More than 65 million seniors across the country benefit from Medicare, a government health insurance program. When Does Medicare Start? At age 65, you become eligible for Medicare if you are a U.S. citizen. You do not have to wait until you retire to apply for the program. You can enroll in Medicare beginning three months prior to your 65th birthday. You can also do so during the month of your 65th birthday or during the three months that follow. Can I Get Medicare at Age … [Read more...] about Medicare Benefits 2024: 5 Positive Changes for Seniors
To secure the maximum amount in monthly Social Security retirement benefits, Americans must wait until full retirement age to start receiving their payouts. Results from a 2023 survey show that most of today’s workers know about this stipulation – and yet the vast majority say they’re willing to file for their Social Security benefits early anyway. UK-based wealth management company Schroders surveyed 2,000 working Americans to learn more about their readiness for and perspectives on … [Read more...] about Most US Workers Say They Will File for Social Security Early
Recently proposed legislation seeks to offer financial relief for unpaid family caregivers. Introduced in November 2023, the Lowering Costs for Caregivers Act of 2023 is the result of a bipartisan effort to lessen the costs of family caregiving. The American Association of Retired Persons (AARP) has also endorsed the bill. If the act becomes law, it would amend the Internal Revenue Code to allow medical bills that you pay for your parents to count as qualifying medical expenses for health … [Read more...] about Are You a Family Caregiver? New Bill Seeks to Lower Costs
What Is Medicare Part D? Adults who are age 65 and older can enroll in Medicare, a federal health insurance program. If you have signed up for Medicare Part A, Part B, or both, you can also sign up for Part D. Available through private insurers, Medicare Part D remains optional and covers certain categories of prescription medications. When choosing a Part D plan, review the specific drugs that each plan covers. You may already rely on a particular prescription medication or medications. … [Read more...] about Pay Monthly for Medicare Part D Prescriptions Come 2025
Each fall, the Centers for Medicare & Medicaid Services (CMS) renews the federal guidelines that seek to protect individuals whose spouses are applying for or receiving Medicaid long-term care benefits. These protections, known as the Spousal Impoverishment Standards, help to support the financial well-being of seniors who continue residing at home while their spouse on Medicaid lives in a long-term care facility, such as a nursing home. Qualifying for Medicaid Long-Term Care … [Read more...] about 2024 Standard Protections for Spouses of Medicaid Applicants
The National Council on Aging reports that more than 16.5 million adults 65 and older experience economic insecurity, with incomes below 200 percent of the federal poverty level. Rising housing and health care bills can burden seniors on fixed, limited incomes. Life insurance is an asset that many older adults have. According to Vital Life, 57 percent of Americans aged 65 and older have life insurance policies. In 2019, life insurance companies paid beneficiaries $78.4 billion and supplied … [Read more...] about Selling Your Life Insurance Policy to Help Cover Expenses
Adult day care, also known as adult day services, includes programs that assist seniors in completing activities of daily living, such as bathing, going to the bathroom, and getting dressed. Adult day services also help older adults remain social as they age, an important part of maintaining a healthy lifestyle. If you are the caregiver of an older adult, you may consider using an adult day care to increase their quality of life. Here, learn more about services that can enhance their … [Read more...] about What Are the Different Types of Adult Day Care?
Many retirees look forward to traveling in their retirement. More and more are actually retiring overseas, in part as a way to stretch savings. But what happens to retirees' federal benefits while they are out of the country? The short answer is that although Social Security benefits are available to retirees in other countries, Medicare is not. In this installment we look at Social Security. Medicare vs. Social Security Benefits When Living Abroad Unlike with Medicare, … [Read more...] about Getting Social Security Checks While Living Overseas
Housing options and the associated costs are among the top priorities for many seniors. Today, the housing market is unpredictable, while many seniors currently living independently may also have concerns about continuing their lifestyles. Moving to an independent living facility may be the best choice to accomplish your financial goals and maintain your way of life. What Is an Independent Living Facility? An independent living facility is a housing arrangement that caters to older … [Read more...] about Is an Independent Living Facility Right for Me?
Most seniors want to stay at home as long as they can instead of moving into a nursing home. The little-known Program for All-Inclusive Care of the Elderly (PACE) provides care and services to some nursing home-eligible seniors and disabled individuals, enabling them to remain in their home far longer than they might otherwise be able to do. Program History PACE’s inception dates to the 1970s when the federal and state governments were developing community-based services for some of … [Read more...] about PACE Program Helps Seniors Remain at Home