Seniors and the Recession – Will Seniors Recover?

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Will Older Workers Recover from the Recession?

retirement planning for seniorsWhile a number of us soon-to-be retirees are checking out our options for AARP Medicare supplements, comparing Medigap policies, and trying to plan our first big vacation after retirement, many seniors who are still working have far greater concerns. Specifically, will they ever recover from the Recession?

Unfortunately, the answer for many is “no.” It’s simply a case of too much lost and not enough time to make it up. The folks at Organized Wisdom and Disabled World directed readers to an article from AARP recently. After reading that article, I realized how dire the situation has become for some seniors (and soon-to-be seniors) who, due to the economic downturn, find themselves either unemployed or underemployed:

“While unemployment rose among all ages, the jobless rate for workers age 55-plus reached levels not seen in 60 years, forcing many to give up long job searches and end their working lives without adequate income…To deal with a decline in household income or rising expenses, half of those polled said they withdrew money from savings, delayed getting medical or dental treatment, or stopped taking their medications. More than one in four got financial help from family or friends.”

With the Obama Administration and Congress highlighting their job plans of late, questions still remain for many senior citizens. Will job growth reach older would-be workers or will it continue to mainly affect younger Americans? Even if more seniors do find themselves with new employment, will it be enough to make up for the income they’ve lost?

Some believe the Recession is coming to an end, while others believe the country is in for even greater economic woes in the future. Regardless, of what happens a year from now or a decade from now, it’s clear that many seniors need help now. In these times, it’s important to keep up on the issues that could potentially affect your work and your future. Stay up-to-date on the latest jobs report and the latest policies coming from the White House and Capitol Hill.

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Medigap Limits – Will It Cost Seniors Money

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Will Medigap Limits Cost You Money and Health Care Coverage?

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As the debate over the debt ceiling, budget cuts, and economic stimulation wages on in Washington, DC, it’s hard to escape the fact that Medicare is often “on the table” during almost all discussions regarding “deficit reduction.” There are a range of proposals that would affect Medicare, but there are questions as to what those proposals will actually mean for beneficiaries. One federal deficit reduction plan would limit Medicare supplemental insurance (Medigap insurance) plans by restricting coverage of deductibles by those plans.

As with most arguments, those in agreement lock on to a set of positives, while those opposed turn to the negatives. So, let’s take a look at both sides to try to get a clearer picture of who will benefit and who won’t. By restricting Medigap coverage, the government could save money and reduce the debt. However, as a recent report on potential Medigap Limits points out, not all those who depend on Medicare and Medigap coverage will be able to make up for the added personal costs:

“…restricting coverage of deductibles by Medigap plans could save anywhere from $1.5 billion to $4.6 billion a year, depending on how much out-of-pocket expenses elderly beneficiaries would be required to pay.” (from Reuters).

In fact, the study goes on to say that “about one in five Medigap enrollees would pay more.” The hardest hit would most likely be families with a moderate income. Along with financial concerns, others are afraid that enrollees will simply pass up on healthcare treatment that they need in order to avoid the added cost. Those in support of the proposal insist that it will simply reduce unnecessary trips to the doctor and elective care.

There’s very little question that changes to Medicare are on the horizon, which means Medigap coverage could also see changes. Many have taken the “wait and see” approach to it all, but it’s a good idea to stay up-to-date on the latest proposals. After all, these potential changes to the system could change how you have to budget and how you have to look at healthcare.

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Happy Client Testimonial: WHEEEE..GOT INSURANCE PREMIUM LOWERED BY ALMOST $40

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Subject: WHEEEE..GOT INSURANCE PREMIUM LOWERED BY ALMOST $40

Last year my monthly insurance premium was going to over $200 and I
could not afford it so I went looking.

I found a broker in TX who advised me to sign with another that cut my
monthly premium to $137/mo BUT this month I got a notice it was being
raised to $157/mo

SO I called the broker and have just signed up for Plan G..for $118/mo.
same coverage as Plan F. This goes into effect June 15 for me. This is
a financial blessing for me.

If anyone is curious – you can contact Mike Turner, 1-888-875-4463. He is the Regional Manager of Medigap360.

If anything – he will just brighten your day to talk with him.

and – for skeptics- I’m not getting anything but personal pleasure in
helping y’all save money.

–N.B.

