5 Simple Ways Seniors Can Manage Their Finances

5 Simple Ways Seniors Can Manage Their Finances

Life becomes easier and fun when you have great financial skills especially at old age when you are living in fixed income. You don’t have to have great mathematics skills for you to be able to manage and improve your fiancés. In case you are struggling to manage your finances, then you have come to the right place. This article is actually written with you in mind. Just read on to find out simple ways to manage your finances.

  1. Think before spending

Whenever you are faced with large purchase decisions, take your time to think it through before you spend. You should never assume that you can have enough money to buy something. Instead, confirm whether you can really afford it. You should also confirm that you have not yet committed the funds you want to use to buy whatever it is to something else. The fact that you have the money does not mean that you can actually make the purchase.

  1. Have a realistic budget

Most seniors avoid budgeting simply because they don’t like undertaking the boring process that involves adding up various numbers, listing out expenses, and ensuring that everything is lined up.  However, you have no option but to budget especially if you are not good with money. If budgeting every month is what can help you spend accordingly, then it’s worth your time and effort.

  1. Stick to the budget

Even if you have the best budget in the entire world, it is completely useless if don’t stick to it. Be sure to refer to your budget every time you are spending money throughout the week, month or even a year. It will help you a great deal in guiding all your decisions regarding spending. Update your budget accordingly as time goes by and as you pay your bills and use the money on other expenses.

  1. Track your expenses

Small purchases that you make daily or throughout the week can quickly add up and before you realize it, you could find that you have already overspent. Track your expenses to find out places where you usually overspend unknowingly. Write down your purchases and save all your receipts. Categorize your purchases and discover areas where you find it hard to remain discipline.

  1. Pay the best prices

Instead of sticking to your favorite shopping mall or long time plumber, take your time and compare 2020 Medicare Supplement Rates
at www.medicaresupplementplans2020.com/ to ensure that you are paying the best prices for services or products. Look for coupons, discounts, and cheaper alternatives. Ask for senior discounts before booking a flight or a hotel room. Saving by going for cheaper alternative and asking for discounts can help you a great deal in improving your financials.

How Senior Citizens Can Successfully Cope With Financial Stress

How Senior Citizens Can Successfully Cope With Financial Stress

There is no denying that a huge number of older adults across the world are experiencing financial stress. Financial stress, if not managed properly, can generate health problems and can lead you into more debt. It can also affect your mind in many negative ways. So, it’s very important that you know how to cope with financial stress if you want to maintain good health as you age. You can deal with financial stress in two steps first being getting quotes for 2020 Medicare Supplement Plans at www.medisupps.com/medicare-supplement-plans-2020/ and second, assess how stress has affected your mind and body and then deal with it. Secondly, identify all the financial situations that are causing you stress and then deal with them accordingly.

Dealing with financial issues

For financial issues, you can take the following steps:

Step 1: Analyze the who situation

Start by finding out all your financials including liabilities, expenditure, and income. About the liabilities, identify all the bills that you have been paying, and cut off some of them if possible. For example, get rid of unnecessary subscriptions. About your income, make sure your expenditure and liabilities are less than your income.

Step 2: Draw up a practical plan

Come up with a practical plan of action on how to solve your financial issues. Your plan can include lifestyle changes, means of supplementing your income, and how to limit on spending. To increase your income, you can take up a part-time or full-time job. You can also sell what you are not using at home, or start up a business at home.

Step 3: Implementation of the plan

Be sure to keep to your plan until all your financial issues are solved. Try as much as possible to keep to your plan.

Step 4: Review your plan

After keeping to your plan for a while, review it and find out whether the situation has changed. Find out what is not working and make adjustments accordingly. Be sure to review the plan regularly.

Dealing with stress

Stress can have a toll on both your mind and body, and dealing with it might not be easy. You can take the following steps to deal with your stress:

  • Seek support

You can talk to a professional to help you out with your stress. You can also talk to your bank about your financial situation. This will help you a great deal in dealing with your stress.

