Want More Money and Benefits  from Uncle Sam  and Medicare

Marriage is made in heaven but lived on earth. Uncle Sam doesn’t make the latter any easier as you age. Social Security benefits began to be taxed in 1983. According to Kaplan, the taxation system is so bizarre that married couples with the same finances pay higher taxes than unmarried couples. There are two thresholds at which Social Security taxes kick in, with the applicable threshold being less than twice that of the threshold for an unmarried couple.
According to a new Washington University Law Review article, Federal Law punishes older couples who marry or stay married. If you encounter someone and fall in love during your golden years, you might be better off staying unmarried than getting married. Under current federal law, you and your long-term partner might be able to salvage your struggling finances by divorcing after 60 years of marriage.

Reduce Out of Pocket Medicare Expenses with Medigap

Medigap policies are additional insurance policies you can purchase if you have Medicare. These plans are intended to cover some of the costs not covered by Medicare Part A and Medicare Part B. A co-founder of Boomer Benefits, an insurance agency in Fort Worth, Texas, Danielle K. Roberts, says Original Medicare does not cover deductibles, copays, or coinsurance. Medigap policies could potentially save you thousands of dollars on medical expenses.
Medigap insurance is an integral part of health insurance, and it is important to understand what it covers, how it works, and when you should enroll.

A New Legal Proposal Will Harm Medicare Prescription Drugs

Several senators are drafting legislation to fix the prices of Medicare prescription medications as negotiations on their tax and spending bill. As Senators are working on a legislative proposal to have the government fix the prices of Medicare prescription drugs as negotiations on their tax and spending bill continue. Despite some differences from earlier versions, the indisputable result of the 190-page amendment is the same: Reduced patient access to prescription drugs. Many provisions are included …

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Social Security Won’t Go Completely Broke.

Image by shutterstock.com It’s the ideal opportunity for the yearly ritual of understanding and deciphering the Social Security legal administrators’ report. The 2024 report dissects and sums up the most recent actuarial status of the trust funds that help Social Security’s retirement and disability programs and the asset that upholds the Hospital Insurance (HI) part of Medicare. The trustees’ report consistently assesses the future year when the Social Security trust funds will be depleted. To …

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Brace for Some Ugly Changes to Medicare Part D Premiums

Seniors are set to see a cap on their prescription drug costs under Medicare starting in 2025, thanks to a new law. However, this silver lining has a cloud, as retirees may be hit with significantly higher Medicare Part D premiums for prescription drug coverage next year. According to a fresh analysis by HealthView Services, a healthcare cost data provider, the average premiums are set to rise between 42% and 57% in 2024 compared to …

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From Couch Potato to Retirement Hero: 4 Must-know Tips

Planning for retirement is crucial to ensure financial security and a comfortable lifestyle in your later years. As life expectancy increases and healthcare costs rise, it’s essential to take proactive measures and make informed decisions regarding retirement. What you do today can have lasting consequences on your future.