Page 32 - March 2018 Senior Scene Magazine
P. 32

Senior Scene® | March Issue
Rising healthcare costs are a major worry when planning for retirement. While some people believe they can rely on Medicare, the reality is that Medicare only covers a percentage of health-related expenses and most retirees pay large out-of-pocket healthcare expenses.
It is critical to include healthcare planning as major medical expenses can easily wipe out retirement savings. However, there are many strategies that may be able to help prevent this. Some options you may wish to consider are:
Purchase long-term care insurance. There are many different options, therefore, we encourage you to consult with a professional to help you choose the policy that best fits your needs.
Set up a dedicated investment account only for long-term care expenses. The benefit to this option is that investors won’t be reliant on an insurance policy to cover expenses. The downside to this strategy is that all normal investment risks apply and it is possible that your investment savings will not be enough.
Use your home equity. Those owning their own home can hold it in reserve for long- term care, tapping it through home equity loans, reverse mortgages, or by simply selling the house. Obviously, the viability of this option is dependent on how much equity you have in your home.
Forecasting for these healthcare needs and costs is difficult. If you haven’t begun to plan, it is time to start now. By planning early, you can take advantage of lower long-term care insurance premiums and plan for your retirement more effectively. This is especially important for those with existing illnesses or a family history of health problems. Whatever your circumstances, you can take steps to protect yourself. Call: 321-622-5418.
Important Steps to Address Rising Healthcare Costs
August Velten, CLU August H. Velten & Associates, Inc.
For many senior citizens, there is no greater source of stress than debt issues. When unexpected medical bills meet a fixed income, even the most careful budgeters can find themselves getting calls from creditors – or even being served with a lawsuit.
Many people simply ignore the problem because they are stressed and do not see a way out. Fortunately, there are steps you can take to protect yourself and ease the burden of stress. The first step is scheduling a consultation with an experienced attorney.
An attorney can explain aspects of the law you may not have known. For instance, while creditors may threaten to garnish income or bank accounts, many people are unaware that income from Social Security and most retirement accounts are protected from creditors. Other exemptions exist to protect you, if you know how to use them. From protecting assets, to discharging debt of deceased spouses, to stopping bad behavior by debt collectors, a qualified attorney can explain all your options.
One powerful option for dealing with debt is bankruptcy. The word can be scary, but bankruptcy is a valuable tool created to wipe out debt. A bankruptcy attorney can work with you to avoid bankruptcy where possible, but if necessary, they can guide you through the process to maximize protections and minimize mistakes.
The stress of debt issues can be overwhelming. Consulting an attorney is the best way to answer your questions and get the important peace of mind.
Please feel free to contact my office at (321)610-4542 or, visit www.rhodeslawpa.com.
Debt Is Stressful – But Attorneys Can Help
Ruth Rhodes, Esq. Attorney with Rhodes Law, P.A,
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