Season 3

How to Get the Best Health Care at the Right Price

Episode Notes

According to research from Fidelity Investments, retirees should expect to pay $295,000 for healthcare during their retirement years, and this doesn’t include the costs of long-term care. Guest speaker and author Philip Moeller says that while retirees can find many ways to lower their healthcare costs, it takes a lot of time and effort.

A major decision facing those turning 65 is whether to choose Traditional Medicare plus optional prescription drug and supplemental insurance or sign up for an all-inclusive Medicare Advantage plan. While premiums for Medicare Advantage may be lower, your choice of doctors, facilities and prescription drugs may be limited and out-of- pocket expenses could be higher.

People who aren’t committed to seeing specific physicians in person may save money by using telemedicine providers. If your physician is recommending medical procedures, get a cost estimate from your healthcare insurance provider, or use web sites that offer comparison pricing for these procedures.

For prescription drugs, don’t automatically have your physician send your prescription to a local pharmacy. Bring it there yourself and ask the pharmacist if lower-cost generic alternatives or discounts are available. Prescription drug price comparison web sites can help you find lower prices at local pharmacies and national buying clubs. You may also want to ask your physician to help you legally purchase prescription drugs from Canada, where prices are often significantly lower.

If you’re still working and your employer offers a Health Savings Account (HSA), try to take full advantage of this option. Contributions are pre-tax, and all withdrawals you make for qualified healthcare purposes are tax-free. While you can’t contribute to your HSA once you’re enrolled in Medicare, you can use the balance in your account to pay for most Medicare premiums, co-pays and other out-of-pocket expenses.

Finally, if these decisions seem overwhelming, look for help. Your state offers free counseling services to help evaluate your various Medicare options. If you’re friends with a retired nurse or doctor, see if they’re willing to serve as your healthcare advocate—and pay them for their time. And make sure you fill out a healthcare proxy form that gives someone you trust the legal authority to make healthcare decisions for you should you become physically or mentally capacitated.

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Tax Tips — Don’t Procrastinate!

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The clock is ticking towards Tax Day, April 18. Here are some timely tips for tax form procrastinators.

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Season 8
Annuities for Retirement Income

Show Episode Notes

Mention the word “annuity” and most investors recoil. There seem to be so many hidden secrets and costs.  And high pressure sales tactics along with "free dinners."

In today’s podcast we unravel those mysteries – with the one man who has consistently worked to educate the public to the ins and outs of annuities – as well as some of the better uses of these insurance company contracts.  Stan Haithcock’s website – www.StantheAnnuityMan.com -- is a great resource for free basic information and good advice on annuities.  And Stan is one of the most entertaining financial speakers you’ll ever meet.

So, sit back and enjoy our podcast.  We devote special attention to Multi-Year Guaranteed Annuities (MYGAs), now yielding over 5.5%.  They’re the insurance industry’s version of a bank CD, without the FDIC backing.  And they are a great way to improve yields either inside or outside your IRA.

To read more about MYGAs, here’s a link to Terry’s column on the subject:  https://www.terrysavage.com/an-annuity-that-works-for-you-myga

And if you’d like to listen to more of Stan’s terrific approach to financial markets, both Terry and Pam have recently joined him on HIS podcast.  You’ll find the links to these conversations here:

Terry Savage: The Savage Financial Truth in 2023
https://www.stantheannuityman.com/fwa-terry-savage-january-2023

Pam Krueger: Your Wealthramp to Fiduciary Advice
https://www.stantheannuityman.com/fwa-pam-krueger-february-2023

 

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Podcast Hosts

Pam Krueger

Pam Krueger

Terry Savage

Terry Savage

Richard-Eisenberg

Richard Eisenberg

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