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What Is American Association of Retired Persons?

If you're 50 years old or older, whether you're working or retired, there's an organization dedicated to making your life better and more affordable: the American Association of Retired Persons, better known as AARP. With over 38 million members, AARP is America's leading organization for individuals aged 50 and above. It is a nonprofit, nonpartisan entity committed to empowering older Americans in various aspects of life. Continue reading...

What Is a Skilled Nursing Facility?

When it comes to making healthcare decisions for yourself or a loved one, understanding the options available is crucial. One such option is a Skilled Nursing Facility (SNF). In this article, we'll delve into what a Skilled Nursing Facility is, how it operates, and how it differs from a Nursing Home. A Skilled Nursing Facility is an in-patient rehabilitation and medical treatment center that boasts a dedicated staff of trained medical professionals. Continue reading...

What is the difference between Medicare and Medicaid?

Demystifying Medicare & Medicaid: Dive into the key differences between these essential U.S. healthcare programs. Learn eligibility criteria, coverage specifics, and how they interact. A must-read for navigating American healthcare! 🔍🩺 #Medicare #Medicaid #USHealthcare Continue reading...

What is the review of Blue Cross Blue Shield's Medicare plan?

🔵 Exploring BCBS Medicare Plans? Dive into our comprehensive review! Uncover the pros like their wide reach across 41 states, additional coverage during the "Medicare Donut Hole", & stellar 4.3/5 star ratings. But, be mindful of higher costs & state variability. 🌟 #MedicareReview #BCBS. Continue reading...

What is Insurance and Why is it Essential for Financial Stability?

Unlock the mysteries of insurance in our comprehensive guide. From its foundational principles to the vast array of policies available, we delve deep into how insurance acts as a beacon in the unpredictable world of financial uncertainties. Whether you're safeguarding against medical emergencies, protecting your home, or ensuring your family's future, discover how insurance weaves a safety net around life's most unpredictable moments. Continue reading...

Can I Purchase Individual Health Insurance?

Yes, you can purchase individual health insurance if you are not covered by an employer-sponsored plan, or if you are too old to be on your parent’s plan. You can start your search at www.healthcare.gov, though you may end up finding the best plan on your state’s exchange (if your state has a health insurance exchange. Financial aid is also available for health plans if you are below a certain income threshold. Continue reading...

How Does a Health Savings Account Work?

A Health Savings Account (HSA) allows the owner to save (and invest) money in an account, which can be used to pay for health expenses on a tax advantaged basis. Generally speaking, your contributions to a HSA are tax deductible, the earnings grow on a tax deferred basis, and you can withdraw the money tax free if used for a qualified health expense. As 2016, you are allowed to contribute $3,350 (for individuals) and $6,750 (for families) to the account, plus an additional $1,000 if you’re over 55. Continue reading...

If I Retire, Can I Keep the Health Plan My Employer Offered?

Some employers will offer legacy employees continued health care coverage even after retirement, but it is not very common these days. The costs of health care are rising too quickly for most corporations to keep up. Some corporations will continue to pay a percentage of premiums for their retirees, but more often than not it is up to the retiree to obtain their own health care. Following employment, most people are eligible for COBRA, and then later in life you can purchase plans through Medicare and Medicaid. Continue reading...

Who Can Participate in an HSA?

In order to be eligible for an HSA, you must be enrolled in a high deductible health plan (HDHP) that is HSA-eligible. You must also not be enrolled in Medicare and you cannot be claimed as a dependent on someone else’s health plan. Your health insurance must also be part of a high deductible plan with substantial out-of-pocket costs. How Does a Health Savings Account Work? Where Should I Put my Healthcare Savings? What is Medicare and Medicaid? Continue reading...

How Much Will Individual Health Coverage Cost?

There are many factors that determine how much you pay for health coverage, such as age, income level, and the type of plan you want. The least expensive plans will be for young people (age 30 or under) who just want catastrophic coverage – this type of coverage is high deductible and does not cover frequent visits to the doctor or even check-ups. It is designed to provide coverage only in the event of a major accident. Continue reading...

How Can I Keep My Health Costs Down in Retirement?

You can keep your health costs down in retirement by frequently using preventative care, and working hard to stay healthy. You can also tame the costs by saving diligently in your retirement years, so that you have funds set aside for medical expenses. There is also the ability to purchase long-term care insurance, which can kick-in later in life when you have daily care needs. The insurance is often designed to pay out a certain dollar amount each day to pay for your care. Continue reading...

Does My Spouse Need Separate Health Insurance When I Retire?

You and your spouse could be on the same health plan, especially if it is offered through your employer, COBRA, or Medicare and Medicaid. If you are purchasing long-term care insurance, you would generally get a separate policy for each person. Do I need Life Insurance for My Spouse? Will My Spouse and Children Receive Social Security Benefits if I Die? Continue reading...

What if I Cannot Get Individual Coverage?

Under current law (the Affordable Care Act), everyone is eligible to receive health insurance coverage. However, not everyone may be able to afford health insurance. There are subsidies provided by the federal government for those who cannot afford it, but cost may still be an issue for many. How Much Will Individual Health Coverage Cost? Can I Purchase Individual Health Insurance? What Health Insurance Do I Need if I Don't Have a Job? Continue reading...

What is COBRA?

The Consolidated Omnibus Budget Reconciliation Act (COBRA) is a federal law that mandates employers to keep you covered under your current employer-provided health plan for up to 18 months after you leave. Of course, COBRA doesn’t apply to all employers, so you have to check in your specific case (there generally has to be over 20 employees). In some cases, you might have to pay the entire premium for the insurance, plus some sort of administrative fee (and this can be more expensive than purchasing an individual plan). Continue reading...

How Much Will Health Insurance Cost in Retirement?

It is difficult to forecast how much health care will cost in retirement, but J.P. Morgan research indicates that it’s a few thousand dollars a year. According to their research, the median amount spent each year on health care by 65 year old’s is $4,660. For those age 85 and older, the average amount spent each year is $18,030. At age 65, you can get covered by Medicare, but there are separate costs there, as well as in the optional Medigap policy. Continue reading...

What Health Insurance Do I Need if I Don't Have a Job?

Unemployed people are still required to have health insurance. Under the Affordable Care Act (ACA), you will likely qualify for a federal subsidy to help you pay for it. Younger people can buy a catastrophic policy, which offers minimal coverage but can still help prevent eroding all of your savings in the event of a major accident. How Much Will Individual Health Coverage Cost? What is Medicare Part D? Continue reading...

Where Should I Put my Healthcare Savings?

There are two options for saving for healthcare needs: brokerage accounts and Health Savings Accounts (HSAs). Brokerage accounts provide more investment flexibility and no restrictions on withdrawals, but may be subject to taxes and penalties. HSAs provide a triple tax benefit, higher contribution limits, and no expiration date, but have restrictions on how funds can be used. The article emphasizes the importance of starting to save for healthcare expenses early and staying informed about healthcare options. Ultimately, the choice between these options depends on an individual's circumstances and goals. Continue reading...

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