  • Think positive

Don’t underestimate the power of positive thinking when it comes to dealing with stress of any kind. Positivity reduces the production of stress hormones and makes you feel good.

  • Get physical

Avoid sedentary lifestyle and get moving. This will help you gain positive energy.

5 tips to improve your retirement with real estate

5 tips to improve your retirement with real estate

Real estate is a particularly suitable investment for the preparation of retirement. Long-term investment, with limited risks, if carefully selected, real estate is nevertheless a significant investment. Retirement compensation is increasingly uncertain and requires us to build a solid and rewarding heritage to calmly consider our retirement years.

  1. Have a principal residence:

Being a homeowner at retirement allows, first of all, to prepare for retirement and greatly reduce household expenses at a time of declining income, but also to consider the various possibilities that will follow. Being a homeowner makes it possible to be protected from certain, in particular, the expenses related to renting. The ideal is to become the owner of your home a few years before retirement and to have finished repayment of the loan related thereto.

  1. Investing with Retirement Savings Capital:

Capital from retirement savings, life insurance for example can allow a new rental property investment. Different tax systems can also support rents collected to repay all or part of the loan needed for the acquisition.

  1. Rent real estate property as soon as possible:

Because of the uncertainty of retirement benefits, it is absolutely necessary to question the most effective means of dealing with possible lack or insufficiency of income. The most effective way is to rent real estate to own a principal residence and to have another property put on rent allows having a complimentary monthly income. The cost of housing occupies an important place in the budget of a household, to be the full owner at the time of the retirement makes it possible to remove the load of rent and a loan.

  1. Resell a secondary property:

The sale of real estate helps bridge the income gap created by retirement. This formula requires a management rigor not to squander the capital in a short time.

  1. Rent a room at home:

Providing the contribution of a hundred dollars per month, renting a room within the main residence, whether apartment or house, is a solution. It depends on the amount of additional income needed, the area in which the property is located but also the area available for rent within the main residence. This solution has the merit of being simple and not dispossesses the retired owner of his assets. Income from renting part of his principal residence is exempt from income tax, provided that the rented room is the tenant’s principal residence and certain rent ceilings are respected.

5 Things you must do after a Spouse Dies to ensure your Insurance plans are safe

5 Things you must do after a Spouse Dies to ensure your 2019 Insurance plans are safe

 Emotions run high as you deal with a spouse loss and if you are putting your life back. Remembering the important stuff requiring to be done may not come on a timely manner at once. However, one point is for sure that one must not make financial decisions fast. Here are a few things you must do on losing your spouse if you have Medicare supplement plans.

  1. Get Death certificate: You should get from the medical examiner a death certificate within 24 hours. This certificate will be filed with the state in the funeral home and you need certified multiple copies to submit to financial institutions as proof of death and to file benefit claims. You may contact your state or county vital records or have the copies for you. These are useful to submit with insurance policies of Medicare supplement plans if your spouse was enrolled in one.
  2. Contact insurance company: If your husband has any insurance policy and you are the beneficiary, you must file a claim to get the death benefit of widows. You may contact the insurance company that provided Medicare supplement plans or any other insurance policy directly or allow the insurance agent to handle it for you. You require filing the benefit claim after your partner’s death for other insurance types your husband had. This includes credit card insurance, mortgage insurance, accidental death coverage or credit card insurance.
  3. File to survive spouse benefits: If you have children under 16 years and are not married again, you will receive the benefits as per the earnings of your deceased spouse as per the social security as you file, regardless of your age. If your child is an adult, you must submit age requirements to acquire benefits. You may receive a lump-sum death benefit from social security. in fact, widows can get financial assistance of $2000 even towards the burial expenses.
  4. Contact your spouse’s employer: Make arrangements to contact someone in the HR department to find about the life insurance of Medicare supplement plans provided by the employer to your spouse and find out the benefits. Understand if the insurance will continue for you, will you receive compensation if you have not used it.
  5. Re-evaluate finances: Spending habits must change so that the loss of income may be compensated. You must format a new budget to ensure proper payments and saving goals.

