FINANCIaL
FIELd NOTES
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.
Understanding the Medicare “Donut Hole” and Tips for Navigating It
In a recent meeting with a client, they voiced frustration over a recent trip to the pharmacy. They had met their prescription drug coverage deductible and expected to pay a co-pay of $90 for an expensive drug they were taking. Instead, they were charged over $500. He called his insurance agent and was told he had reached the dreaded “donut hole” or what is officially known as the Medicare Part D coverage gap.
The “Donut Hole” is a phase in prescription drug coverage where beneficiaries experience a temporary increase in out-of-pocket expenses for their medication…
Making Sense of Medicare, Part 2 – The Cost
Last week, in Part 1, I reviewed the 5 pieces to Medicare and the two main ways to get Medicare coverage. This week, in Part 2, I will outline the cost for the two routes to get Medicare. With Medicare open enrollment around the corner (starting October 15th), now is a good time to review your coverage and consider any changes…
Making Sense of Medicare, Part 1 – 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…
Medicare IRMAA Surcharges and 5 Ways to Avoid Them
IRMAA stands for Income-Related Monthly Adjusted Amount. It is an increase to the standard Medicare Part B and Part D monthly premiums that Medicare recipients have to pay each month if they make over a certain amount.
For 2023, the standard Part B premium is $164.90/month and Part D is $0 (plus your plan premium). Depending on your income, your Part B premiums can go up to $560/month and Part D can go up to $76/month…