3 Facts to Know Regarding Social Security, Medicare and Long Term Care.

Posted on

Nov 01, 2019

Every day I hear information that has been shared that is not completely accurate. Often times, I am talking to people about their planning goals and they are letting these pieces of information keep them from understanding how it applies to them. Here are three quick items to provide you a better understanding so you can choose how they specifically impact you and your own planning:

Social Security is going broke is often the headline we see. According to the Trustees Report released on April 25, 2019, it is estimated that the two trust funds would run out of money by 2035. That is absolutely true, however when the funds are depleted and if Congress does nothing, they will use taxes currently being collected to pay those obligations. Benefits may need to be reduced from current estimations IF Congress does nothing.
If I work, I will not get my Social Security. This is not entirely true. If you decide to collect social security before your FULL retirement age, for those born between 1943 and 1954, the age is 66, your benefit is reduced by $1.00 for each $2.00 you earn above the earnings limit. After full retirement age, the amount you earn does not impact your benefit.
Medicare or Medicaid will cover Long Term Care. This is one of the biggest misconceptions I hear. Medicare provides for skilled care in a nursing home ONLY while you are recuperating following a hospital stay for a related conditions and only for 100 days. Please note that Medicare does not cover long-term care or custodial care. Medicaid is for people with very low assets and limited income.

As Joe Friday used to say, Just the facts maam. Demand that all the information needed to make a decision for YOUR situation is provided.

Editors Note: This article was submitted by Anthony Cisneros, CRPC CRPS.This article is meant to be general in nature and should not be construed as financial, legal or tax advice related to your personal situation. Anthony Cisneros is a Financial Advisor with Waddell & Reed, Inc., and may be reached at 970-416-6082 or by email at acisneros@wradvisors.com

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