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Helping Seniors Battle the New Financial Fears

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Battling a Down Economy: New Financial Fears for Seniors

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Financial Planning for Seniors

 

There was a time when most of us looked towards retirement with at least some measure of joy. Just the word “retirement” could spark day dreams of traveling the world, relaxing with a stack of books, spending time with the family, and the chance to do all the things you couldn’t do when working. Unfortunately, those visions aren’t the norm for many senior citizens today. Concerns over health care costs, the growing need for Medicare Supplemental Insurance (aka Medigap Plans), and questions surrounding the country’s economy and social security have led many senior citizens to work longer and put many of those retirement dreams on hold.

A recent report focusing on the financial concerns of senior citizens put out by the IASP (Institute on Assets and Social Policy) demonstrated that over the last several years, economic insecurity among senior citizens has steadily climbed, and according to IASP, these insecurities are justified:

“In only four years, the number of seniors at risk of outliving their resources increased by nearly 2 million households. Using the Senior Financial Stability Index, economic insecurity among seniors increased by one-third, rising from 27 percent to 36 percent from 2004 to 2008.”

Despite the dire outlook and rising insecurity, there are still a number of options out there that can assist seniors in retirement. Managing assets as a retired senior can differ from asset management while still employed, but many of the best practices remain the same. Talk to an expert in the field about potential investments (and the risks involved with those investments), basic budget cutting techniques, and developing an overall financial strategy that fits your particular desires and your particular financial situation. Most importantly, make sure you’re dealing with someone you trust and whose main goal is to work within your parameters.

The current economic situation in the country has people of all ages concerned. One of the best things you can do as a senior citizen is to stay informed and to become familiar with all of the financial options out there for you.

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Baby Boomers Turning 65; The Most Important Thing You Need to Know

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Like nearly seven million other Americans, I will be turning 65 this year. I am a Baby Boomer, a member of the generation born between 1946 and 1964. In aggregate we are a phenomena, unlike anything the world as ever known and by 2030 there will be nearly 80 million of us old codgers out there using up all the nation’s entitlement programs and standing in your way in the middle of the grocery aisles. Ellen Byron of the Wall Street Journal describes Baby Boomers best:

“The generation that sent diaper sales soaring in the 1960s, bought power suits in the 1980s and indulged in luxury cars in the 2000s is getting ready to retire: The oldest boomers turn 65 this year … But there’s a catch: Baby boomers, famously demanding and rebellious, don’t want anyone suggesting they’re old.”

That’s right. Don’t tell me I’m old. Also don’t tell me what to do.

Meanwhile, I have no problem telling you what to do. And if you’re also turning 65 this year, there is one thing you need to know and it’s very important: Sign up for Medicare and the supplemental Medigap plans you need during your eligibility period. Put if off and you could be paying higher premiums for the rest of your life.

CNN somewhat agrees with me in its list of three things you should do before your 65th birthday:

“1. Get set with Medicare.

Retirement Planning for Seniors

Don't Miss Your Deadline to Save Money on Medicare Supplements

2. Slash your taxes.

3. Assess retirement plans.”

US News and World Report also published a list of 7 Tips for Baby Boomers Turning 65 in 2011 and like CNN, they recommend getting your Medicare benefits right from the get-go:

“You can first sign up for Medicare during a seven-month window beginning three months before the month you turn 65. Sign up during the months leading up to your 65th birthday if you want your coverage to begin the month you turn 65. (If your birthday is on the first day of the month, your coverage can start as early as the first day of the prior month.) If you don’t sign up for Medicare Part B during this initial enrollment period, your premiums may increase by 10 percent for each 12-month period that you delay enrollment.”

Are you seeing a trend here? Obviously signing up for Medicare during your window of eligibility is very important but both articles fail to tell you why.

Here’s why: If you miss that seven-month window to sign up for Medicare, you could be penalized for the rest of your life, especially with certain plans.

You can see Medicare.gov’s complicated explanation of the Late Enrollment Penalty (LEP) for Plan D, or the About.com’s Insurance page makes it pretty simple:

“How much the late enrollment penalty will cost you depends on how long you did not have creditable prescription drug coverage….Since the “national base beneficiary premium” may increase each year, the penalty amount may also increase every year. You may have to pay this penalty for as long as you have a Medicare drug plan.”

If you miss signing up for Plan D, then there is no MAY have to pay higher premiums. The fact is you WILL ALWAYS pay more, according to California Health Advocates, “For beneficiaries age 65 and older, this penalty is for life, and you will always pay more for your Part B coverage than other people.”

There, you’re prepared to turn 65. Now get off my lawn.

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NASCAR is Back – Sports News for Seniors

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Football season is over and baseball is just starting to move into spring training, but NASCAR is back. Race lovers, put those cares about finding the best Medicare supplement insurance aside for a bit, and get ready for some of the most thrilling events of the year.

