health

There may come a time when tasks like putting on your pants and brushing your teeth are difficult without assistance. The federal government projects that almost 70 percent of Americans turning 65 now will eventually need long-term care. How much care you think you’ll need, and how you’ll pay for it, is an essential part of prudent retirement planning.

Medicare Advantage plans, often called Medicare Part C, are sold and administered by private companies. Medicare pays these companies a fixed fee for each enrollee, and they’re required to provide at least as much coverage as Original Medicare (Parts A and B.) Some plans even offer customer rebates.

Signed into law by President Lyndon Johnson in 1966, Medicare now covers nearly all Americans over age 65. And they’ll need the help: Projections indicate that a healthy couple who retired in 2019 could expect to spend over $385,000 in insurance premiums and out-of-pocket costs to cover their healthcare needs.

Most of us expect to work until we voluntarily retire from the workforce. But there are any number of things that can and do prevent people from working: severe accidents, life-threatening illnesses like cancer, or memory loss from Alzheimer’s disease. It’s a long list that’s not fun to think about.

Adequate insurance coverage is the foundation of a sound financial plan. No matter how well your investments perform, an unforeseen emergency such as a fire, theft or natural disaster may leave you completely unprepared not only to meet the financial needs of your retirement, but your immediate needs as well.

You probably already have homeowners and auto insurance. But there are many other types of policies that can help safeguard you and your family from unforeseen financial disasters. Speaking to a qualified insurance agent and reviewing your coverage and personal circumstances is a prudent course of action to help ensure that you and your family have adequate protection.

Americans turning 65 now have about a 70% chance of needing long-term care in the future. You might assume that Medicare will pay for all your long-term care needs, but you’d be wrong. Medicare does provide some benefits, but only under very specific conditions.

So What Does Medicare Cover?

It’s that time of year again: businesses are rolling out open enrollment, leaving employees to make very important decisions in a very short time period.