On June 3, 2015, I spoke at the Senior Options Seminar held at McFarlin United Methodist Church. I would like to share some of my key points with you here.
- Be careful to coordinate between your employer’s health benefits and Medicare, especially if you retire after the age of 65. You want to avoid a gap in benefits.
- Medicare Supplement Insurance (Medigap) plans are nationally regulated, which means the benefits stay the same between carriers. (For example, all Medigap Plan A plans offer the same benefits.) As a result, choose the policy based on the reputation of the carrier and the price.
- If your medical bills are high, save your receipts because usually expenses greater than 7.5% of your income are deductible on your taxes. These bills include the cost of long-term care.
- A reverse mortgage should never be a first line of financing. The terms are poor, and the asset is easily lost at your death. Instead, talk to your family about financing options. They might be able to make a traditional mortgage payment to save the asset.
- If you are hiring someone to provide home services, check out their Oklahoma criminal records at http://www.oscn.net/dockets/Search.aspx.