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Here’s how advisors can help clients avoid common and costly Medicare mistakes

Here’s how advisors can help clients avoid common and costly Medicare mistakes

Finance
Feverpitched | iStock | Getty ImagesNo two retirements look the same. But there is one thing all individuals face in their golden years: high health-care costs.Medicare beneficiaries will need as much as $ 400,000 for health expenses per couple, according to 2018 research from the Employee Benefit Research Institute. That is up from $ 370,000 in 2017.Medicare comes with plenty of rules, and if retirees run afoul of them, that could add to those health-care costs for the rest of their lives. "People do feel overwhelmed and baffled by Medicare," said Katy Votava, president of Goodcare.com. "But there are some basic things that an advisor can do."Tips for financial advisorsAdmittedly, Medicare rules have countless nuances. Unless you have someone on your team devoted to the topic full time, i...
A wrong move on Medicare coverage could be very costly

A wrong move on Medicare coverage could be very costly

Finance
If you're about to turn 65, put your birthday party planning on hold: It's time to start shopping for insurance that will supplement your Medicare coverage. Medigap, a type of health insurance coverage, fills out the areas where your Medicare policy falls short, including deductibles, copayments and coinsurance. Some of these policies cover extras, such as health-care expenses during travel abroad. You would purchase Medigap to supplement Medicare A and B, which cover hospital and doctor's visits. Medigap plans are distinguished by letter (A, B, C, D, F, G, K, L, M and N) and each plan offers different benefits. ...

12 Costly Retirement Mistakes to Avoid

Finance
[unable to retrieve full-text content]Most of us look forward to retirement imagining that we ll get to relax more and do lots of things that we haven t had sufficient time for such as traveling reading and exercising How pleasant and secure our retirements are depends to a great deal on how well we prepare and on Latest Articles in
US hits record for costly weather disasters: $306 billion

US hits record for costly weather disasters: $306 billion

Technology
With three strong hurricanes, wildfires, hail, flooding, tornadoes and drought, the United States tallied a record high bill last year for weather disasters: $ 306 billion. The U.S. had 16 disasters last year with damage exceeding a billion dollars, the National Oceanic and Atmospheric Administration said Monday. That ties 2011 for the number of billion-dollar disasters, but the total cost blew past the previous record of $ 215 billion in 2005. Costs are adjusted for inflation and NOAA keeps track of billion-dollar weather disasters going back to 1980. Three of the five most expensive hurricanes in U.S. history hit last year. Hurricane Harvey, which caused massive flooding in Texas, cost $ 125 billion, second only to 2005's Katrina, while Maria's damage in Puerto Rico cost $ 90 billion, r...