The Centers for Medicare & Medicaid Services (CMS) has announced that the standard monthly Part B premium in 2018 will remain $134 (or higher, depending on your income). In 2017, most Medicare beneficiaries who received Social Security benefits paid a lower monthly premium ($109, on average). However, this is likely to change in 2018. Due…
Social Security and Medicare Update – 2016
Those of you who rely, or will rely, on Social Security and Medicare should watch this video. Social Security and Medicare Update-2016 provides detail on where these programs are financially. Social Security Claiming Trying to figure out the details of Social Security? Trying to decide when to begin collecting your benefits? This post may help: Social…
Social Security Claiming: Retirement, Spousal and Survivor Benefits. Both An Economic and a Personal Decision.
Knowing when and how to claim your Social Security benefits is not easy. However, a November 2015 law made certain claiming strategies easier to understand, but not as lucrative for married couples. Let’s take a look at strategies to collect monthly Social Security amounts when both you and your spouse are living. We will review…
Representative Payee: A Caregiver Managing Money
Do you know someone elderly who needs help handling their money? Have you worried about whether an elderly family member is spending their money wisely or being scammed? Do you worry that an elderly friend’s day to day needs are being met? Do you believe you can help manage their money? That is the purpose…
Covered by Medicare, Should You Have Additional Health Insurance?
It’s often wise to purchase health insurance to supplement your Original Medicare coverage, because Medicare generally won’t cover all of your medical expenses. Usually, you’ll have to satisfy a deductible before Medicare pays anything. You will also pay a co-payment when you visit a physician or are admitted to the hospital. Medigap May Plug the…
Baby Boomer Tax Planning: 4 Tax Learnings
There are 4 tax season learnings which may impact Baby Boomer tax planning. Volunteering to Prepare Tax Returns: The Happiness Effect describes the benefits of AARP’s tax return preparation program for seniors. When I prepared tax returns for seniors most taxpayers used the standard deduction, some received the earned income credit and there were many one time…
Medicare Part B and D: Timely Enrollment Saves Money
If you are newly eligible for Medicare you can sign up for Medicare Part B during your Initial Enrollment Period. For example, if you’re eligible when you turn 65, you can sign up during the 7-month period that begins 3 months before the month you turn 65, includes the month you turn 65, and ends…
Medicare: Fast Facts for Retirees
What is Medicare, and when did Medicare begin? Medicare is a national social insurance program, administered by the U.S. Federal Government since 1965. It guarantees access to health insurance for Americans ages 65 and older. Younger people with disabilities, as well as people with end-stage renal disease are also eligible. The program helps with the…
Everything You Need to Know About Social Security
When did Social Security begin? The Social Security Administration (SSA) began in 1935 when the legislation forming the entity was signed by President Franklin Roosevelt. The SSA began as an independent agency, over the years has been a sub-cabinet agency and in 1995 once again became an independent agency. Today the SSA is led by…