medical costs

How to Survive Staggering Medical Cost

Rising medical cost is one of the major problems that you will be facing in life, especially in retirement. Chances are, you’ll be paying more for medical services, but you’ll be getting less. But you don’t have to suffer that fate. Here are some ways how you can survive and save on medical costs. Generic prescriptions Generic medications are versions of medicines which have the same active ingredients just like their name-brand counterparts. To save on medication costs, you can discuss generic options with your doctor before you start a new medication. You can also check if your medications have equivalent over the counter option that is cheaper than your current. Maximize your Medicare coverage Once you turn 65, you will be eligible to be a Medicare beneficiary. Medicare coverage can cover up to 80% of your Medicare-approved medical bill which is already helpful
Medicare Advantage vs. Medigap

Medicare Advantage vs. Medigap: What’s the Difference

One you got enrolled in Medicare, you will probably face another situation that will require you to make a major decision. You will encounter two different plans that will help you maximize your health care benefits. These plans are Medigap and Medicare Advantage plans. Before you decide which one to choose, it is best to weigh first the benefits of Medicare Advantage vs. Medigap and find out which one of them will be able to provide you the best coverage that is according to your needs. The Differences Between Medicare Advantage vs. Medigap Now let’s take a look get to know what is Medicare Advantage and what is Medigap so you will be able to identify their differences and know which one of the plans has the most benefits that you need. What is Medicare Advantage Medicare Advantage is what we also call Medicare
how to reduce us health care costs

How to Reduce Health Care Costs In The US

If someone hears the word healthcare, the first word that comes to mind is expensive. From doctor’s visits, prescription drug, to copays and premiums, the amount you will spend on health care can be downright heavy. Fortunately, you can do something to alleviate the weight of burden caused by healthcare expenses. With a little detective work, shopping comparison, all your efforts will all be paid off with the savings you’ll earn later. How to reduce health care costs, especially if you are living in the US? Here are #ways: Generics! The branded prescription can be too expensive and are more expensive because of copays of health plans. And it will be more expensive because of copays of health plans. When you are buying, don’t hesitate to ask for an alternative to the medicine that you need.   Discounts! People who ask for discounts often
reduce healthcare costs

5 Ways Of Reducing Cost in Healthcare

Believe it or not, healthcare costs can take a toll on your retirement and even chunk out a major portion out of your finances. Therefore, reducing cost in healthcare in any way you can is very important. Though healthcare issues and expenses can be out of your control, there are ways you can do to alleviate and buffer the impact it might cause to your retirement. Here are seven ways that you can do to reduce the cost of one of heaviest expenses you can face during retirement. [caption id="attachment_580" align="aligncenter" width="300"] Reduce healthcare costs[/caption] 1.     Health is wealth Being healthy can save you from a lot of healthcare expenses.  It is also the easiest way to cut your need of medical services. Avoiding vices and other bad habits, exercising daily, eating healthy foods, getting enough sleep are effective ways of keeping your need

Different Types of Insurance You Should Know Before You Retire

All of us are at risk of running into an unexpected situation in life. We don't usually have control over these things, but we can always have something to protect ourselves against its burdensome effects. Insurance is a kind of protection against financially undesirable unexpected events. Different types of insurance offer various kinds of protection depending on needs. If you have a financial advisor, he will help you determine what kind of insurance policies you will need. Wih so many options in the market, let us tackle the ones that will help you in times of health crisis. Here are different insurance to help you finance your healthcare needs: Medicare Medicare is Federal health insurance program for people age 65 or older. But it is also given to those with disabilities and people with end-stage renal Disease. The Original Medicare has two parts: part

Medigap Insurance Cost Comparison Tips to Secure Your Future

Why should you have a Medigap insurance cost comparison mindset when preparing for retirement? The simplest answer to that question is because you deserve only the best coverage during the golden years! The opportunity to compare premium rates or quotes among different private insurance companies may just be one of the best advantages enrolling in a Medicare Supplemental program has for applicants. The power to choose, coupled with gaining access to professional or expert advice and support is an excellent way to achieve the retirement years you’ve always desired. As such, we’d like to share some tips on how to best compare Medigap quotes. We’ll also include some helpful reminders on why investing in time to compare costs will result to brighter retirement years. Let’s check out the first pointer. Tip 1): Choose a Plan; Build a Working Relationship For starters, private insurance companies

Budgeting for Retirement? Plan on Spending Large for Health Care

When budgeting for retirement, always make sure to consider health care expenses. You may be thinking that it’s an obvious factor to have in plans. But for us, we’d like to think that having a proactive approach to these expenses is akin to redefining retirement. It may even be a given point, perhaps, for some to include health care costs in their plans, but did you know that most boomers tend to forget these essentials? As revealed in a study conducted by the Insured Retirement Institute last year, only 39% of the boomer respondents revealed they have attempted to figure out how much needs to be set aside for retirement –a third did not consider health care costs in their plans! As such, we’d like to mention some much-needed pointers to help remind you and other readers about the importance of health care in

Why Living Longer Should Change the Way We Plan

Living longer sounds fantastic considering that some baby boomers have this beautiful view of what the golden years are, with vacations and activities with friends and loved ones as key highlights to look forward to. Yet longer years also mean more expenses to consider, with health care costs related to aging as one of the top priorities to consider. As we’ve pointed out in our previous article, Medicare Supplement Insurance: Financing Your Future, a Medigap policy is a reliable solution for these expensive health care issues. And also, we’d like to share some tips on how boomers can approach the twilight years, by placing longevity as a key factor in their retirement plans. Redefine What Retirement Is According to the World Health Organization, life expectancy greatly increased to an addition of two or three years in a given life span for every decade over

Medicare Supplement Insurance: Financing Your Future

Previously, we’ve discussed why a Medicare Supplement Insurance Plan (also called Medigap) is a great tool to secure one’s retirement. By addressing the expensive out-of-pocket health care costs that a significant number of baby boomers encounter, a policyholder can efficiently manage his or her finances during the retirement years. Today, we’d like to share some more helpful pointers on how Medigap policies can help address both retirement financial and health needs. We hope that these simple guidelines will help more people attain the future they have always aspired for! The Different Medicare Supplement Insurance Plans One Can Purchase As mentioned in our last article, How Medigap Plans Secure Your Health and Money, Medicare Supplements work by helping policyholders pay for the “gaps” found in Original Medicare Plans. These gaps, such as coinsurance charges, copayments, and deductibles, can quickly drain one’s hard-earned savings if not

How Medigap Plans Secure Your Health and Money

We’ve previously discussed the importance of Medigap plans in our latest article, 3 Steps to Get Medicare Supplemental Health Insurance Quotes. As an essential retirement tool, a Medigap Insurance Policy will address any boomer’s health and wealth needs that he or she may encounter during the twilight years. As such, we’d like to make a big push towards advocating the use of this insurance plans towards more people’s life. We’re taking the opportunity today to discuss more crucial details about Medicare Supplements – we hope that more boomers will benefit from this retirement solution! Minding (and Covering) the Gaps Just how much importance should be placed in future medical expenses (particularly the out-of-pocket costs connected to retirement health care and support)? As revealed by a recent Commonwealth Fund report, more than 15 million Medicare beneficiaries (or one-fourth of the large population of 56 million
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