Is it misinformation or something more sinister?
- Affordable Care Act, Dan McGrath, EBRI, Fidelity, Fidelity Health Care, Fiduciary Responsibility, Health Care, Healthcare Costs, Healthcare Costs in Retirement, Healthview, Market watch, Medicare, Part B, Part D, Retirement, Taxes
Survey after survey confirms that one of the most major concerns investors have is planning for their health costs in retirement, and rightly so.
With legislative changes coming from both Congress and the President, the course of this expense that everyonemust have has taken some drastic turns in the not so distant past.
Some of the changes have altered not only the overall costs of this expense (such as being penalized for having too much income, or the threat of debts possibly being passed to the next generation if not planned for accordingly), but the biggest change in the last 25 years is that these costs are now mandatory. (more…)Read more
The Debt Crists: what it really means
- Dan McGrath, Debt, Debt Crisis, Federal Government, financial planning, Government Shutdown, Healthcare Costs, Healthview, HVS Financial, Market watch, Medicare, Postal Service, Retirement, Tax Preparing, Taxes
With Congress and the President doing the two-step Lindy when it comes to the future of our economy, there is one under-reported fact.
Even if the debt level was actually breached, there are safety valves that the Federal Government can implement in order to save itself. So in reality the past government shutdowns, as well as the projected possibility of one in the near future, may all just be for show. Or maybe this political theater is for more sinister reasons?Read more
Money for nothing and your healthcare for free…I want my subsidies
- ACA, Affordable Care Act, Dan McGrath, Filial Support Law, financial planning, Health, Health Costs, Health Insurance, Healthcare, Healthcare Costs, Long Term care, Medicaid Recovery Act, Medicare, Obamacare
“Money for nothing and your health care for free…”
Not exactly the line from the 1985 Dire Straits hit, but lately it seems to fit the mantra of many in the country, especially after the Affordable Care Act passed and everyone learned about “subsidies”.
“I want my, I want my, I want my subsidies…”
According to the ACA, and when our government decides to enforce our nation’s laws (keep in mind that the ACA passed in 2011 and was put on hold for a while), everyone must have health insurance or else. But for those who happened to be earning below certain specified amounts, they just may qualify for “money for nothing and health care for close to free”. The qualifications are outlined below: (more…)Read more
Women, Retirement and Long Term Care
- Annuities, financial planning, Life Insurance, Retirement, Reverse Mortgage, Women, Women and Investing
Have you ever wondered why nursing home residents are primarily women, and why they never seem to have visitors?
Data confirms this, as according to the Centers for Disease Control and Prevention (CDC), of the roughly 1.4 million Nursing Home residents in 2013, about 67.7 percent or roughly 960,000 were women.
The question that should be asked, is how did it gets this way? Yes, it is understandable that women tend to outlive men in general. The CDC is reporting that the average life expectancy for a person who was 65 years old in 2012 is another 19.3 years: 20.5 years for women, and 17.9 years for men.
Is merely the fact that they live longer the primary reason why women tend to make up the vast majority of residents in nursing facilities, or are there other factors at play? (more…)Read more
2015 Federal Budget calls for $62 billion from retirees to help fund the country
The 2015 Presidential Budget has been released and within it are plans to help generate revenue in many ways over the course of the next decade and one of the more aggressive methods just happens to be through Medicare. (more…)Read more
Think you will never go in nursing home? You’re probably right, but for all the wrong reasons.
- AMA, American Medical Association, Dan McGrath, financial planning, Healthcare, Healthcare Costs, Long Term care, LTC, New Mexico, Nursing Facilities, Nursing Homes, Retirement
They say invincibility is a trait of the young. It’s a mindset that changes gradually with knowledge, education, and wisdom. It’s also something a person gets over as they become less ignorant later in life. But apparently today, many supposedly older and wiser people still believe they are invincible.
Ask any financial planner worth their weight in salt about trying to help prospective clients and current clients with Long-Term Care planning, and the usual reply from a vast majority of them is along these lines: They will either never need any long-term care, or that they will never go into a nursing facility.
The problem with this invincibility mindset (besides being flawed in its most basic assumption), is when one looks at the data that surrounds this issue. Yes, the logic behind this belief of one never going into a nursing facility is most likely spot on, and the statistics support it. However, being right in this case is because of the completely wrong reasons. (more…)Read more
That Traditional 401(k) is bad for your health when it comes to retirement
Americans who are planning and saving for retirement can often expect to hear financial experts dole out the following advice: Invest in your company’s Traditional 401(k), but the problem, though, is that a Traditional 401(k) is bad for your health.
The advice resonates well. Where else can one have the advantage of taking pre-tax dollars and investing them into the stock market, and with the possibility of receiving a “company match”? A company match is where the employer also invests “free money” into your account under some agreed-upon formula (e.g., dollar for dollar up to 6% of your contributions). This does have a lot of appeal.
Americans, for the most part, have seized upon this retirement savings vehicle in bold fashion. According to the Investment Council Institute (ICI), as of June 2014 there was roughly $4.4 trillion in these accounts alone. This is a growth of 50% in just 9.5 short years!
Amazingly, 401(k)’s make up just under 20% of all assets earmarked for retirement. The total retirement allocation is just over $24 trillion. One has to start to believe that all of the doom and gloom about Americans not saving enough may just be a tad bit overblown. It would almost appear that a good chunk of the majority has actually done the responsible thing and saved for their futures. (more…)Read more
Another way to look at Amnesty that may impact your health care in retirement
- Dan McGrath, financial planning, Healthcare Costs, Long Term care, LTC, Retirement, Social Security
Today, the United States is facing a major problem it has yet to encounter in its entire 200 year history, and is one that could possibly alter the economic and political landscape going forward.
Despite what you may think while standing fourteen deep in the express checkout line at the grocery store, the United States doesn’t have enough people.
I understand this may not seem to make much sense, but let’s take a closer look at what we know:Read more
4 reasons why you need life insurance that no financial firm will tell you
When it comes to retirement planning, investing and insurance there is no shortage of financial (*cough*) “experts” who espouse the supposed sage advice of eschewing permanent life insurance vehicles such as Whole Life Insurance, Universal Life, or Indexed Universal Life in favor of Term Life Insurance.
They recommend taking the premium savings and investing the difference in the stock market. All one needs to do is scan the internet for quotes from the likes of Suze Orman, who is on record as stating that she “HATES WHOLE LIFE INSURANCE”, and that everyone should just buy Term Insurance.Read more
5 Reasons why you need an Annuity that the Motley Fool will never tell you
- Annuities, Filial Support Law, financial advisors, Health Care, Healthcare, Healthcare Costs, Medicare, Retirement, Social Security
For the past few years, the Motley Fool has been releasing articles on the five worst things that you can do with your money. Their latest advice (brought to you by Sean Williams, a “Fool” since 2010), does not make sense in the big picture of retirement, especially when your health care costs are factored in, but does your health really matter to the financial industry?Read more