One of the biggest mistakes people make in planning their health and life coverage is assuming they’ll never need long-term care services, or that if they do need these services, they will pay for them with their savings. Many people shy away from long-term care insurance because they worry about premium hikes or the fact that if they don’t use …

Due to the COVID-19 pandemic, telehealth could become a permanent and cost-saving fixture in Medicare after positive feedback by patients who used virtual visits to avoid meeting face to face. The use of telehealth was enabled by new regulations that granted waivers for using telemedicine during the pandemic to both Medicare and Medicare Advantage enrollees. The waivers, issued by the …

While many people assume that annuities are a new type of financial product, their history can actually be traced as far back as ancient Rome. During that era, there were agreements between sellers and buyers that were called “annua.” These agreements documented a promise between the buyer and the seller that a set of payments would be made across a …

More than nine out of ten current retirees rely at least in part on Social Security benefits to fund their retirement income. The maximum monthly Social Security benefit that an individual can receive per month in 2020 is $3,790 for someone who files at age 70. For someone at full retirement age the maximum amount is $3,011, and for someone aged 62 the maximum amount is $2,265. The average monthly Social Security payment for retirees was …

While a number of COVID-19-related services are offered with no out-of-pocket spending for Medicare and Medicare Advantage participants, a new study predicts up to 6 million seniors would have to pay out of pocket on their own for health care services if they catch the virus. This is because that many seniors didn’t purchase Medicare Advantage or another Medicare Supplement …

Where can investors find safety without taking on too much market risk? Here are some important ideas: Annuities Annuities have a contractual guarantee. The insurance company issuing the contract takes on some or all of the market risk.  If the stock market or bond market crashes, the annuity company is still obligated to fulfill its promises to the annuity holder. …

Now more than ever you should make sure your body has the best fighting chance possible, and that means you should pay especially close attention to what you put into it. Your body needs the right fuel to stay healthy, including a well-balanced diet and drinking plenty of fluids. The World Health Organization recommends that you eat a variety of …

Many of us understand the need for protection against the financial consequences of unexpected illness and death. But what about the financial impacts of living a long life? Americans are living longer into retirement than ever before. That means retirement savings need to last longer, too – and withstand significant stock market and inflation risk. Consider: A 65-year-old man has …

Reverse mortgages were originally designed and still aim to help seniors in need. However, reverse mortgages in 2020 are safer, stronger and better than ever before. These loans have evolved so that they now have many official protections in place to make sure that borrowers are secure. More borrowers are using the loans as a financial planning tool and not …

Many consumers are hesitant to purchase coverage because of premium hikes applied to long term care insurance and the disappearance of several trusted insurers from the market. However, the need for coverage remains. Recent research shows that the median cost of a private room in a nursing home exceeds $75,000. In addition to this, nursing home room rates are increasing …