What to Look for in Medicare Supplement plans Changes

Are you receiving mails in the recent weeks regarding Medicare? It means it is done to make you comprehend the details of the Medicare coverage and to make informed decisions. Of course, it may be overwhelming to get enrolled during the period Oct 15th to Dec 7th, the Medicare Annual Enrollment period. Nevertheless, there is a mail about Medicare Notice of change and it relates to your Medicare Supplement plans.

Notice of Change

The 2019 Medicare Supplement plans each fall sends an Annual Notice of Change document. It explains the plan cost, coverage, and service area changes that will be in effect from the following January. This information is given to help people in deciding if the existing plan will meet your health budget and care needs for the coming year. However, to get a clear understanding of the Annual notice of change, you may go through these pointers and get that it means.

  • Plan coverage. Will the changes in the plan affect coverage for the services required? Are there changes in your health to affect the services that you may require or how frequently you require them? However, will your Medicare supplement plans cover the care you expect or require?
  • Provider network. Are the current doctors in the provider network as per the plan? What about specialists, hospitals, or other providers you may require? If not, do you wish to switch in the same network to other providers?
  • Pharmacy network and Drug list. The drugs that is taken currently by you, will it be covered? Is any drug assigned on the formulary to a different tier? Will your cost out-of-pocket go for your drugs change? Can you use the pharmacies you wish or prefer?
  • Total costs. Will your co-insurance, co-pays, or deductibles change? What is the monthly plan premium? Will the out of pocket total spending for prescription drugs and services fit your budget?

Check with the plan in case you are not clear relating the ANOC or even if you did not obtain an ANOC. You may contact the customer service number that is mentioned on your member card back.

Conclusion

There is a need to review the Medicare supplement plans coverage available currently, so that you are not caught off guard due to coverage charges or higher costs after 1 January. However, if you want to stay with the existing plan or even if you wish to explore other coverage options of Medicare, you may do so considering the facts.

Why one should know the details about Medicare advantage plans

Why one should know the details about 2019 Medicare advantage plans

.Knowing about Medicare advantage plans program is a must for the railroad workers. The taxes of Railroad retirement payroll include a Medicare insurance tax same as the social security payroll taxes.

During the working years, you may be paying into the Medicare advantage plans or any of the Medicare program relying on its services, but you must be aware of the program benefits that it offers.

What is Medicare?

Medicare advantage plans are a health insurance program in our country and are for people age 65 or more. It also is available for people under age 65 with disabilities and also for people with permanent kidney failure. Basic protection is provided against the health care cost, but it does not cover the long-term care cost or the medical expenses.

A railroad retirement tier portion 1 and the social security as per payroll taxes are paid by finances Medicare of employers and employees. It is financed by paying monthly premiums in part and is paid by enrollees.

CMS handles the Medicare program and the Railroad retirement board enrolls the beneficiaries of the railroad retirement in the program, deducting Medicare premiums from the monthly payments benefits, and assists in other ways.

Medicare Includes

  • Part A Medicare, this allows people to pay for skilled nursing facilities and inpatient hospital care, hospice care, and some health care services.
  • Part B Medicare, this allows paying for doctor services, many other supplies and medical services that do not have hospital insurance cover. These include health care services, laboratory services, blood replacement, outpatient hospital services, and preventive services.
  • Part C Medicare, is the Medicare Advantage Plan.
  • Part D Medicare, is the prescription drug coverage.

 Important Note

The Medicare and Medicaid are different names of the same program. Medicaid is a program state-run and is primarily designed to help people with few resources and low income. Each state has a set of rules and only eligible people are covered under the Medicaid. Some qualify for Medicaid and Medicare, for more information you can contact the local agency, or welfare office.

Who Can Get Medicare advantage plans?

