If You’re a Woman, You May Need Extra Medicare Advice
Even though it is now 2023, we are still living in a world where many women encounter disproportionately large financial insecurity as they age.
Thank you for reading this post, don't forget to subscribe!We are not saying that all women encounter these problems. But here are a few to keep in mind as you enter your Medicare years . . .
- Aging women earn less. According to a study conducted by Mariko Chang, women are more likely than men are to rely on Social Security for the majority of their income in retirement and receive far less income in retirement than men.
- Women overall have saved less than men have. According to that same study, 57% of single female households in the United States would not have sufficient savings to live for three months at the poverty level if they lost their source of income.
- In many households where a man and a woman are married to each other, the man makes most of the financial decisions. If you doubt this is common, just speak with a financial advisor who can confirm it. In many cases when a woman becomes widowed, it is not uncommon for her to have never had any responsibility for making investments or financial plans. In a surprising number of instances, the surviving widow may not even know where the family’s money was invested.
Signing Up for Medicare Can Be Your Chance to Take Control
Of course, we are not saying that you are affected by the issues we describe above. But if you are, you could have an opportunity to take greater control over your finances when you enroll or re-enroll for Medicare or Medicare plans this year.
Here are some options to consider.
- Remember that signing up for Medicare marks a new beginning for you. We’re not saying anything bad about your husband, we’re really not. But your new plan will be your plan, not theirs, and your plans will be separate. So this could be your chance to make decisions that will have a new and positive impact on your health not just this year, but well into the future.
- Remember that that same opportunity exists for you if you are half of a same-sex couple. You love your partner, of course, you really do. But as is the case in the instance we explored just above, you now have a chance to make personal choices that are yours alone.
- You will now have greater control over your personal estate planning. In ways you might not have had before, you can now make cost-saving decisions that will allow you to personally pass more of your assets to children if you have any. That could be an empowering and beneficial opportunity for you.
- Importantly, if your spouse passes away and the income stream becomes solely directed to you, you may have to pay a higher premium for Medicare Part B than you are now as you will crossover the income thresholds so its important to plan for this financially.
So Why Not Speak with a CoverRight Medicare Advisor Today?
Everyone who speaks with a CoverRight Medicare advisor reports that the experience is liberating, empowering, and many more good things. Why not use your Medicare decision-making as your chance to strike out more on your own as you make critical decisions about your coverage?
———————————–
CoverRight is on a mission to make the Medicare plan selection process easy to understand. We are here to help you compare Medicare plans and find the one best suited to your specific situation. Try the platform for yourself.
Related Posts
What is the Medicare Supplement Household Discount
What Medicare Beneficiaries Should Do During AEP
How a 30-Minute Phone Consultation Led to My Best Medicare Plan Choice for 2023
2023 Medicare Part B Premium Decreases for First Time in a Decade
2022 Medicare Annual Enrollment Period: What you need to know
What Type of Medicare Plan Is Best for You?
