I’m about to sign up for Medicare Part A and B and would like to find out what they don’t cover so I can avoid any unexpected costs down the road.
Medicare covers a variety of health care services, but it certainly does not cover everything. If you need or want certain services that are not covered, you’ll have to pay for them yourself unless you have other insurance or you’re in a Medicare Advantage health plan, which may cover some of these services. Here’s a rundown of what original Medicare generally does not cover. Continue reading
By Jennie L. Phipps · Bankrate.com
posted Thursday, January 15, 2015
- Being old and poor in the U.S. isn’t easy — or uncommon.
In 2010, about 26 percent of people 65 and older had individual incomes that were between the federal poverty level — $10,458 — and 200 percent of the poverty level — $20,916. Another 9 percent had incomes below the federal poverty level, according to the U.S. Census Bureau.
That adds up to more than a third of people 65 and older living on less money than it takes to enjoy a secure retirement. Continue reading
Parents and children often have a different perspective on saving and spending. Parents of retirement age today were born during the Great Depression or during the 1940s and have a strong desire to save and invest in order to increase economic security.
Some of their children may have a different perspective. Because their children did not grow up during adverse economic times, they tend to consume more and save less. Understandably, many of these parents hope that their children could have greater economic security during retirement. Continue reading
Trusts can be quite useful for protecting children. However, for some children, the trust serves an additional function: It protects the principal from being rapidly spent by a child. These trusts have a specific name—they are called “spendthrift” trusts. Marla was visiting with her attorney Elizabeth shortly after her husband Harry passed away. She shared her concern for her youngest child, Joe. Marla: “Harry and I were very fortunate to have four great children. I love each one of them very much. However, when it comes time to making decisions about inheritance, I have a big problem. Our older children Sam and Linda are quite good with financial matters. The third child Lynn is average, but our youngest son Joe is very carefree. If Joe has money, it is gone in a flash. What can I do?” Elizabeth: “This is a fairly common situation. Many parents would like to treat their children equally, but some children are very good managers and one or two are not. In your case, we hope that Joe eventually learns to become more responsible. But for the present plan, it makes good sense to provide Joe with spendthrift trust provisions.” Continue reading
Can you recommend any tablets, smartphones or computers that are specifically designed for older adults? I would like to buy a device for my technology-challenged grandmother so she can get online and keep up with her grandkids better, but it needs to be simplified so she can use it.
There are several new tech products on the market today that are designed specifically for older boomers and seniors that are unfamiliar or uncomfortable with technology. These devices come equipped with simplified software, big, vivid features, less clutter and better customer support packages, which makes them more appealing and much easier to use than mainstream devices. Here are several top senior-friendly options. Continue reading