  • Over 65 or older. People who are 65 or older are considered as the United States permanent residents and they are eligible for Part A, free Medicare hospital insurance.
  • Under age 65. Under 65eligibility for free Medicare hospital insurance is for totally disabled people for at least 24 months under social security law. Even people with occupational disability may be eligible for Medicare. Having permanent kidney failure ore regular dialysis may also get monthly benefits.
  • Eligibility for family members. Spouse or divorced spouse, divorces surviving spouse, dependent parent or a widower is eligible as they turn 64 or even under age 65. in fact, disabled children also are eligible.

What Is Meant By The Term Medicare Supplement Insurance?

Most often we plan to have coverage in terms of Medicare since most of the times we avail services from the hospital and even the doctors. If you are keen on supplementing your insurance on Medicare Part 1 which is hospital care and Medicare Part 2 which is medical care and its coverage, you can purchase a supplement plan from any insurance company which is private.

Medicare Supplement plans are also known as Medigap. This supplementary plan of insurance contain a few generic benefits which may include basic copayments and coinsurance and even deductibles which are covered generally under the Original Medicare (Part 1 and Part 2). For this supplement plan that you purchased you need to pay separately for the same apart from whatever has been paid as a premium for the plan of Part 2. This is an additional cost apart from the original cost. Hence Medicare itself will not pay on behalf of the Medicare Supplement plan of insurance for you.

The need of the 2019 Medicare Supplement plan along with the Original Plan

Medicare Supplement plans are primarily constructed to work along with the existing plans of Medicare Part 1 and Part 2. The motive of this plan is not to replace the original plans or even eradicate its existence. Suppose you have the original plan of Medicare and also the Supplement plan, so when the payment needs to be processed, Medicare takes care of the portion of payment which comes under its plan and supplement plan does the same on its part as well. So the entire cost of medical is taken care of by these two separate plans working for one single purpose.

Points to be kept in mind:

  • You must not forget to be updated with your payments for Medicare Part 1 and Part 2 deductible beforehand. Some of the Medicare Supplement plans either pay for one of it or at times for both.
  • It is not necessary for your supplement to eradicate all the costs included in the medical. There may be a few out of pocket costs which have to be taken care of. You cannot expect your 100% coverage of the medical costs. A few here and there needs to be done.
  • This supplement plan can be included as a cover up only with Original Medicare plans and not any other random plans which do not act as a top up with the existing insurance plan.

Correlation of Advantage plans with Original Medicare plans

 

You cannot generally combine Medicare Advantage plans with other various types of plans related to health insurance. The advantage plans are solely meant to work along with an Original Medicare plan consisting of Part A and that of parts of Part B. It will be considered fraudulent or totally not maintaining the rules of the law if a company sells you a Medicare Advantage plan if you already have a separate type of insurance plan.

For example, with a plan of Medicaid or even Medicare Advantage if you are provided with a advantage plan if is totally illegal. You cannot really enjoy the advantage plan without the existence of its original plan. Suppose you possess an insurance plan of Medical advantage and you apply for a advantage plan, you will be denied to have the plan. You can have the plan only if you are willing to have the Original Medicare Plan A and Plan B.

The Humana Medicare Advantage plans in 2019 are available at www.medicareadvantageplans2019.org/humana-medicare-advantage-plans-2019/

There is no scope to worry about the coverage of the benefits by the plan you purchased, at the time of any health problem. There is a chance of renewing the insurance plans, especially the plans which have been sold after the year of 1992. There is no chance that your company from where you bought the insurance will drop you at the time of need. Such a situation can occur only in times of:

  • You can be dropped off by your insurance company if you have defaulted in terms of paying your premium on time.
  • You can be dropped off by your insurance company if you have been deceitful at the time of application for the policy.
  • You can be dropped off by your insurance company if the company becomes totally bankrupt and unable to function henceforth.

humana advantage plan 2019

In cases of your company becoming bankrupt, you will have the accessibility or rather you will be guaranteed to purchase new Medicare Advantage plans with rights as stated. Suppose you are going through the time of a guaranteed issue on the rights, no company can deny the application of your preferred policy or insurance. They cannot even charge you extra for the coverage they seem to provide.

