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Medicare and Retirement

1-minute video: 5 Important Medicare Facts for Pre Retirees

 

Medicare and your Retirement.

Large medical bills is one of the greatest threats to financial security especially in retirement. Fortunately, most Americans qualify for some type of insurance. Here, we cover a few points about Medicare for those 65-years or older.

Medicare is govern run program to help seniors cover medical expense after age 65 and has several important and related parts, Parts A, B, C, and D. To be on Medicare you must enroll or you may be subject to stiff rate increases.

Part A Is free and is a form of hospital insurance. Part B covers outpatient care doctor’s visits, and preventative care. This has a premium that is adjusted with income. Part C covers areas of Parts A or B, but by a private insurer. There is a deductible and then a shared cost above the deductible. Prescription drugs cost are offset in Part D. Part D has income related premiums.

Several insurance companies offer plans that cover the cost gaps not covered by Medicare and it various parts.

One crucial fact is that Medicare does not cover lengthy stays for long-term care (LTC) costs. These cost can be very high, are likely to occur, and a prolonged stay in a nursing home facility can readily devastate a retirement.

This is a tricky area which requires expertise, time, and effort to figure out what meets your needs.

 

 

This video and text is for information use only and is based on information believed to be true. Much of the information is readily available, but some is drawn from Advisor Products and FAClient articles. The reader acts on these ideas at their discretion and should consider consulting an accountant, financial advisor, or attorney. No promise is made that an idea or concept is appropriate or would work well for the reader. This is not an offer to provide legal advice or act as an attorney. Contact Steven Erickson JD, MBA, CFP(R), Accredited Wealth Management Advisor, Chartered Retirement Planning Consultant at 573-874-3888 This email address is being protected from spambots. You need JavaScript enabled to view it. , if you have questions or to set an appointment. Serving Clients in Columbia, Jefferson City, and the surrounding counties.

 

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Tuesday, December 11 2018