Every generation faces challenges when it comes to funding retirement, but this time, a number of different challenges are all coming together at once. First, the baby boomers are beginning to transition in large numbers from work to retirement, putting an unusually severe strain on Social Security and Medicare. Second, workers of all ages are lagging behind on where they should be with regards to their savings, meaning that when they retire, they’ll be even more dependent on Social Security then past retirees. (read more)
Did you know that more than 25 percent of total spending under the Federal Employees Health Benefits Program goes to prescription drugs? Rising drug prices and increasing drug utilization continue to drive up FEHBP premiums. (read more)
The analysis assumes that the 65-year-old couple will be retired for 22 years and pay for typical Medicare coverage, known as Part B, and typical Medicare drug coverage, known as Part D. Neither is free. Currently, the average premium people pay for Medicare is $134 a month. This year, the Medicare board of trustees had anticipated a decrease, but instead premiums rose 10 percent after rising 16 percent in 2016, a HealthView report said.
The new Medicare Plus Card saves you up to 75% on things not covered by Medicare
Medicare doesn’t cover everything. Luckily, those on Medicare can now start saving on out of pocket expenses like prescription drugs, dental, vision, hearing, and more. Over 1 million people have already received their free Medicare Plus Card.