FINANCIaL
FIELd NOTES
Health Insurance Before Medicare – Private vs. ACA Plans
For many retirees, the insurance gap between retiring and becoming eligible for Medicare at age 65 can feel like a mystery. There’s a lot of misconceptions about what is available and the costs. The two most common options include -
1. ACA Marketplace plans, and
2. Private (off-exchange) plans.
Each comes with trade-offs in cost, flexibility, and coverage…
Do Retirees Accurately Assess Their Long-Term Care Risks?
I recently met with a client whose close friend had just lost a parent after a 7+ year battle with dementia. Their friend had spent countless hours personally caring for their parent before hiring care and spending several hundred thousand dollars. It got them thinking about their care later in life and whether we had allocated enough funds for those expenses. I’ve also met with plenty of retirees who don’t have a plan for long-term care and haven’t given it much thought. There can be risks with planning too much or too little. If you fear the worst-case scenario, you’re more likely to underspend in retirement by putting away too much money for a low-probability event. If you don’t plan at all, you could put your spouse, children, or family members in a challenging position later on.
Long-term care (LTC) is a critical component of retirement planning, yet many retirees may not fully grasp the likelihood or implications of requiring such care. A recent study by the Center for Retirement Research at Boston College compared individuals' perceptions of their LTC needs with objective assessments…
The Changes to Medicare Part D in 2025
With Medicare open enrollment beginning last week, there are some significant changes coming to the prescription drug coverage (Medicare Part D) for 2025. These changes are part of an effort to make drug prices more affordable of the millions of retirees currently enrolled.
Knowing what these changes are can help you make an informed decision around what coverage to keep or change during enrollment, which last through December 7th...
Making Sense of Medicare – The 5 Pieces
Medicare is a confusing topic to navigate, in part because there are so many choices. In the first part of this series, I will discuss the various parts of Medicare. Next week I will discuss the cost of putting these pieces together.
There are 5 pieces to Medicare…
Six Options for Long-Term Care Planning
Roughly 70% of adults aged 65 or older will need at least some long-term care, and the average length of stay is 3.2 years.
Because of this everyone needs a long-term care plan. However, long-term care insurance is just one way to pay for care. There are 6 common ways to fund this expense…
Original Medicare vs. Medicare Advantage (“Part C”)
One of the most common questions I get from clients turning 65 is “Do I need Part C for Medicare?” Many are surprised that they don’t need Part C, otherwise known as “Medicare Advantage” at all.
There are two main ways to get Medicare - Original Medicare or Medicare Advantage.