Welcome! The inflation rate on health care expenses continues to outpace the annual inflation rate! Because life expectancies continue to increase, taking the time to plan for and manage health care expenses is more important than ever.
You may have missed our recent series on retirement. For Retirement, Part 1 - Retirement Savings, click here. For Retirement, Part 2 - Social Security, click here. For Retirement, Part 3 - The Retirement Paycheck, click here.
Health care planning can be challenging. If you need assistance with retirement planning, we are here to help you stay On Course!
-Jennifer Lane, CFP
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Health Care Costs in Retirement
Use these tips to help plan for these expenses.
Prior to retirement
- Maintain a healthy lifestyle.
- The doctor is right -- diet and exercise work.
- Get enough sleep.
- Go in for your annual checkups.
- Get the big screening tests on a regular basis, e.g., mammogram, colonoscopy.
- Manage stress levels.
- Save, save, save!!
- Don't miss the initial enrollment into Medicare, which is three months before you turn 65, the month you turn 65, and the three months following.
- Enroll in Medicare Part D - prescription drug coverage.
- We recommend a Medigap policy, unless you are enrolling in an Advantage plan, i.e., Part C.
- Check to see if your employer offers retiree medical care.
- Understand your coverage and where the gaps are!
- Review your coverage every year.
- Use Medicare.gov to find a plan. If you need more help and live in Massachusetts, SHINE (Serving the Health Information Needs for Everyone) volunteers can help you. Go to https://www.mass.gov/health-insurance-counseling to find one in your area.
Protect your teeth
- Medicare does NOT cover dental work.
- Start taking care of your teeth now! The dentist is right - brush and floss every day.
- See if your dentist offers discounted services to seniors/retirees.
- Look into a dental plan (DentalPlans.com or CarefreeDental.com) to help offset the costs of dental work.
- If you're planning to retire in couple of years, discuss with your dentist and try to take care of any problems prior to retiring.
- Complete a safety check to ensure you are safe at home.
- Put in brighter lights to help you see better.
- Fix any uneven surfaces to prevent falls.
- Install rails in the shower and bathroom.
Challenge your brain
- Keep your brain active and engaged!
- Do crossword puzzles or Sudoku.
- Play cards or join a book club.
- Engage with others and stay social and active.
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Q&A
Q: I'm turning 65 soon but will continue to work. Do I have to use Medicare for my health insurance?
-- Sam, Mattapan
A: Sam, you should definitely sign up for Medicare Part A,
which is free. Part A covers hospital care, skilled nursing facilities, some
nursing home care, hospice, and home health services. Whether or not you need to sign up for other parts of Medicare and additional coverages depends on your employer. In general, employers with under 20 employees will want you to use Medicare as their programs are not as comprehensive. Employers with over 20 employees will generally let you continue your coverage. Speak with your human resources department to find out your options. Good luck!
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Jennifer in the Media
Below are links to Jennifer's frequent contributions to financial planning articles.
- Jennifer discussed both the "snowball" and "avalanche" methods of paying off credit card debt in an article from CNN Money, "Which Credit Card Should I Pay Off First?" Click here to read the article.
- With a contrarian view, Jennifer contributed to an article, "People are enraged by the idea that you should have twice your salary saved by the time you're 35!" published recently by Business Insider. Click here to read the article.
- Moving in together? Click here for the article from Business Insider, "Five questions you and your partner should answer before taking the biggest step in your relationship."
- Insider asked Jennifer to contribute to an article on old fashioned ways to manage your money, "Six money-saving tips your grandma used that are way more effective than any budgeting app." Click here for the article.
- Jennifer contributed to an article on Business Insider. Click here to read "This is the best way to do your taxes online - according to experts."
- CNN Money's Money Moves featured Jennifer in an article on how to strike the right balance between retiring early and saving enough. Click here to read the article.
- Jennifer contributed to a CNN Money article "When is the Right Time to See a Financial Advisor?" Click here to read the article.
- Jennifer contributed to The Wall Street Journal article "The Biggest Money Mistakes We Make -- Decade by Decade." Click here to read the article.
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Compass Planning News
- AdvisoryHQ named Compass Planning as one of the ten best Boston financial advisors.
- Jennifer recently answered NECN viewer questions about estate planning. Click here to watch the segment on her blog.
- Follow us on Facebook! Visit www.facebook.com/AskJennifer and like us!
- Jennifer appears on NECN every other Monday morning at 9:30 am in addition to her Tuesday 7:30 pm appearance.
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Compass Planning Associates helps families, individuals, and small-business clients achieve financial security, knowledge, and control over their money. Our fee-only, client-centered approach provides education and guidance for achieving financial goals and dreams.
All contents of this newsletter Copyright 2018 Compass Planning |
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Medicaid planning for most people means planning to protect personal assets prior to applying for very expensive medical care such as in a nursing home or assisted living facility. Medicaid applications don't consider certain assets and a certain amount of income. Check with an elder law attorney.
Get more tips in
Jennifer's book
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The YWCA NH has invited Jennifer to be the keynote speaker at its upcoming fall conference
Financial Confidence: Everything Women Need to Know.
The event is scheduled for Saturday, September 15, 2018 from 8:30 am to 3:00 pm at the Falls Event Center in Manchester, NH. For more information and to register for the event, click here.
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