What happens when life throws you a curve ball? Would you know what to do to keep your health insurance? Outside of the open enrollment period each fall when we’re allowed to sign up for a health insurance plan, you generally can’t buy new coverage. But there are a few exceptions. After what’s known as
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How to Try to Avoid the Donut Hole Did you or someone you know fall into the Medicare Part D “donut hole” this year? The donut hole, or Part D coverage gap, occurs when a person reaches a certain spending limit for their medications ($3,820 in 2019), and must pay more of the costs after crossing that threshold
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1. Discounts When Eating Out If you don’t feel like cooking be sure to turn to these places for good senior dining deals. Keep in mind that deals may vary at participating locations and can change without notice. McDonald’s: discounts on coffee and beverages (55+) Wendy’s: get free coffee or other discounts depending on location
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Naming primary and contingent beneficiaries is an easy way to help ensure a smooth transfer of assets down the road. Assets with named beneficiaries skip probate, the court-supervised process of settling an estate’s debts and making distributions. This process can be cumbersome and puts private affairs in the public record, so many people plan to
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Here are a few considerations! If you’ve been getting health-care insurance through an employer-sponsored plan, make sure you know your coverage options — and the cost — after you leave full-time work. Part-time work can affect your Social Security benefits if you start claiming them, depending on your age. You should evaluate the potential tax
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It can. If you are what Social Security considers a “higher-income beneficiary,” you pay more for Medicare Part B, the health-insurance portion of Medicare. (Most enrollees don’t pay for Medicare Part A, which covers hospitalization.) Medicare premiums are based on your modified adjusted gross income, or MAGI. That’s your total adjusted gross income plus tax-exempt interest, as
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Whether you already have a will or have yet to begin creating one, it’s important to be proactive about estate planning by covering a few basics in writing. To get started, resolve to tackle the following tasks this year. Step 1: Assign a health care power of attorney. Anyone can suddenly have an accident or
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