whitehouse asked:

Vice President Biden discusses a new report on how the Presidents health insurance reform will make Medicare stronger for Americas seniors in a town hall at Leisure World in Maryland. He is joined by HHS Secretary Sebelius and Nancy-Ann DeParle from the White House Office of Health Reform. September 23, 2009 (public domain)

BARNEY

Robert Lawrence asked:


Medicare is a well-known term for American employees. It is a health insurance program administered by the government. It is an insurance program intended for those who are over the age of 65 and for those who fall under the category of the disabled. Medicare Supplement Insurance is a supplement to Medicare that is considered to add coverage to Medicare where additional benefits may be added. Also known as Medigap, Medicare Supplement Insurance may provide further coverage for limited long-term care expenses. The Medicare beneficiary must purchase Medicare Supplement.

Why would you need one? Simply because there are gaps in Medicare. Medicare was never intended to completely cover all your medical fees. With the rising costs of prescription drugs and other forms of maintenance, a supplement is a must. A Medicare Supplement insurance benefits package may be bought from most major health insurance carriers. Medicare supplemental insurance plans must be approved by the government’s Department of Insurance so no discrepancy or any inconsistencies may take place. Health insurance providers are a diverse lot - no two are the same, no two offer exactly the same benefit. It’s always an excellent idea to shop around for the company that suits your taste.

As you get comparative quotes for Medicare Supplement Insurance rates, remember that:

·There are extensive and sometimes incomprehensible disparities in policy premiums.

·Prices may vary significantly because of a number of factors, such as the number of claims insurance companies will have to pay.

·You could end up paying more than twice the amount of the premium someone else is paying for the exact same benefits.

·Your premium will be based upon your age at the time of purchase, and the premium increases as you add another year - that is, if the insurance company adheres to the issue-age method.

·If not, the purchaser of said Medigap policy pays the same price, in spite of the age.

Who is eligible to buy the supplement? As stated above, a Medicare beneficiary who have Medicare Part A and B can buy the policy. Things not included in Medical Supplements are long-term care, vision or dental care, hearing aids, private-duty nursing care, and outpatient prescription drugs.

Now Medicare supplement is divided into 12 policies - Medigap Plans A to L. Plans A - J are essentially the same, and Plans K and L are alike.

Medigaps Plan A - J have higher premiums compared to K and L. there is virtually no out-of-pocket cost. The basic benefits are fewer than K and L, but the extra benefits are higher, including the likes of preventive care and foreign travel emergency.

Medigaps Plan K and L have lower premiums. Hospice care is included in the basic benefits, and only Medicare Part A deductible, as opposed to Medigaps A - J with an added Medicare Part B deductible.



DOMINGUEZ

Robert Valentine asked:


The Rolling Stones.

Their band name alone can conjure up images of rock and roll glory, greatness, and success. But, to mention the “Stones” without mentioning several attempts at retirement would be foolish. They’ve had almost as many last-hurrahs as Cher and are still rocking to this day. They’ve even made it clear that this year’s tour is by no means their last.

The average age of a member of The Rolling Stones is 60 ½ years and they’re showing no signs of slowing down anytime soon. The same can be said for the rest of the Baby Boomer generation. A generation that changed America is now changing the way we look at retirement. Gone are the days of taking early-retirement and then simply passing time. Baby boomers are expected to retire and then take up new careers in fields they’ve always wanted to explore, but were never able to. Retirement may be something they do two or three times as they try new jobs and adventures. With medical advances and an increase in life expectancy, most Boomers will live longer than their parents did, and that means a need for more income.

Boomers have made it clear that they aren’t slowing down and just like their counterparts in the band; they want time to travel around the country and see new sights. Aside from having more personal time, boomers are also expected to take up new jobs and business endeavors. That means working later in life. But what effect does that have on things like Social Security benefits? And what are some of the other pros and cons to working longer in life? We’re about to find out.

Many boomers who have begun to retire and take up new careers are finding one major plus to working: health insurance. One of the added bonuses to staying active and healthy includes the possibility of an extension of health benefits. While not all employers will offer them to part-time employees, some will and it will mean another way to make sure you’re saving money even during retirement. Some employers may also offer a 401(k) to part-time employees which allows them to save even more as they work.

The need for money isn’t the only drive for extended employment, however. A lot of people just want to get out and stay active and alert. Mentally and physically, the benefits of working part-time during retirement are very attractive. The overall sense of community and personal interaction is a far cry from retirements of the past where retirees were often isolated from much contact.

Of course, there are always a few drawbacks to everything. If you decide you want to work more than just part-time after you’ve officially retired, you may want to wait to start receiving Social Security benefits until you reach the full-retirement age. According to the Social Security Administration, in 2005, the full retirement age is 65 and 6 months. The age will increase gradually each year until it reaches age 67 for people born in 1960 or later.

By waiting until you turn 65 1/2, you can draw full benefits and still work as much or as little as you want with no effect on your monthly Social Security check. If you decide to start taking Social Security benefits early, at age 62 for instance, there are limits to how much you can earn each year. If you go over these limits, your Social Security benefits will be reduced even more. When making a major decision, such as deciding the age you’d like to retire, it’s always important to involve a trusted financial professional for advice. A professional can not only give you more options and plans, but added tips that you might not have known regarding various aspects of Social Security.

Something else to consider when deciding to work longer are the tax consequences. In addition to earning income on top of your Social Security benefits, you may also be withdrawing from your IRA especially if you’re over 70 1/2, (the age you’re forced to make the minimum withdrawal). All of that income adds up and means more money paid to Uncle Sam. If you plan to receive pension payments from a former employer, you will want to check with a financial professional to see if you will face any additional penalties for working during retirement.

All in all, some would argue that the benefits of working past retirement age are significant. Even when factoring in the drawbacks, most retirees would choose the extra activity and mental stimulation even if it meant a slight reduction in benefits or more money paid in taxes. The bottom line is that the next generation of retirees, the baby boomers, will not go quietly into the night. It’s a generation that has brought us more women graduating from college and challenging the standards of workplace equality. It’s an age group that lived through the Vietnam War and Watergate. They’ve brought us Microsoft, the personal computer, and Starbucks to mention only a few of their many contributions. It’s a generation that will not be told what to do, and in the end, only the Baby Boomers will decide which farewell tour will be their last.



BECKER

Melissa asked:


on my pay stub, it says “medicare employee” as a tax. does that mean i have health insurance or is that something they just take out of everyones paycheck??

MACKEY

Quiet Warrior asked:


My husband is of an age to retire, but doesn’t plan to do so in the next five or so years. We know that he should be eligible for medicare. Is it possible to have both medicare and his health insurance at work where the expense of his medical bills would be less or non existent?

WEST