There are various products and services mentioned along with their descriptions in the web pages. However, web pages are not generally expected to promote their products in an open forum especially targeting the audience. It is advisable to inquire of the plans before purchasing them according to the rules and regulations and the stringent policies.

Basic knowledge about Medicare Advantage Insurance Plans

If you are thinking of purchasing Medigap or a Medicare Advantage plans so that you are relieved of paying heavy medical bills and save up some from your pockets then a few basic things are needed to be pondered upon.

Best time to purchase this plan

You need to know that you should only purchase a Medicare Advantage insurance plan only when you are eligible to purchase the same. On the other hand you can always apply for the advantage plan and its approval. However, there can be chances and situations where your application can be underwritten. There are a few reasons why it happens. The company upon received your application goes through all your records both past and present. There may be chances that your past records of medical history can abstain you from getting this plan or can lead you to pay more at times. The background data and analysis of the same is done in an intricate manner to ensure your eligibility to get the Medicare Advantage plans.

However, there are instances like open enrolment during which a company cannot underwrite or reject an application to a particular plan. They have no other choice than considering your insurance plan. On the other hand, the duration of your open enrolment lasts for only 6months and its starts when you are already 65 years old. Another criterion that exists is that it is necessary to have Medicare Part B in order to be eligible to be under open enrolment. Hence during the period of an open enrolment you can purchase any Medicare Advantage plans as per your convenience and as long as it has a license to be sanctioned in your state.

The 2019 Medicare Advantage plans are available at www.medicareadvantage2019.org/ 

Medicare advantage insurance plans are considered to be standardised in each and every means. This is true because among all the plans named from A to N are expected to offer a few set of benefits. It doesn’t concern as to which particular company sells the plan but the benefits that come along the plans are to be provided irrespective of different companies selling it. The only variation that may be present is the cost among different companies who sell it. Standardization in costs however takes place in areas of Massachusetts and parts of Minnesota and regions of Wisconsin. Varying costs does not affect the quality of the services provided.

 

Few Benefits found in a Supplement Insurance Plan

There are a few basic benefits found in various types of standardized and generic Medicare Supplement plans. These include the entire coinsurance of Medicare Part A which includes all types of hospital costs. 100% of the hospital costs included is paid by the insurance. To add on a 365 days benefit to avail health checkups at no cost is provided to the individual. Apart from this most generic and important benefits, all the benefits which are enlisted under the Medicare plan are rightfully provided. However, a few expenditures related to medical costs are at times needed to be done out of pocket. These extra costs, in turn, vary from one plan to the other depending upon the range of expense and the circumstances.

Services for which the Medicare Supplement plans pay

There are typically ten various standardised plans under the Medicare plan. However, payment for the services availed differs from plan to plan and the benefits incurred in it as well. Most of the benefits are bound to pay for Medicare Plan B and its coinsurance along with the first three bottles of blood which is one point each for the primary medical procedure. The entire Part B which contains the hospice care is taken care by the insurance policy too. The other plans which have these services included may have to pay for these benefits at a rate of 100%.

For example, the Plan K ensures the payment of these services for only 50%. On the other hand Plan, L pays for the benefit of 75% of its expenses. There are other plans too out of which some may pay for all these services and some may not. All have its stipulated amount of services to be paid for. Other benefits are other covered like nursing facility provided who are skilled, the Part A deductible along with Part B deductible, extra service charges included in Part B and emergencies related to foreign travel. However such emergencies are paid up to 80% of the plan limit.

Services which are not included under the AARP Medicare Supplement plans can be explained here www.bestmedicaresupplementplans2019.com/aarp-medicare-supplement-2019/

There are a few services which are not taken care by the insurance plans. Services such as a routine check-up for dental or obscure vision and its care, prolonged care at a nursing home, problems related to hearing or getting eyeglasses for reasons.  These plans also prohibit the coverage of prescribed drug usage. However few other plans may tend to cover such benefits with extra cost effectiveness.