Traditional Medicare doesn't cover vision and dental

"Traditional Medicare doesn’t cover common dental procedures, such as cleanings, fillings, extractions, dentures, dental plates and other dental devices. Medicare also doesn’t cover the cost of eyeglasses, lenses or contacts" writes Richard Conner in the Humble Dollar Blog:

https://humbledollar.com/2023/08/what-medicare-misses/?utm_source=mailpoet&utm_medium=email&utm_campaign=another-ses-test_7

Pay attention to your dental and vision health before retirement. 

If your employer funds all or part of your dental and vision insurance, use those benefits to their fullest before you retire

"Fund a health savings account, or HSA, during your working years. You get a tax deduction for the amount you contribute, you can invest the money you save, and the earnings grow tax-deferred. When the money is used to pay for qualified medical expenses, the withdrawal is also tax-free."

"Some Medicare Advantage plans provide dental and vision coverage. What if you choose traditional Medicare? Consider purchasing private dental and vision insurance."

In his article Conner provides extensive suggestions and information if you need to buy private coverage. 

Maui Wildfires: What would you do if you had toquickly flee your home?

"If you had to quickly flee your home and had just enough time to grab some important things, could you put your hands on vital financial documents? 

Climate change has put many people in the path of major natural disasters. Fires, floods, hurricanes and wind storms are devastating communities. The disaster in Hawaii is just the latest reminder to get our financial houses in order." 

Read:

How to protect your financial life from wildfires, extreme weather

By Michelle Singletary

https://www.washingtonpost.com/business/2023/08/11/protect-financial-life-extreme-weather/?template-name=%7B%7Bletter.config.name%7D%7D&utm_campaign=wp_personal_finance&utm_medium=email&utm_source=newsletter&wpisrc=nl_finance

As of mid-August 2023, "there had been 15 confirmed weather/climate disaster events in the United States this year with losses exceeding $1 billion each, according to the National Centers for Environmental Information. Damage from 2022 disasters totaled $165.1 billion."

"Get a safe that’s waterproof, fire-resistant and light enough to carry. Keep all your household’s important financial documents in this box, including your passport; insurance policies; extra checks; a copy of your driver’s license; your Social Security card (or at least write down the number); bank, investment and credit card account numbers; and key legal documents such as wills, marriage and birth certificates, and the titles to your home and vehicles." 

I keep these items in a credit union safe deposit box. Not sure what would be left if fire is as intense as the Maui fires. I read that one Maui couple kept thousands of dollars in a safe that was left behind. All that was left was ashes.

You should include some cash because ATMs may not be available or may not work.

"In addition to keeping your paperwork in a safe, make photocopies of your documents and place them in a safe-deposit box or give them to a trusted relative or friend who does not live in the same area you do."

"You can also back up your data to cloud-based services such as Google Drive or Apple’s iCloud. Be sure to consistently back up your data to the cloud."

"With your smartphone, take pictures of your big-screen televisions, computers, furniture, heirlooms, etc. You want proof of the expensive stuff you own."

"record a video of the items in your home. Record model and serial numbers. Then, of course, download it for safekeeping in the event you have to prove to an insurance company what items you lost in a disaster."Do this today.

Do you have sufficient insurance?

Call your insurance agent. Will your policy replace the full value of your possessions?

If you are at risk of flooding, check my blog posts on flood insurance. Keep in mind that many Americans live in areas subject to flood but NOT on federal flood maps. See blog posts on flooding. 

Earthquakes are NOT covered by HO insurance. See blog posts on earthquake insurance. 

The fastest-growing American cities are also some of the places with the worst climate-change effects

Finally,What are YOU doing to urge your members of congress to address the causes behind our changing climate. Check out the Citizens Climate Lobby: https://citizensclimatelobby.org/

 

Is my Retiement savings on track?

 While there are many variables affecting how much you will need to live on in retirement, no one wants to be caught short. You can borrow money for college but not for retirement. (aside from the option to take a reverse mortgage against your house). Fidelity investments provides some aspirational guidelines to help. 

"Our savings factors are based on the assumption that a person saves 15% of their income annually beginning at age 25 (which includes any employer match), invests more than 50% on average of their savings in stocks over their lifetime, retires at age 67, and plans to maintain their preretirement lifestyle in retirement."

By age 30 you should have accumulated one time your salary; If you're not there yet it may be time to boost your savings. And when I refer to "saving" for retirement I really mean investing.  

Details at: https://www.fidelity.com/viewpoints/retirement/how-much-do-i-need-to-retire

 

Medicare Advantage vs. Traditional Medicare

 One of the most important decisions older Americans need to make when they reach 65 (or older if still covered by employer health insurance) is traditional Medicare or Medicare Advantage.Once you reach age 65 almost all Americans are covered by Medicare Part A at no cost. But you need to supplement that coverage.

The primary argument in favor of traditional Medicare is the broad acceptance. You can get care from any facility in the U.S. that accepts Medicare payment. With most Medicare Advantage Plans you are limited to designated service providers that participate in that plan. 

Due to the coinsurance and deductibles with traditional Medicare, you really need to buy a supplement plan and prescription drug coverage (Part D). If you aren't taking prescription drugs when you sign up and decide to skip a Part D plan, you will pay extra if you wait to sign up.

Some Medicare Advantage Plans offer coverage with a $0 monthly premium which can seem very attractive but you need to do your homework and decide on your personal priorities. Whether or not you pay a premium, Advantage plans typically cover eye, hearing and dental exams and dental exams as well as memberships in athletic facilities and other benefits not included in traditional medicare. 

 Check out the

AARP Medicare Enrollment℠ Guide 

https://www.aarp.org/membership/benefits/health/aarp-medicare-enrollment-guide/

and comments pro/con on each option:

https://humbledollar.com/voices/which-is-better-traditional-medicare-or-medicare-advantage/