When beginning your search for a Medicare Advantage (Part C) plan, it’s important to know the differences between each type of plan. You’ll probably see some or all of the following types of plans when reviewing your options:

Health Maintenance Organization (HMO) plans. These plans are primarily focused around in-network healthcare services.

Preferred Provider Organization (PPO) plans. These plans charge different rates depending on whether the services are in network or out of network. (A “network” is a group of providers who contract to provide services for the specific insurance company and plan.) These may provide more options to receive out-of-network care.

Private Fee-for-Service (PFFS) plans. These plans let you receive care from any Medicare approved provider who will accept the approved fee from your plan.

Special Needs Plans (SNPs). These plans offer additional help for medical costs associated with specific chronic health conditions.

Medicare Savings Account (MSA) plans. These plans combine a health plan that has a high deductible with a medical savings account.

When we talk about how much money we need in retirement, we’re really trying to predict two things: how much you’re likely to spend in a year and how many years you’ll be retired. Luckily, financial experts have a few approaches for figuring out how much you need to save—and spend—to avoid running out of money no matter how long you live.

Over decades of helping people plan for retirement, the financial planning industry has figured out that most retirees can live on less than they earned during their working years. “Replacing 80% of your income means your lifestyle can essentially stay the same,” Hindert says.  That’s because, once you retire, you’re no longer paying Medicare and Social Security taxes or making contributions to a 401(k) or IRA.

Based on this rule, if your annual preretirement income was $100,000, you need $80,000 a year in retirement to cover your expenses. Some of that will come from Social Security benefits, which you can estimate using this calculator, or perhaps a pension or annuity.

By rolling your existing 401k/403b into an annuity with lifetime payments, you can secure a steady and reliable income stream throughout your retirement years, providing peace of mind and financial stability.

Utilizing your retirement account in this way ensures that you won't outlive your savings, as annuities offer guaranteed lifetime payments, safeguarding against the uncertainties of market fluctuations and economic downturns.

With the potential for tax-deferred growth and the assurance of lifelong income, leveraging your 401k/403b to fund an annuity offers a strategic and prudent approach to retirement planning, empowering you to enjoy your golden years without financial worries.

Turning 65 marks a significant milestone in life, and while many may dismiss the idea of purchasing life insurance at this age, it's crucial to consider the financial protection it offers for your loved ones. Contrary to the misconception of "who cares, I'll be dead," investing in life insurance ensures that your family isn't burdened with financial difficulties in the event of your passing. It's important to note that life insurance provided by employers typically ends upon retirement, leaving you without coverage precisely when you may need it most. By purchasing life insurance early, you not only secure coverage while you're still in good health, but you also benefit from lower premiums compared to waiting until later in life. This proactive approach not only safeguards your family's financial future but also demonstrates a thoughtful consideration of their well-being beyond your lifetime.

As you approach 65 and may find it challenging to afford traditional life insurance or final expense coverage, our funeral service plan offers a comprehensive solution at an affordable price point. For just $30 a month, you can secure peace of mind knowing that everything except the plot, headstone, and casket lowering is covered. Don't let financial constraints prevent you from preparing for the inevitable—purchase your plan today at: https://go.humanitarianprogram.org/funeral_service_purchase-castner

According to Health and Human Services, 70% of Seniors will need some form of home care in their lifetime. That is nearly 3 out of 4 of us.

Many seniors are under the impression that their traditional health care programs will also provide the desired services in the home. Medicare, Medigap, and Medicare Advantage plans are designed to cover hospital stays, doctor bills, and some short term skilled nursing. Unfortunately, they do not cover the cost of everyday assistance in their own home.

See our Long Term Care Option for more information. We can help get you the care you need to keep you at home longer.