Heather Hogue
4/7/2016
GERO101-903
Assignment #11
Based on what you read in the assigned chapter (“The Oldest-Old and Caregiving”), present your answers to the following questions.
1) Submit an article on the cost of retirement. You can find articles under the financial sector and AARP
A: I submitted an article called, “Retiree Health Care Costs May Gobble Up Your Social Security Benefits” by Carole Fleck on AARP. (http://blog.aarp.org/2015/04/02/retiree-health-care-costs-may-gobble-up-your-social-security-benefits/)
2) Write a 2 paragraph synopsis on the article you selected. Each paragraph should contain 8 sentences and be very detailed regarding the article
A: This article starts by stating that couples retiring could have to spend about 67% of their Social Security on health care costs. That’s even if they have Medicare plans such as part B or D. Costs are rising to 6.5% a year and expenses for long-term care are not included. Financial planners say that money that is set aside for expenses will have to last …show more content…
Regardless of old age, the person or couple is, they still would have to set aside a lot of money for medical care. Ron Mastrogiovanni, the founder/CEO of HealthView Services made a report explaining that health care costs will account for a growing portion of retirees’ budgets. He also explained that the data shows that Medicare costs are only part of the story. He says, “Retirees need to plan for health-related expenses not covered by Medicare.” Also, “the potential impact of income-based Medicare surcharges.” If an income is $170,000 as a couple or $85,000 as an individual, they could end up paying 35%-200% on premiums for Medicare Part B & D. Finally, it was said that HealthView’s calculations were higher than the report in June 2014 by Fidelity Benefits Consulting, which said that a 65 year old couple retiring in 2014 would need about $220,000 to pay for medical expenses in
4/7/2016
GERO101-903
Assignment #11
Based on what you read in the assigned chapter (“The Oldest-Old and Caregiving”), present your answers to the following questions.
1) Submit an article on the cost of retirement. You can find articles under the financial sector and AARP
A: I submitted an article called, “Retiree Health Care Costs May Gobble Up Your Social Security Benefits” by Carole Fleck on AARP. (http://blog.aarp.org/2015/04/02/retiree-health-care-costs-may-gobble-up-your-social-security-benefits/)
2) Write a 2 paragraph synopsis on the article you selected. Each paragraph should contain 8 sentences and be very detailed regarding the article
A: This article starts by stating that couples retiring could have to spend about 67% of their Social Security on health care costs. That’s even if they have Medicare plans such as part B or D. Costs are rising to 6.5% a year and expenses for long-term care are not included. Financial planners say that money that is set aside for expenses will have to last …show more content…
Regardless of old age, the person or couple is, they still would have to set aside a lot of money for medical care. Ron Mastrogiovanni, the founder/CEO of HealthView Services made a report explaining that health care costs will account for a growing portion of retirees’ budgets. He also explained that the data shows that Medicare costs are only part of the story. He says, “Retirees need to plan for health-related expenses not covered by Medicare.” Also, “the potential impact of income-based Medicare surcharges.” If an income is $170,000 as a couple or $85,000 as an individual, they could end up paying 35%-200% on premiums for Medicare Part B & D. Finally, it was said that HealthView’s calculations were higher than the report in June 2014 by Fidelity Benefits Consulting, which said that a 65 year old couple retiring in 2014 would need about $220,000 to pay for medical expenses in