Undertaking this planning is a very important step in creating a holistic retirement plan as it can ensure that you and your loved ones are adequately cared for while also preserving money to leave a legacy or simply enjoy the golden years. Proper planning can also help individuals have peace of mind knowing that they can receive the care and support they need to maintain their health and quality of life presently. This planning can also help individuals prepare for unexpected health events, such as a chronic illness or disability, and ensure that they have the adequate resources to deal with these situations.
Due to the ever increasing cost of health services and the complexity of the system, it is pertinent to consult with a professional in order to make sure there is proper coverage in place before needs arise.
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Long-term care refers to a range of services that support individuals with chronic conditions or disabilities who require assistance with daily activities. These services may be provided in a variety of settings, including nursing homes, assisted living facilities, and in-home care. Long-term care can be a significant expense, which can cause a depletion of retirement funds or reduce the ability to pass assets on to the next generation, thus, planning for these costs is an important consideration. It is estimated that nearly 70% of Americans will need this kind of care at some point in their lives. Options for financing long-term care include long-term care insurance, personal savings, and government programs such as Medicaid. A holistic healthcare plan should take into account the potential need for long-term care and the associated costs in order to create a plan to manage these expenses while ensuring access to appropriate care. This process can include things such as identifying appropriate long-term care providers, exploring different financing options, and considering options for home modifications or other adaptations to support aging in place.
Under the US tax code, individuals can deduct some medical expenses that exceed a certain percentage of their income. This can include expenses such as doctor visits, prescription drugs, and long-term care services. In addition to medical expense deductions, individuals should also be mindful of their eligibility for premium tax credits. Under the Affordable Care Act, individuals and families with low or moderate incomes may be eligible for premium tax credits to help offset the cost of insurance premiums. There are also accounts, which have been previously mentioned, that help in tax minimization. HSAs and FSAs can both be contributed to in order to cover future expenses and decrease taxable burden. A financial advisor can help in ensuring that your healthcare and tax strategy fit together in a way that prevents you from paying more than you are obligated.
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01 Medicare coverage generally begins at the age of 65, so individuals who plan to retire before that age may need to seek other coverage options.
02 Another option is to purchase coverage through a private health insurance plan, which may be more expensive than employer-sponsored coverage.
03 The Affordable Care Act (ACA) also provides options for individuals to purchase health insurance through the Health Insurance Marketplace, with subsidies available based on income. It is important for individuals who retire before age 65 to research and compare different healthcare options to ensure they have access to appropriate coverage at a cost they can afford. This process can seem complex, but our team works hard to craft personalized plans to fit the needs of our clients.
Fuchs Financial is not connected with, affiliated with, or endorsed by the United States government, the Federal Medicare program, or a state agency. Medicare has not reviewed nor endorsed this information. Products sold by our team are backed by the insurance company’s guaranteed association and underwriting powers. We are not connected with or endorsed by the United States government or the federal Medicare program. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.
Undertaking this planning is a very important step in creating a holistic retirement plan as it can ensure that you and your loved ones are adequately cared for while also preserving money to leave a legacy or simply enjoy the golden years. Proper planning can also help individuals have peace of mind knowing that they can receive the care and support they need to maintain their health and quality of life presently. This planning can also help individuals prepare for unexpected health events, such as a chronic illness or disability, and ensure that they have the adequate resources to deal with these situations.
Due to the ever increasing cost of health services and the complexity of the system, it is pertinent to consult with a professional in order to make sure there is proper coverage in place before needs arise.
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Disclosures:
Investment advisory services offered through Foundations Investment Advisors, LLC (“Foundations”), an SEC registered investment adviser. The commentary on this website reflects the personal opinions, viewpoints and analyses of the authors, Ben Fuchs and Fuchs Financial, providing such comments, and should not be a description of advisory services provided by Foundations or performance returns of any Foundations client. The views reflected in this commentary are subject to change at any time without notice. Nothing on this website constitutes investment, legal, or tax advice, performance data, or any recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Personal investment advice can only be rendered after the engagement of Foundations for services, execution of required documentation, including the receipt of required disclosures. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Foundations manage its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Any statistical data or information obtained from or prepared by third party sources that Foundations deems reliable but in no way does Foundations guarantee the accuracy or completeness. Investments in securities involve the risk of loss. Any past performance is no guarantee of future results. Advisory services are only offered to clients or prospective clients where Foundations and its advisors are properly licensed or exempted. For more information, please go to https://adviserinfo.sec.gov and search by our firm name or by our CRD #175083.
Fuchs Financial is not connected with or endorsed by the U.S. government or associated with any federal Medicare program. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.Gov or 1-800-MEDICARE to get information on all of your options.
Fuchs Financial is not endorsed or affiliated with the Social Security Administration or an U.S. government agency.
All testimonials on this page are unpaid and unsolicited client testimonials. All clients have had a financial relationship with Ben Fuchs and Fuchs Financial for over 6 months and are providing their personal opinion. This may present a conflict of interest as each particular client’s testimonial may or may not be the same as another client’s experience. This conflict is mitigated by our financial advisor’s fiduciary duty to tailor each client’s investment objectives to each individual client’s own financial situation. There was no compensation paid to the client for this testimonial. A client testimonial does not guarantee future investment success and should not be indicative that any client or prospective client will experience the same or a higher level of investment performance. Foundations Investment Advisors, LLC is an SEC registered investment adviser. Past performance is not indicative of future results.
