care Survey, nursing home care averages $8,365 per month for a private room ($7,441 for semi-private), $4,000 per month for an assisted living facility. Homemaker and Health Aide care…

7 Resources for Making Sense of Medicare

It’s open enrollment season for Medicare. If you’re currently enrolled in Medicare, you have until December 7 to review the various plan options. This is the time when to decide which are right for your health insurance needs and finances. These are the same decisions you would make if you’re enrolling for Medicare for the first time—which you can do starting three months before your 65th birthday and up to three months afterward (or eight months after retirement if you work past 65). If you fall into either camp, or need to help make these choices for a parent or older spouse, it’s important to know the options and how they best align with your needs. Personal health situations change from year to year. Elements and rules that go with various Medicare plans often change too. Medicare is a tremendous benefit for Americans 65 and older, one that most of…

What You Should Think About When Thinking About Retiring

A Gallup Poll in 2016 reported that nearly two-thirds of Americans worried they did not have enough money for retirement. With other polls showing the retirement age is rising and more data showing Americans should expect to retire even later in life than previous generations, what effect does that have on your future plans? Check Your Savings and Create a Budget It seems to be an obvious first question: Do you have enough money socked away in savings? A majority of pre-retirees probably don’t have enough in savings if they wanted to quit working tomorrow. Life expectancies are growing, yes, but many Americans simply don’t save enough of their income to begin with. Savings should be at least 10 percent, if not more. For whatever reason, and it’s not always for reasons we can control, people tend to save less. How do you know if you’ve saved enough? And what…

De-Mystifying Medicare Supplement Insurance

Paying bills may not be the first thing that people think of when they hear the word retirement, but it’s a reality that retirees, like anyone else, face. With October 15 marking the start of the annual enrollment period for Medicare, now is the perfect time to prepare. Whether you are enrolling for the first time, making changes to your existing coverage or keeping things the same, these tips will help you plan ahead and avoid surprises. Know Your ABCs (and D) Before you can determine what you need, it is important to understand what is offered. Part A (Hospital Insurance) and Part B (Medical Insurance) are offered through the government.  As you might expect, hospital insurance covers most hospital care, as well as nursing facilities, home health and hospice care. In addition to doctor visits, medical insurance covers imaging, laboratory services, medical equipment, mental health care and more. While…

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