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
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

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

3 Steps to Get Medicare Supplemental Health Insurance Quotes

A Medicare Supplemental Health Insurance, commonly known as Medigap, is a form of insurance that will help policyholders pay for out-of-pocket medical bills. And seeing that coverage for these expenses is essential for the golden years, more people definitely need to apply for a Medigap Plan. But how does one search and purchase a Medicare Supplement Plan? As mentioned in one of our most popular blog posts, Tips to Having the Best Health Insurance Policy, an understanding and proper vigilance in gaining access to Medigap information is needed for one to decide on whether to purchase a plan or not. And for most people to do that, it all begins in requesting for Supplemental Medicare quotes. As such, we’re listing down several simple yet useful tips on how – and why – you can ask for a Medigap quote. We do hope that these

Boomers Need to Improve on their Health Literacy

Health literacy: as defined by the Patient Protection and Affordable Care Act of 2010, Title V, is the degree to which a person has the capacity and ability to find, interpret, comprehend, and take action on basic health information and processes to make proper health and care decisions. But how does this form of literacy connect to one’s finances? Simply put, an individual with adequate health literacy skills is more likely to avoid spending for medical bills – a significant benefit to hold onto, especially for those who belong to the baby boom generation. As such, we’d like to take the opportunity to discuss more on how boomers can improve this much-needed facet of life. And in connection with our previous post, 3 Ways that Medigap Insurance Will Address Health Care Financing, we will connect how insurance policies can help individuals improve their health

3 Ways that Medigap Insurance Will Address Health Care Financing

Securing your retirement finances is synonymous to adequately addressing health issues that may occur during the golden years. And this is why we’d like to introduce the many benefits of Medigap Insurance – this form of coverage may just be what most individuals from the baby boom generation are looking for! Defining What this Insurance Policy Can Provide One of our previous posts discusses how Long Term Care Insurance (LTCI) can be a smart buy for the retirement years. Yes, an LTCI policy will be able to address financial concerns related to custodial care – which, according to the U.S. Department of Health and Human Services, approximately 70% of individuals age 65 years old and above in the country are expected to receive some form of Long Term Care in their lives. Accordingly, address the costs of care as early as today is an

Long Term Care Info: How To Avoid Premium Hikes on LTC Insurance? –

Another concern that prevents Americans from buying long term care insurance is the lack of guarantee that their LTC insurance premiums will remain the same over the years. They are bothered by the thought that after years of paying, their premiums will increase to a point where they can no longer afford paying for it, which will then lead to the cancellation of their policies. Unknown to many, there are long term care insurance features that can help you avoid or lessen the risks of premium rates increase.  Single Premium Long Term Care Insurance  The single premium long term care insurance allows a policy owner to be insured for life by making just one lump sum payment. Of course, this would mean he needs to set aside huge amount of money but the good thing about this is after making the lump sum payment,

Maintain Resistance to Long Term Care Costs –

Everyone will be subjected to the high costs of care because he will need care one way or another for the reason that no one stays young forever.  However, it is not impossible to be resistant to these costs through a long term care insurance policy.  If you’re wondering what is long term care insurance, it just happens to be the most important investment that people can make to protect their finances. In just a matter of 18 years, the youngest member of the baby boomer generation will turn 65 and the country will have a total of 70 million elderly people by then.  Members of the baby boomer generation are expected to live beyond their 80s so they are constantly pressured to plan their future health care needs because as people get older, they become less healthy owing to their weakened immune system.

Finding the Right Long Term Care Quote –

Only those who are seriously looking for a long term care quote that is suitable for their long term care (LTC) needs will manage to find the right one. Others, whose interest to purchase an insurance policy for full LTC coverage is only ignited by pressure from the government or financial planners, will never be able to plan their future health care effectively. One’s purpose in planning his or her health care should stem from the objective of sparing the family from worrying about where to pull out the funds to spend in home care and LTC facilities such as an assisted living, adult day care health center, nursing home, or any type of continuing-care retirement community. With this objective, it will be easier for one to think clearly and efficiently plan his health care which he will need probably 40 years down the
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