Insurance Planning
Growing Costs of Healthcare
When financial planners assess the sustainability of an individual’s retirement assets, one significant uncertainty looms large: the cost of long-term care. These expenses are not covered by Medicare and should not be underestimated. According to SeniorLiving.org, the median monthly cost of a private room exceeds $9,500, with an annual cost of over $50,000 for a […]
Closing Gaps in Your Insurance Coverage
Buying insurance is about sharing or shifting risk, but you may think you’re covered for specific losses when, in fact, you’re not. Here are some common coverage gaps to consider when reviewing your own insurance coverage.
Life insurance
In general, you want to have enough life insurance coverage (when coupled with savings and income) to allow your […]
Should I Get Long-Term Care Insurance?
One of the most challenging aspects of planning for retirement is the unknown of long-term care expenses. These expenses include assistance for day to day needs, like eating, dressing, bathing, and using the toilet. According to the U.S. Department of Health and Human Services Administration on Aging. help like this will be needed, at least […]
Long Term Care Insurance
When financial planners model a client’s future assets, perhaps the biggest unknown is the potential use and cost of long-term care. According Genworth’s 2018 Cost of Care Survey, the median annual cost for a private room in a nursing home facility is over $100,000. The median annual cost for a home health aide is $50,000.
Of […]
What Are the New HRA Options That Will Be Available to Employers in 2020?
Health reimbursement arrangements (HRAs) are employer-sponsored accounts that help employees pay for health-care expenses on a tax-advantaged basis. An employer establishes HRA accounts on behalf of employees and allocates a certain amount of money to them each year. Funds accumulate tax-free and are used to reimburse employees for qualified medical expenses such as health insurance […]
How Much Will Health Care Cost?
Retirement health-care costs will vary depending on your health and longevity, but it may help to have a guideline. These are the estimated savings required for an individual or couple who turned 65 in 2019 to have a 90% chance of meeting expenses for Medicare Part B health insurance, Part D prescription drug coverage, Medigap […]
What health services aren’t covered by Medicare?
Original Medicare — Part A hospital insurance and Part B medical insurance — offers broad coverage, but many services are not covered.
Some may be fully or partially covered by a Part C Medicare Advantage Plan, which replaces Original Medicare, or a Medigap policy, which supplements Original Medicare. Both are offered by Medicare-approved private insurers. (You […]
What Are Continuing Care Retirement Communities?
Continuing care retirement communities (CCRCs) are living arrangements that combine independent living, assisted living, and nursing home care on a single campus. CCRCs offer residents a continuum of care throughout their lives.
Typically, you enter a CCRC as a resident of an independent housing unit, which may be a condominium, apartment, or single-family home. When you […]
Balancing 401(k) and HSA Contributions
If you have the opportunity to contribute to both a 401(k) and a health savings account (HSA), you may wonder how best to take advantage of them. Determining how much to contribute to each type of plan will require some careful thought and strategic planning.
Understand the tax benefits
A traditional, non-Roth 401(k) allows you to save […]
Life Insurance with Long-Term Care Benefits
If you are concerned about the high costs of long-term care but don’t want to purchase traditional long-term care (LTC) insurance, you might consider two strategies that combine permanent life insurance coverage with long-term care benefits.
Keep in mind that any payouts for covered LTC expenses reduce (and are usually limited to) the life insurance death […]
