Strategies to ease pain of health care costs

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Ease the Pain of Health Care Costs in Retirement

by Kimberly Lankford, Kiplinger’s Retirement Report

February 2016

“This number should hurt a lot: The average 65-year-old couple will pay $240,000 in out-of-pocket costs for health care during retirement, according to Fidelity Investments. And that does not include potential long-term-care costs.

Critical, yes. Incurable, no. The worst thing you can do is take to your bed and expect the pain will go away with an aspirin or two. The best medicine is to make sure your retirement plan takes into account this large line item — and to find ways to cut future costs or develop income streams to pay expenses.images (50)

It’s easy to see how the costs can add up. Just Medicare premiums alone for 25 years — for standard Part B (which pays for outpatient care), a Part D prescription-drug policy and a Medigap supplemental insurance policy — will set a couple back close to $200,000. And that does not include dental and vision care, hearing aids, and out-of-pocket drug costs. A Medicare Advantage plan could cost somewhat less. Thank goodness Part A, which pays for hospital care, is free.

In your planning, prepare for unexpected spikes in spending, such as a new dental crown. Also, adjust your estimates for inflation, perhaps by 4% a year. And if you expect to live longer than average, plan for those extra years.

Here are some strategies to ease the pain of an acute case of health care costs.”

Read more at:  http://www.kiplinger.com/article/retirement/T027-C000-S004-ease-the-pain-of-health-care-costs-in-retirement.html

Single ladies

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Retirement may be dicey for single women 

Sharon Epperson/Laura Sanicola

March 22, 2016

“Across all age groups, women have substantially less income in retirement than men, according to another report from the National Institute on Retirement Security. For women age 65 and older, their income is generally 25 percent lower than that of men. As men and women age, the gap widens to 44 percent by age 80.

As a result, the study found that women are 80 percent more likely than men to be impoverished at age 65 or older. Additionally, women age 75 to 79 are three times more likely to fall below the poverty level than men in the same age group.

Why the disparity? The gap may stem in part from the fact that women live longer on average than men, said Diane Oakley, executive director of the National Institute. In the United States, a woman turning 65 today can expect to live to more than 86. For men, it’s 84.

Women generally still earn less than men during their working years and that could affect their financial situation down the road, said Andrew Simonelli, director of communications and marketing at the Insured Retirement Institute.”

Read the entire article at: http://www.cnbc.com/2016/03/18/women-more-likely-than-men-to-retire-poor.html

Is downsizing right for me?

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The Surprising Costs of Downsizing Your Home

downsizing

by Jane Bennett Clark

May, 2016

“When I look at my retirement stash, I have to admit it’s kind of small. When I look at my house, I realize it’s kind of big. And when I consider the two together, I think that maybe I should downsize and use the equity in my house to buy a condo or add to my retirement savings and rent.

Downsizing isn’t for everyone, but it’s one of the few strategies — along with working longer, delaying Social Security or spending less later in retirement — available to near-retirees who find themselves short on retirement savings and don’t have time to catch up, says Steven Sass, of the Center for Retirement Research at Boston College. ‘The house is a major source of people’s savings. If you don’t want to work longer or give up eating out in retirement, downsizing should be part of the plan.'”

Read more at:  http://www.kiplinger.com/article/retirement/T010-C022-S002-downsizing-costs-add-up.html .

Hydration and the elderly

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United States presidential candidate Hillary Clinton (age 68) has been in the news lately due to dehydration issues. I have never been much for drinking water either so I recently added the free Water Drink Reminder app to my phone. It reminds me to drink water and I log my intake throughout the day to make sure I am drinking enough.  It has helped me to become more hydrated.  Maybe Mrs. Clinton should add the app to her cell phone.

The Hydration 4 Health website reports the following about Hydration and the Elderly:old woman drinking water

“As we get older, body water content decreases, the risk for dehydration increases, and the consequences become more serious.

Dehydration has been associated with increased mortality rates among hospitalized older adults1 and can precipitate emergency hospitalization and increase the risk of repeated stays in hospital.2,3

Dehydration is a frequent cause of hospitalization of older adults and one of the ten most frequent diagnoses responsible for hospitalization in the United-States.3
Evidence suggests high dehydration rates of elderly patients within hospitals and other health care institutions.2

Dehydration has also been associated with various morbidities, such as impaired cognition or acute confusion, falling or constipation.”

Read more at:  http://www.h4hinitiative.com/everyday-hydration/how-your-needs-change-over-time/hydration-and-elderly

 

Have you ever been “Uninvited?”

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I stopped by Barnes and Noble (B&N) the other day.  I wanted to see what new books they had on retirement or senior issues that I could read and then pass on to you.

Barnes and Noble has changed.  I noticed that the usual rows of beautiful wooden shelves were nearly bare.  Many of the books were facing cover out, as opposed to binding out, just to take up space.  It appears that many shelves now hold home school curriculum and toys. Back in the late 80’s when I worked as a community business development manager at a B&N in Lewisville, TX, I loved going through the rows of shelves to see what just arrived. At that time, the shelves held so many books that there was little room to face a book cover out.  I often went home with a stack of books I’d purchased because I couldn’t select just one or two.

These days most people buy books online or download them to their digital readers.  Lately, with my income being on the low side, compared to when I worked full-time, I either buy them online or check out the book from the local library. However, I have already read all the local library’s books on retirement.  So there I was, looking through rows of nearly empty shelves at B&N trying to find books on retirement.

As I was browsing, I was stopped by a book which was faced cover out right at my eye-level. It was called Uninvited: Living Loved When You Feel Less Than, Left Out, and Lonely by Lysa TerKeurst.  I was familiar with Lysa from her daily uplifting message on K-LOVE radio and Proverbs 31 Ministry.  

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Nervous about meeting with a financial planner?

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Financial planning isn’t scary when you meet with the right advisor

August 22, 2016

Today, I had the pleasure of meeting Wendi Strom, financial planner from LOTUS Financial Partners.  I originally contacted Wendi and her LOTUS partner Lucila Williams about using an article Wendi wrote for The Denver Post.  I was seeking permission to use the article on this website.  Not only did she grant me permission, she invited me to meet her in her Denver, CO office to discuss the site.  Her enthusiasm and invaluable advice were much appreciated. It was exciting to meet someone so generous with her time, as well as passionate about helping others.

If you have thought about seeking the services of a financial planner who listens and takes the time to build a relationship with you, I would highly recommend the LOTUS Financial Partners.  Wendi is patient, kind and compassionate, as well as very knowledgeable.  She is easy to talk to and not about high pressure sales.

LOTUS can guide and support you in all of your important life decisions.  They are certified financial planners as well as advisers on life and health insurance matters.  They are dedicated to helping you “live life with purpose.”

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Grandparents Day is this Sunday

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Grandparents Day is the First Sunday after Labor Dayimages (4)

“This day has a threefold purpose:

  • To honor grandparents
  • To give grandparents an opportunity to show love for their children’s children.
  • To help children become aware of the strength, information and guidance older people can offer.

History:  In 1970, a West Virginia housewife, Marian Lucille Herndon McQuade, initiated a campaign to set aside a special day just for Grandparents.   Through concerted efforts on the part of civic, business, church, and political leaders, this campaign expanded statewide. Senator Jennings Randolph (D-WV) was especially instrumental in the project. The first Grandparents Day was proclaimed in 1973 in West Virginia by Governor Arch Moore. Also in 1973, Senator Randolph introduced a Grandparents Day resolution in the United States Senate. The resolution languished in committee.

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