With the current world pandemic brought on by the Coronavirus aka Covid-19 financial advice on what to do is flowing and yet again within that advice federal law is being neglected – it is sort of like Groundhog Day, but with a lockdown. CNBC is back at with its aptly titled “This costly Social Security […]
Planning to ever retire, if so, you may want to take notice of a federal rule that maybe missing in your financial plan; Medicare’s Income Related Monthly Adjustment Amount (IRMAA), which happens to place surcharges on top of the current year’s Medicare Part B and D premiums. Federal rules state that when you retire you […]
What is Medicare Part B? Medical Insurance that helps pay for physician services, medical supplies, and other outpatient services that are not covered by Medicare Part A. What does Part B cover? Doctors’ services Outpatient hospital care Laboratory tests Outpatient physical therapy Certain home health care, ambulance services, medical equipment and supplies Other services that […]
The Centers for Medicare and Medicaid Services (CMS) released the 2020 Medicare premiums and costs that impact retirees for 2020. Unfortunately, the news doesn’t seem to bring a lot to be merry about for the upcoming year. Here is a breakdown of what retirees on Medicare should expect in upcoming costs for 2020: Part A […]
Good news! The government thinks you are rich and they are about to tax you accordingly. Bad news! Your financial advisor doesn’t see the problem they created and you don’t feel rich. Where the disconnect happens is once you are retired, you will enroll in Medicare and begin taking Social Security. Within Medicare there is […]
Medicare for All, or some variation of it, is part of the platform for many candidates running for President in the 2020 election. On the surface, Medicare is a great program. This is true for those who are properly covered and utilize the program efficiently, but there are some potholes that must be considered. Here […]
With Congress killing any chance for healthcare reform within the United States for now there seems to be a push for a single payer system to be the solution and within that solution there is a cry of Medicare for All to solve the nation’s healthcare issues. On the surface, this may appear to be a […]
The choice of investing into a Traditional 401(k) or a Roth 401(k) has been a debate since the Roth was designed and consensus tells us that they way to go is with the Traditional 401(k) as that is how many investors have gone. Unfortunately, when certain legislation concerning health coverage is applied this may not […]
Recommending investing in a tax deferred account to receive a tax break today, may wind up landing advisors in courts tomorrow. The foundation of financial plans is traditionally anchored in amassing qualified dollars. The unintended consequence of amassing those dollars is a direct increase in the cost of Medicare, a subsequent erosion of Social Security […]
Through the “Medicare Catastrophic Coverage Act of 1988” Congress created a provision, the Hold Harmless Act, that protects those receiving Social Security benefits while enrolled into Medicare from ever experiencing a reduction in Social Security benefits from “too high” of Medicare Part B premium increases in a given year. The goal of this Act was […]