Medicare & Long-Term Care Planning

Understanding Medicare Coverage and Incorporating Long-Term Care Planning into Your Retirement Strategy

Medicare Benefits for a Secure Retirement.

Understanding the nunances of Medicare is vital to your retirement planning. However, knowing the various Medicare plans and benefits can be confusing and overwhelming to many retirees. The Securus team will guide you through the basics of Medicare coverage and offer advice on making the most of your benefits for a secure and stress-free retirement.

Medicare Benefits for a Secure Retirement

Long-Term Care Planning and Strategies for Financial Preparedness.

Many Americans will need long-term care in their lifetime so it's imperative to get guidance on how and when to incorporate long-term care into your retirement planning. By developing the right strategy you can ensure financial preparedness in the event of a long-term care need. Our team will review and optimize your investment portfolios and retirement accounts to create a budget for potential long-term care expenses.

long term care planning, financial planning

Empowering Your Retirement: Taking Control of Medicare and Long-Term Care Planning

Incorporating Medicare

Familiarizing yourself with the different Medicare plans, benefits, and associated costs.

Assess healthcare needs and budget for potential healthcare expenses in retirement, including Medicare premiums and out-of-pocket costs.

Understand how Medicare works with other forms of healthcare coverage, such as employer-sponsored health plans or retiree health benefits.

incorporating medicare

Long-Term Care Planning

Assessing potential long-term care needs and costs which can include age, health, and location.

Exploring options like long-term care insurance, Medicaid, and personal savings.

Long term care planning

Medigap and Healthcare

Planning for costs and benefits of long-term care insurance and Medicare supplemental insurance (Medigap).

Evaluate the out-of-pocket costs and benefits of each plan option.

Medigap and Healthcare

Evaluating the Impact and Creating a Plan

Evaluate the impact of long-term care and healthcare expenses on retirement income and budget accordingly.

Provide guidance on developing a comprehensive retirement plan that addresses long-term care and Medicare concerns.

Evaluating the Impact and Creating a Plan

Ready to develop a comprehensive plan for your Medicare and long-term care needs?

Contact Securus today to explore strategies that can help protect your retirement savings and ensure you're prepared for any healthcare costs that may arise.

Frequently Asked Questions about Medicare & Long-Term Care Planning

  • The answer depends on whether you are already receiving benefits from Social Security or the Railroad Retirement Board. If you are, you will be enrolled in Medicare Part A and B on the first day of the month when you turn 65. If your birthday is the first day of the month, you will start receiving it the month before.

    However, if you are not yet receiving benefits from these organizations, in that case, you must enroll manually during your initial enrollment period. This seven-month window includes your birthday month, the three months before, and the three months after. It's important to note that if you plan to keep your private insurance beyond this period, you must notify Medicare. Otherwise, you will be able to schedule a particular enrollment period later.

  • Yes, you may be able to deduct some of your Medicare premiums from your federal taxes, depending on your circumstances.

    If you are self-employed, you can deduct all of your Medicare premiums from your federal taxes. This includes premiums for Medicare Part A, Part B, Medigap, Medicare Advantage plans, and Medicare Part D prescription drug plans.

    If you are not self-employed, you can still deduct your Medicare premiums, but only if you file an itemized Schedule A (1040) tax return and list all your medical expenses for the tax year. However, you can only deduct expenses that are over 7.5 percent of your adjusted gross income.

  • Long-term care can be expensive, costing an average of $100,000 per year for a private room in a nursing home in 2020. However, the specific costs of care can vary significantly based on location. To get a more accurate estimate of long-term care costs in your community, check out Genworth's annual Cost of Care survey.

    While the average duration of care varies, most statistics agree that it ranges from 2 to 2.5 years. Don't assume you need a $250,000 long-term care fund (or $500,000 for couples) until you have customized these figures based on your specific situation and desired care location.

    Remember that while a nursing home might be the first thing that comes to mind for long-term care, most people would prefer to receive care in their homes. However, in-home care may not be as cost-effective as it initially seems. While you avoid room and board costs, in-home care comes with many other expenses, like housing and food.

    Additionally, remember that long-term care needs may differ between spouses. It's not uncommon for one spouse to require long-term care while the other is healthy. In this case, your financial resources will need to cover the cost of care and the expenses of maintaining the household for the healthy spouse.

    Don't forget to factor in inflation when estimating costs. In 2021, nursing home costs have increased by about 4%, and in-home care costs have also seen a rise in inflation, according to Genworth's latest data.

    Start planning for long-term care today to ensure you have the resources you need to get the care you want.

Ready to take control of your retirement?

Contact our Retirement Specialist today.