Financial News You Can Use: The Healthcare Edition

Beware ignoring Medicare enrollment rules, InvestmentNews.com August 21, 2008: Financial advisors and future Medicare recipients, listen up: pay attention to Medicare enrollment deadlines, or you may face some costly consequences. Medicare only notifies potential-beneficiaries that they are eligible for Medicare if the beneficiaries apply for Social Security benefits before they turn 65. If you don't fall under this category, you must apply during one of three enrollment periods. Missing a deadline can result in higher Part B premiums or lapses in insurance coverage. Review your health insurance annually and start planning for Medicare at least six months before your turn 65. Visit Medicare.gov for more information on Medicare and Medicare enrollment periods.

Economic downturn not affecting individual policies coverage, but curbing medical care, from IFAwebnews.com August 19, 2008:
The National Association of Insurance Commissioners have released a national survey that shows "22% of U.S. consumers have reduced the number of times they see the doctor as a result of problems in the economy" while "11% of consumers have cut back the number of prescription drugs they take." Though cutting back on doctors visits and prescriptions may seem cost-effective now, these cost-cutting strategies can raise your insurance costs in the long run by putting you at risk for untreated health issues. Make your health a priority and use a budget to curb your spending in other areas of your life. For help on starting a budget, check out WISER's "Keep Track of Your Spending" fact sheet.

Uninsured to Spend $30 Billion, Study Says, from Wall Street Journal, August 25, 2008: A new study from George Mason and the Urban Institute reports that uninsured American will spend $30 billion out of pocket this year. Uninsured Americans often pay more and receive less care. If you're experiencing a lack of coverage, explore your options to find a solution to your coverage gap. The WISER Woman blog series "Healthier and WISER"offers information on healthcare options for stages in your life when you may be uninsured.

Financial News You Can Use

"Longer lifespans give new importance to annuities"via IFAwebnews.com: A new report by TIAA-CREF, a financial service firm, says that "annuities can be used to ensure that people have enough money for 30 or more years of retirement." Americans are currently experiencing longer life expectancies, which may make annuities more desirable for some when creating a retirement savings plans. For more information, on Annuities, check out "Making Your Money Last For A Lifetime: Why You Need to Know About Annuities."

"Report Urges Raising Social Security Age" from today's Wall Street Journal: They call it age inflation, a new term for the longer life expectancy of Americans. A National Bureau of Economic Research paper argues that the age for Social Security eligibility should be raised to compensate for the age inflation the nation has experienced since the creation of Social Security. There are some good reasons why you personally may want to delay your Social Security benefits. To find out more, check out "Shine a Light on Retirement", which explains why choosing to delay your retirement and social security benefits may help improve your retirement outlook.

"Gender Gap Exists in Adequate Life Insurance Coverage Despite Greater Financial Concerns among Women, According to MetLife Study" via TradingMarkets.com: According to a new study by MetLife, women with life insurance tend to own twice their household income in coverage, while men have coverage that covers three times their household income. The article notes that 64% of working women vs. 52% of working men say they are "very concerned about their families' financial futures in the event of their own premature death." For more information on life insurance for women, as well as health insurance in general, you may want to read "The WISER Woman's Guide to Insurance," a special report on insurance types, insurance needs and where to locate the coverage you want.

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