Joan, an 81-year-old resident of the Chicago suburbs, recently fell into the “donut hole.” That’s the name for a Medicare coverage gap that requires people to pay more for their medications after the individual and their drug plan have spent a certain amount — $4,130 in 2021 — for covered drugs. While in the donut hole, individuals temporarily pay […]
What happens to your online accounts, photos, and files after you die? Imagine if, at the time of your death, someone had to secure every digital asset that you owned or controlled. How easy — or hard — would that be? Most of us have digital assets and subscriptions. In fact, according to a Harris […]Read More
Fraudsters are here to stay — know how to protect yourself Joan Waxman, a program manager at North Shore Senior Center, was last unemployed 11 years ago. But in 2020, she received a letter about her unemployment benefits. Because it referenced the last four digits of her bank account, Waxman, 75, was concerned. “I immediately […]Read More
Look outside the box to pay for long-term care Ask someone about their ideal living situation in their golden years, and they’ll likely say they hope to live a healthy, independent life into their 90s. In many cases, though, that’s not the reality. An estimated 17% of adults age 75 to 84 and 42% of adults […]Read More
There is a simple and unsettling reality in the United States. Many Americans don’t feel financially prepared for healthcare costs in retirement. In a recent study of U.S. adults ages 50 to 64, nearly 45% had low confidence in their ability to afford health insurance during retirement. We’ve all heard these costs are rising faster […]Read More
This year, there is a host of adjustments to Medicare that both new enrollees and existing beneficiaries will need to navigate. In order to get the most from your plan, it’s important to understand your out-of-pocket costs, which will vary depending on your income and the type of plan you choose. Here’s a rundown of […]Read More
Take these steps now to shore up your future as you age Chicagoan Joy Loverde was in her 20s when she began planning for retirement. That decision, says the eldercare expert, was key. “I was newly divorced and the solo parent of a 4-year-old daughter. My first course of action was to seek the advice of […]Read More
Financially exploited? Family members are often perpetrators As our loved ones age, we often worry that someone may take advantage of them financially. Most of us are aware of scammers — the strangers who target the elderly with deceitful phone, email, or internet messages to trick them out of money. But often, in what’s termed […]Read More
Expanded Medicare benefit brings access to millions Telemedicine coverage is not new, even for Medicare, which began expanding coverage for telehealth services in 2019. But when the Centers for Medicare and Medicaid Services (CMS) made changes to cover a broader range of services in response to the coronavirus pandemic, telehealth exploded. Previously, Medicare only covered […]Read More
A buyer’s guide to protecting yourself for future care costs No one wants to think about needing care as we get older, much less about the cost of that care. But, in reality, we may eventually need help managing our daily living — and we will need to pay for that assistance. Long-term care insurance […]Read More
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