The Daytona 500 kicked things off on February 26, but the NASCAR race schedule is filled with some incredible tracks and some great storylines this year. There are, of course, some young guns entering into the field, but unlike most of the sports out there, NASCAR doesn’t deem you too old to play once you hit 33. In fact, last year saw driver Mark Martin celebrate his 52nd birthday, and he had a great run for a guy any age. This year should see some of the other “elder statesmen” of the sport performing at a high level, too.

NASCAR races take place all over the country, and the season is a long one, so fans have a number of chances to see their favorite drivers compete. Check your local tracks to see if they offer any sort of senior citizen discount. Even if they don’t, you can usually find tickets for a relatively low cost, or you can just turn on the TV and enjoy the racing from the comfort of your own home.

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Medicare, Medigap Insurance, and Finding the Coverage You Need

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What Does Medicare Cover?

Healthcare continues to be a major topic of discussion on Capitol Hill, across the 24 hour news channels, and in homes all over the country. Unfortunately, a lot of these conversations and debates turn into political attacks, and some of the basic concerns get lost in the mix. Concerns like, “Does Medicare provide the coverage I need right now, or do I need to look into Medigap coverage?”
What is Medigap

Navigate Your Way Through Medicare

What is Medigap?

As the focus of the Medicare debate remains, for the most part, in the future tense, we try our best to focus on the here and now (at least from time to time). The fact is that as of right now, Medicare coverage doesn’t provide the full range of care that some seniors need. In fact, according to a recent report “about 1 in 6 Medicare beneficiaries purchased [Medigap policies] in 2008. (from Philly Burbs and Partnership to Protect Medigap)

Not everyone (seniors or otherwise) has the same healthcare needs or is in the same economic situation. However, everyone has the right to get all of the information on all of the options out there. As talks about the future of Medicare heat up as we approach the next Presidential election, don’t lose sight of the present state of Medicare.  2012 Presidential Election

  • Does it offer you all of the coverage you need? 
  • What options could Medigap coverage provide? 
  • Does Medigap coverage make financial sense for my specific situation? 

These are just a few of the questions you need to ask yourself and an expert in the field, even if the politicians and pundits aren’t asking them.

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Five Common Mistakes People Make with Medicare

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There are five common mistakes that people on Medicare tend to make. Read over the

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following to make sure you are not victim to the pitfalls of Medicare.

Mistake #1- Getting on A Medicare Advantage Plan

Many people apply for a Medicare Advantage plan because they saw something they like about it. Unfortunately,MedicareAdvantage plans have a number of disadvantages that can hurt those who are members. To learn more about the problems with Medicare Advantage, click here. (Link to post about Medicare Advantage).

Mistake #2- Making A Hasty Decision

If you purchase clothes from a store without trying them on first, you may end up with something that doesn’t exactly fit. It’s this same hastiness that can get you in trouble with Medicare Supplement Insurance. Although it seems easier to go with a company you’ve heard of or one that your friend used, it may be hurting you in the end.  Take the time to research your options. Use an insurance brokerage, like Medicare Supplement Services, that works with several multiple Top Rated Medicare Supplement Insurance companies. This ensures someone is looking out for your best interest, instead of the commission they will receive for selling you something.

Mistake #3- Not Making A Decision at All

It can feel overwhelming to decide on something as important as Medicare Supplement Insurance, but don’t let your feeling of being overwhelmed deter you from making a decision. If you allow yourself to give up, you will be vulnerable to the gaps in your Medicare Insurance coverage. Speak to a Medicare Supplement Insurance specialist who can help you make an informed decision about supplemental insurance.

Mistake #4- Paying Too Little

If price is the only factor you’re basing your decision on, then you will may end up hurting yourself. You need to focus your attention on what a specific Medicare Supplement Insurance plan is covering. Look at the long-term benefits of getting comprehensive coverage. Your health is of upmost importance and should be treated as such.

Mistake #5- Paying Too Much

If you don’t do the necessary amount of shopping around, you may end up paying too much for Medicare Supplement Insurance. The different plans are standardized, which means they cannot be changed from one insurance company to another. If you have a supplemental plan in mind, find an insurance company that offers it at the best rate. You can cut the leg-work out of the process by calling Medicare Supplemental Services. We shop the various insurance companies for our clients, so they don’t have to. Our multiple company rate analysis lets clients quickly see which company offers the lowest quote for a particular plan.

Make the Right Decision on a Medicare Supplement Insurance Plan for Yourself and Your Budget.

Call Medicare Supplement Services today at (877) 812-7571 to find the best Medicare Supplement rates from the Top Rated Companies in the United States.

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