Medicare

Do you need long-term care insurance?

2023-05-11T15:06:13-04:00May 6th, 2022|Blog, Financial Planning, Insurance|

Do you need long-term care insurance? By: Stacey Nickens Historically, individuals didn't need to plan for their care in old age. Most people stayed and lived within the communities that they were born into, and younger family members were expected to care for aging relatives. However, industrialization and the centralization of jobs in cities [...]

Elm3’s Guide to Roth Contributions and Conversions

2023-07-24T12:41:20-04:00March 7th, 2022|Blog, Financial Planning, Investments|

Roth IRAs are popular savings vehicles because they could reduce your taxable income in retirement. You contribute after-tax dollars to a Roth IRA or 401(k), meaning that eventual distributions likely will not be taxed. There are a number of reasons to contribute to a Roth IRA or 401(k): You can hedge against increased taxes. [...]

Your Guide to the Medicare Surtax

2023-05-11T15:17:09-04:00December 10th, 2021|Blog, Financial Planning, Taxes|

Your Guide to the Medicare Surtax By: Stacey Nickens Upper-income taxpayers should be aware of an additional tax that could increase their bill come April 15. Certain taxpayers are subject to a 3.8% "Medicare" surtax on their net investment income. Single filers with modified adjusted gross incomes (AGIs) above $200,000 and joint filers with [...]

Choosing Your Medigap Plan

2023-05-11T15:23:34-04:00October 4th, 2021|Blog, Financial Planning|

Choosing Your Medigap Plan By: Stacey Nickens Many seniors rely on Medicare to cover their health expenses. However, Medicare doesn't cover all healthcare expenses. Part B will provide coverage for up to 80% of your medical expenses. This coverage only kicks in once you hit your deductible, and Part B does not have an [...]

3 Ways to Minimize Your Tax Bill in Retirement

2023-05-11T15:25:10-04:00September 10th, 2021|Blog, Retirement, Taxes|

3 Ways to Minimize Your Tax Bill in Retirement By: Stacey Nickens You've worked hard your whole life to build up your retirement nest egg. You save for healthcare expenses, housing renovation needs, and even a travel budget. However, as you are settling into a slower retirement lifestyle, you realize that you're paying a [...]

6 Things Medicare Won’t Cover

2023-05-11T15:28:16-04:00June 30th, 2021|Blog, Financial Planning, Insurance, Retirement|

6 Things Medicare Won't Cover By: Stacey Nickens Facing unexpected medical costs in retirement can be a significant financial challenge. With that in mind, it's important to understand the procedures and services that aren't covered by Medicare Part A or Part B. Part A is hospital insurance that covers impatient stays at hospitals and [...]

How could the pandemic impact Social Security and Medicare benefits?

2020-11-10T14:20:11-05:00October 27th, 2020|Blog|

How could the pandemic impact Social Security and Medicare benefits? By: Stacey Nickens Traditionally, my retired clients have relied on some combination of Social Security benefits, retirement savings, and pension plans. However, Social Security has been on wobbly legs for awhile. The 2020 Social Security report showed that funds for the retirement and disability programs [...]

Social Security Tips: Medicare Premiums and Higher Incomes

2020-10-27T13:27:13-04:00September 28th, 2020|Blog|

Social Security Tips: Medicare Premiums and Higher Incomes By: Stacey Nickens When you turn 65 and claim Medicare, a Medicare premium will be deducted from your Social Security benefit. The base premium in 2020 is $144.60; however, this premium increases as your household income increases. Your premium will be $144.60 if you as an individual [...]