Cantissimo Senior Living Blog

Retirement can be a wonderful time in a person's life, but it can also come with financial challenges. With fixed incomes and rising costs, it can be difficult for seniors to make ends meet. However, there are many ways for seniors to save money and stretch their budgets.

In this blog post, we will discuss over 150 simple ways for seniors to save money on everything from housing and utilities to healthcare and entertainment. From cutting back on unnecessary expenses to taking advantage of discounts and rewards programs, there are plenty of ways for seniors to save money and make the most of their retirement years. Whether you're looking to save money on everyday expenses or plan for a special vacation, this post will provide you with the tips and strategies you need to make your money go further.

Some Medicare beneficiaries want more healthcare benefits than Original Medicare can offer, even with Medigap supplemental policies. Medicare Advantage Plans (sometimes known as Medicare Part C) fill this need by providing more benefits for beneficiaries who agree to extra costs and less flexibility.

The Medicare Advantage Alternative

Offered by private insurance companies, Medicare Advantage Plans provide Part A and Part B coverage as an alternative to Original Medicare. Medicare pays a fixed amount to these insurers for each beneficiary enrolled in their plans but requires these companies to follow specific rules. These rules allow the companies flexibility to offer more services. However, to do this, they may handle out-of-pocket costs differently and impose certain restrictions on enrollees.

Original Medicare (Part A and Part B) offers many benefits, but it has some "gaps." The most prominent gap is there is no limit on out-of-pocket expenses, which encompass deductibles, copayments, and coinsurance.

Medigap to the Rescue

One way to fill many of these gaps is through a Medicare Supplement Insurance policy (also known as Medigap) sold by private insurers. Medigap policies come in several different versions but must adhere to strict government standards. These standards allow easier comparisons between policies and protect consumers from unscrupulous insurers.

If you're thinking about selling your life insurance policy, there are a few things you should consider first. To determine if selling is the right decision for you, assess whether you need the money and whether you can afford to let the policy lapse. Then, follow these steps to get your policy sold:

Along with Medicare Part A, Part B is the other part of Original Medicare. A recent blog post described Medicare Part A coverage for inpatient care (hospital and skilled nursing), hospice care, and home healthcare.

Medicare Part B covers medically necessary costs for:

• Doctors
• Outpatient care
• Home health services
• Durable medical equipment

Most Americans reaching age 65 achieve a significant milestone: Medicare eligibility. Launched in 1965, Medicare is a national health insurance program created and administered by the U.S. government and funded primarily via payroll taxes. Prior to its inception, over half of Americans, 65 or older, had no health insurance.

The program started with coverage for hospital stays (Part A) and other medical expenses like doctor fees (Part B). These two parts, known as "Original Medicare," operate as a "fee-for-service" system where a provider (e.g., hospital or doctor) gets paid for each service delivered.

With every move, you have to make some serious decisions. In retirement, you need to consider several additional factors as your income is now likely limited. Many people apply for less strenuous jobs, and it's popular to consider moving to a smaller place to be frugal. Although everyone has a different way of coping with the situation, renting a storage unit could be considered a prudent approach when downsizing your house or moving to a senior living community. If you're trying to decide whether a storage unit might be right for you, here are some pros and cons to consider.

For seniors living on a fixed monthly income, practicing sound financial habits is important to maintain a desired standard of living. In this article, we explore various cost-cutting strategies and lifestyle changes to can consider to continue living comfortably well into your golden years.

Planning for long-term care expenses seems to involve a lot of wishful thinking for many. As noted in another Cantissimo Senior Living blog post, a survey found that about half of respondents said they had done little or no planning for these needs.

One example of wishful thinking is that government programs like Medicare or Medicaid will pay long-term care expenses.

Among the many ways of paying for long-term care, life insurance and annuities have been growing in popularity.

Life Insurance

In its original form, life insurance was intended only to pay beneficiaries upon the death of the insured. Since its inception, however, life insurance has evolved to include many additional options. Some of these options can help pay for long-term care.