Dropping Health Coverage in a Nursing Home
Even though your health coverage plan might not cover nursing homes, you shouldn’t immediately drop it! Most plans actually don’t, so count yourself lucky if yours does.
For everyone else, it’s important to keep it in order to cover doctor’s care, hospital visits, and medical supplies. Otherwise, you’ll be stuck paying out of pocket and prices can skyrocket!
Don’t allow yourself to be in a vulnerable situation.
Receiving Social Security Too Soon
One of the biggest pitfalls that seniors fall into? Claiming Social Security too early. You can start claiming when you reach 62, but you’ll receive less money. If you wait until you’re around 66, you’ll get 8% more, but the biggest raise will come if you wait until you’re 70. That’s when you’ll receive 32% more.
This is because the amount of money you’re set to receive stays the same regardless of when you start claiming benefits. The money will stretch out more if you retire early, but it’ll be ‘smushed’ if you retire late. That’s why, if you have the means, claiming your benefits later makes more financial sense.
