Insurance

Understanding Medicare Advantage: What It Is, What It Covers, and Whether It’s Right for You

Medicare Advantage, also known as Medicare Part C, is a popular alternative to Original Medicare (Parts A and B). Instead of being run directly by the federal government, these plans are offered by private insurance companies approved by Medicare. They’re designed to provide all the same benefits as Original Medicare, but often with additional perks.However, as with any healthcare decision, it’s important to understand both the benefits and the potential drawbacks.See Understanding Your Medicare Options in Retirement: Original Medicare, Advantage, and Medigap Explained – Gilbert Wealth for an overview of Medicare options. What Is Medicare Advantage? Medicare Advantage is an…
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Understanding Your Medicare Options in Retirement: Original Medicare, Advantage, and Medigap Explained

In planning for retirement, Medicare is a foundational part of your healthcare planning in retirement. But "Medicare" isn't just one plan—it's a set of options, each with different rules, coverage levels, and costs. Understanding the main paths—Original Medicare, Medicare Advantage, and Medigap—can help you make a confident, informed decision about your healthcare coverage as you age. Basic Medicare Terminology When beginning to learn about your options, you'll quickly come across the terms Parts and Plans. Here is what you need to know. Parts are sections of the original Medicare that provide different types of coverage. Currently, there are four parts: Part…
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Funeral Insurance: What It Is, How It Works, and Who Might Need It

Planning for end-of-life expenses isn’t a topic many people enjoy thinking about, but it can be a final act of care for loved ones. Funeral insurance—also known as burial insurance or final expense insurance—is a tool designed to ease the financial burden of your funeral and related costs. What Is Funeral Insurance? Funeral insurance is a type of life insurance policy designed to cover the costs associated with end-of-life expenses, such as:Funeral and burial or cremation costsFuneral home servicesCasket or urn expensesHeadstone or grave markerFlowers, programs, and other memorial itemsTravel or lodging expenses for family (in some policies)Unpaid medical or…
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Medicare and Travel: How Your Coverage Works When You’re Away from Home

Retirement often brings the freedom to travel—whether that means visiting grandkids across the country, spending winters in a warmer state, or exploring the streets of Paris. But many retirees are surprised to learn that not all Medicare plans travel well.Understanding the difference between routine care and emergency care, and how various Medicare options handle each while you're away from home, can help you avoid unexpected bills and headaches.This guide is for travelers who live primarily in the U.S. but may spend extended time elsewhere—think snowbirds, road trippers, or international vacationers.We’ll walk through what to expect with Original Medicare, Medicare Advantage,…
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How Insurance Works: The Law of Large Numbers

Insurance is a financial product that helps individuals and businesses protect themselves from financial losses. At its core, insurance works by pooling risks. By spreading the risk among many, the insurance company can provide financial protection to each individual without any one person bearing the full burden of a catastrophic loss.  The Law of Large Numbers The foundation of insurance is built on a key principle in statistics: the Law of Large Numbers. This law states that as the size of a group of insured people (the "pool") increases, the actual results will become more predictable and stable, aligning closely with the…
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Common Features of Traditional Long-Term Care Policies

Long-term care (LTC) policies are financial tools designed to cover expenses associated with long-term care services. These services are often necessary for individuals who are unable to perform basic activities of daily living (ADLs) due to chronic illness, disability, or cognitive impairment. Traditional long-term care insurance policies have several common features that are essential for potential policyholders to understand. This article provides an overview of features commonly found with Traditional Long-Term Care Policies. This list is not exhaustive and policies issued by companies may deviate from the descriptions provided. It is important to review your own policies for complete descriptions and…
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Preparing for Long-Term Care: Statistics and Financial Insights

When planning for your financial future, determining how to address the potential for a long-term care event will be one of the hardest decisions to make. The topic is particularly complex given the uncertainty around whether or not you will even have a long-term event; and if you do, how long will it last, what will it cost, and when will it occur. The decision is complicated even further by the higher cost of insurance or the high cost of long-term care planning strategies.The purpose of this article is to educate on the prevalence of long-term care and provide context on…
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7 Reasons Your Group Disability Benefit Might Be Less Valuable Than It Seems

Disability insurance is a critical component of a comprehensive financial safety net, providing income protection in the event of an illness or injury that prevents one from working. Group disability insurance policies are a common benefit offered by employers, particularly larger employers.However, these policies often contain limitations and shortfalls that may not fully meet the needs of higher earners or those in upper management. Here, we explore key issues such as benefit caps, tax implications, occupation-specific coverage limitations, income covered, and portability concerns. 1) Benefit Caps Group disability insurance is typically structured as percent of income with the most often…
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