What to Do if You Lose Your Health Insurance During the Coronavirus Crisis
You can’t control whether you lose your job and your benefits because of COVID-19. You can, however, take steps to protect yourself in case you wind up without health insurance during the global pandemic. Don’t panic. Take a breath. Collect yourself. And then make a plan. 1. If you have a spouse with insurance, try […]
How Couples Can Share Long Term Care Benefits
Q: How does a shared-benefit rider for long term care insurance work? Does it cost more than regular coverage? A: One of the big unknowns with long-term-care insurance is predicting how long you’ll need benefits. Although the average need for care is about three years, you might die before needing any care or you could […]
Jump-starting a health savings account with an IRA rollover
Q: How much money can I roll over from my IRA to a health savings account? Also, are contributions from a rollover tax-deductible? A: You can make one rollover from an IRA to a health savings account in your lifetime, which can be a good way to jump-start your HSA if you don’t have new […]
How much can families contribute to an HSA?
Q: I picked a high-deductible health insurance policy for 2018 that covers my whole family. How much can I contribute to an HSA in 2018? Can my wife also contribute to an HSA, or am I the only one who can make the contribution because the HSA is through my work? A: Because your HSA-eligible […]
Guide to Medicare open enrollment for 2018
Ah, the rituals of fall: The leaves change color. The temperature drops. Sweaters and boots pop out of the closet. And Medicare opens the doors for beneficiaries to shop for Part D and Advantage plans. As you cozy up to the first fire of the season, now is the time to peruse your options to […]
Going abroad? Check your health coverage
With the world as their oyster, many retirees take the opportunity to travel far and wide. But before you go, review your medical coverage. Medicare beneficiaries who have a health emergency outside the U.S. could be in for a big surprise. Retired Kiplinger editor Ken Dalecki, 74, who lives in the Washington, D.C., area, didn’t […]
Hybrid insurance policies gaining steam
Consumers who are skeptical of traditional long-term-care insurance are snapping up “hybrid” policies combining life insurance with long-term-care benefits. But are these products really a better way to manage the risk of catastrophic long-term-care costs? Although they come in many flavors, the most popular hybrids attach a long-term-care rider to a whole or universal life […]
Self-Paying Your Way to Better Healthcare
Even with the Affordable Care Act, millions are still uninsured, and health insurance rates continue to climb for millions more. In response, many consumers opt for high-deductible plans with lower premiums that actually cost more to use. In 2014, we saw the largest ever one-year enrollment increase in such high-deductible plans, from 18 percent to 23 […]
Guide to Medicare open enrollment for 2017
Get ready to be bombarded with mailings and TV ads for Medicare plans. Open enrollment for Medicare Part D and Medicare Advantage plans runs from until December 7, so this is your opportunity to reassess your coverage for 2017. Even if you’re happy with your plan, you may be taking a new drug or your […]
Annuities that pay off for the sick
The vast majority of seniors don’t have long-term-care insurance. For all but the wealthiest, deteriorating health or an imminent need for care can raise real concerns about running out of money. One solution: a medically underwritten single-premium immediate annuity. Like traditional immediate annuities, these contracts offer a lifetime of monthly payments in exchange for a […]
How to get insurance if you can’t work
As you approach your final 10 or so years of work, did you ever think how you’d pay the bills if you became seriously ill for an extended period? Whether you are self-employed or work for a company, perhaps you should consider a long-term disability insurance policy. Such a policy protected Steve Silverman’s income when […]
How to Save in Both an HSA and an FSA
Q: I signed up for a high-deductible insurance policy at my new job, but my employer offers a flexible spending account rather than a health savings account. I had an HSA with my previous employer. Can I keep my HSA if I want to contribute on my own and also contribute to the FSA? A: […]
Medicare rules for home health care
Medicare home health coverage can be a crucial benefit for seniors who have just been discharged from the hospital or who struggle with a chronic condition and have difficulty leaving home. But taking advantage of this benefit can be a real challenge. Medicare covers in-home services, including skilled nursing and physical therapy. For eligible patients, […]
Plan ahead to cover retiree health care costs
By Susan B. Garland, Kiplinger’s Retirement Report When you draw up a retirement-spending budget, you’re likely to account for utilities, car insurance and lawn care. But have you given the cost of health care a hard look–or are the numbers too scary to contemplate? One of the most important moves pre-retirees can make is to […]
Tactics to make long-term-care coverage affordable
By Kimberly Lankford, Kiplinger’s Personal Finance No matter how carefully you plan for retirement, if you don’t have long-term-care insurance, a catastrophic illness could wipe out your savings. The average private room in a nursing home costs $250 per day — or $91,250 per year — according to Genworth’s 2015 Cost of Care study. The […]
7 steps to choose the best Obamacare health insurance plan for 2016
By Kimberly Lankford, Kiplinger Personal Finance Q: I bought my health insurance policy with a subsidy through Healthcare.gov last year. What do I need to do during open enrollment this year? Do I have to sign up again, or will I be reenrolled automatically? A: If your plan is still available, you don’t need to […]
What People Really Want to Know About Medicare
By Janet Bodnar, Kiplinger Personal Finance The likelihood that high-income recipients will see a major hike in their Part B premiums in 2016 is adding to the general angst and confusion that often goes along with enrolling in Medicare. Contributing editor Kim Lankford, our insurance specialist and author of our Ask Kim column, says she […]
It’s time for Medicare open enrollment
By Kimberly Lankford, Kiplinger Retirement Report You may be feeling the post-summer blues, but don’t let the doldrums keep you from making money-saving Medicare moves. Although it’s easier just to keep your current Medicare Part D prescription-drug plan or your Medicare Advantage plan, it’s best to look at all the options for 2016 during open […]
Critical Questions about ACA Fallout: Flips in Price and Power
You do have options. Don’t you?By Tom Mullaney With more people moving into high-deductible health insurance programs, it will pay to become a smarter consumer of health services. The questions that follow should help you save money as healthcare providers begin to adapt to a more consumer-friendly world. Answers are provided by Michele Kadlec, CEO […]
