Fidelity Investments $245,000 health care cost estimate is less than truthful and they know it
- Fidelity Health Care, Fidelity Investments, Health Care, Healthcare, Healthcare Costs, Medicare, Retirement
Fidelity Investments $245,000 healthcare cost estimate is less than truthful and they know it! Fidelity Investments is at once again at it in terms of espousing healthcare wisdom. They announced their new projections on what retirees can expect to incur as […]Read more
Medicare’s 51.8% Part B premium will crush every state’s budget
As you may have heard the Medicare Board of Trustees in its 2015 Annual Report is calling for a 51.8 percent increase in the Medicare Part B premium. The premium is expected to jump up to $159.30 in 2016 from $104.90 […]Read more
2016 Medicare cost projections from the Board of Trustees
Below is a breakdown of the projected costs and rates of inflation for Medicare coverage from the Medicare Board of Trustees “Annual Report”. At this point, these are projections and should not be considered final. The Centers of Medicare and […]Read more
Social Security benefits may be going down for just about everybody.
If you have been paying attention to Medicare and Social Security, it is obvious that come 2017 the Medicare Part B premium is going to a little dance. Unfortunately there will be no love, as many retirees will see their […]Read more
Planning for healthcare in retirement – some pros & cons of investment products
- 401(k), financial planning, Health Care, Healthcare Costs, Life Insurance, Medicare, Retirement, Roth, Roth 401(k), Roth 403(b), Social Security
As you may already know by now, you will have a mandatory expense in retirement known as health coverage, and surprise! – it will be determined by the amount of income you will have in retirement.
In 1993 there were changes to Social Security’s Program Operations Manual System (POMS). A person receiving Social Security Retirement benefits must also accept Medicare Part A, or else face the penalty of having to forfeit all current, future, and even past Social Security benefits.
Granted, Medicare Part A is free if you meet the same 40 quarters definition for Social Security. But Medicare Parts B & D are not free, and they both come with a late penalty for delaying enrollment past age 65. There are also surcharges to the Part B & D premiums for anyone earning “too much” income.
The income test that is used, as defined by Social Security, is “your adjusted gross income plus any tax exempt interest you may have or everything on line 37 and 8b on the IRS form 1040.” The technical term for this income is Modified Adjusted Growth Income, or MAGI.
Some examples of income that are part of MAGI: Wages, Social Security, most Capital Gains, all Dividends, Rental & Pension Income, withdrawals from most retirement savings plans, and even most Annuities.
Unfortunately, certain Medicare premiums and all surcharges due to income, along with any late penalties, are automatically deducted from any Social Security benefit you may receive. So what you think you may be getting in terms of a benefit may not actually be what you ultimately receive.
Below is a list of some of the popular retirement options, and how they may or may not affect your future health costs. (more…)Read more
Save Social Security??? Then increase the benefits for everyone!
Over the years there has been plenty of rhetoric about Social Security becoming insolvent in the very near future. So far those predictions have not come to fruition. However, recently the rhetoric has been ramped up again. Syndicated radio talk show host Mark Levin has dedicated countless hours on the subject. Barons has written numerous articles on it. Now there are even Congressmen who are taking up this issue. What is surprising is that in order to actually save Social Security all that is needed is to provide even more benefits than before. (more…)Read more
Another Debt Crisis could mean more to the U.S. Postal Service and Retirees
- Baby Boomers, Congress, Dan McGrath, Debt Crisis, Demographics, financial planning, Health Care
While the Debt Ceiling debate is once again starting to make some headlines, not enough attention has been focused on rules put into place giving the federal government ways to still keep spending, no matter what. In 2012, the Treasury […]Read more
Immigration…Can it and should it last?
- Dan McGrath, fertility rates, Fidelity Health Care, Healthcare Costs, illegal immigration, immigration, Medicare, Social Security
Many people may take the position that no matter where they look, it seems there are more and more people. Schools are overcrowded, traffic is backed up in our cities and on our highways, every flight is packed to the […]Read more
Chris Christie’s plan to save Social Security by taking away your benefit. Unfortunately it has already be done!!!
- 401(k), Chris Christie, Dan McGrath, Fidelity Health Care, Healthcare Costs, Medicare, Medicare Modernization Act, Social Security
Do you ever get the feeling that the country has either checked out as a whole, or has been brought back to life by Dr. Frankenstein using Abby Normal’s brain?
New Jersey Governor Chris Christie announced his steps to save the Social Security program for the entire country the other day in New Hampshire, and the frightening part is that he’s either just laughing his ample arse off because he knows that too many Americans have no idea what has already happened to them, or he too is truly Abby Normal.
Mr. Normal’s plan – that is, Gov. Chris Christie’s plan – is to “reduce Social Security benefits for retired seniors earning more than $80,000 and eliminating the benefit entirely for individuals making $200,000 and up in other income, along with raising the retirement age to 69 from 67”.
Here is the punchline, folks: IT HAS ALREADY HAPPENED! (more…)Read more
Sex changes in prisons, not the only high health costs tax payers will face
- Doctors in Prison, Gotti, Health Care, Healthcare, Inamtes health, Prison, Prison costs, Retirement
Many in this country have by now heard about the most recent case of a California inmate successfully suing that state for a sex change, setting taxpayers back about $100,000.
A federal judge ruled in favor of the inmate, stating that under the 8th Amendment within the United States Constitution, any denial of treatment “violates her rights to adequate medical care.
On the surface, this may seem absurd: a man, who committed a crime and was sentenced to spend time in jail, can receive funds to undergo a complete sex change.
But believe it or not, if the person who is imprisoned can prove that the services to be rendered to them are behavioral, then that person is protected by the 8th Amendment, which states that “no cruel and unusual punishment can be inflicted.”
Thus, services have to be rendered, and such was the case in Massachusetts where a “transsexual inmate convicted of murder” was “entitled to a taxpayer-funded sex change operation as treatment for her severe gender identity disorder.” (more…)Read more