Does Medicare and Other Health Insurance Pay for Long-Term Care? Many Americans mistakenly assume that Medicare or other health insurance will help pay for long-term care costs. This assumption can prove disastrous for many seniors and their families. For instance, a government study from the Department of Health and Human Services estimated that 75 percent of…
Retirees may have felt relieved when Social Security announced a 5.9-percent increase in benefits for 2022. Shortly afterward, the same population might have experienced some disappointment to learn that they would need to pay more for critical Medicare benefits. While most beneficiaries will still see more income in their Social Security checks, these Medicare increases…
Retirement planning should always account for healthcare costs, including premiums for health insurance. For instance, most seniors in the U.S. rely on Medicare Part B and Medicare Part D for health and prescription insurance. The government charges a standard premium for Medicare Part B. Private insurers charge premiums for Medicare Part D. In addition, beneficiaries…
With today’s rising prices, prudent consumers comparison shop for all sorts of essential products. These necessities probably include food, groceries, and utilities. Many Americans rely on prescriptions to maintain their health, and prescription prices have increased much faster than average inflation rates. For instance, USA Today reported on an AARP study that found prescription prices rose…
While the term “donut hole” might sound sweet, this gap in Medicare prescription drug coverage is definitely not! Each year, your plan may temporarily reach its limit on the amount it will cover for your prescription drugs. When this happens, you may find that you have to pay more for your medications. How does the…
Naturally, some people confuse Medicare and Medicaid. After all, these two large government health insurance programs have names that sound somewhat similar. In addition, CMS says that over twelve million Americans qualify for both programs. Together, they help over 100 million Americans access medical care. To understand Medicare and Medicaid, take a moment to read…
