Care Costs in Retirement – Controlling Your Health

It’s no secret that health care becomes a bigger concern for most of us as we grow older. More ailments are likely to develop, which means more money spent to visit health professionals and buy medication. Even if you remain healthy through your later years, the costs of preventative care and preparing for potential unexpected health situations are rising.

Health-related expenses will likely be one of the biggest components of your retirement budget. You need to be prepared to pay for comprehensive insurance coverage and potential out-of-pocket costs for care. Here are three strategies to help you manage this critical expense in retirement.

Understand how Medicare works

The good news for Americans age 65 and older is that you qualify for Medicare. That makes increased dependence on health care services more affordable. At age 65, most people automatically qualify for Medicare Part A at no cost, which primarily provides coverage for hospital stays and skilled nursing care. Medicare Part B must be purchased (approximately $109 per month in 2017 for most retirees). Part B covers the costs of visiting a physician, but with some deductibles. Many people purchase additional coverage to use for out-of-pocket expenses, such as a Part D prescription drug plan or a Medicare Supplement policy.

With Medicare, timing is important. Signing up when you first qualify for coverage will keep costs at the lowest level. If you maintain insurance through your employer after turning 65, you can delay Medicare enrollment without risking late penalties.

If you retire prior to age 65, you will need to purchase insurance on the open market to cover health-related expenses until you become eligible for Medicare. Individual coverage tends to get more expensive as you grow older, so work the cost into your retirement budget. Some employers offer retiree health insurance as a benefit. Check with your human resources department to see if this option is available to you.

Allocate sufficient funds for health care costs

As you develop your retirement income strategy, make sure you have money set aside for health expenses that will be your responsibility. By one estimate, the average 66-year-old couple will need to tap more than half of their lifetime pre-tax Social Security benefits to pay for health care expenses throughout retirement. Most people will likely have to rely, in part, on their own savings to help offset some medical expenses.

Along with other retirement savings, you may want to establish a health savings account (HSA) during your working years. HSAs are designed to help build tax-advantaged savings to pay for out-of-pocket medical expenses you incur during your working years. However, any leftover funds can be applied to health expenses later in life, including premiums for Medicare and long-term care insurance. Keep in mind that you must be enrolled in a high deductible health plan to open an HSA.

Focus on your own health

One way to potentially keep health care costs under control in retirement is to create or maintain a healthy lifestyle. Small changes you make today, such as eating right or prioritizing sleep, could reduce the likelihood that medical issues will impact you later in life. Being physically active may also benefit your finances in retirement – according to the American Heart Association, it could potentially help you save $500 a year today on health-related expenses.

Having a plan doesn’t guarantee that you will avoid heath issues, but you may find comfort in knowing how you can tackle health care costs in retirement.

Automotive Filter Changes Importance

Humans require clean, easy-to-breath air in order to live. And just like humans, vehicles also need to be able to “breathe” clean air in order to survive. While human lungs make it possible to breathe, a vehicle’s air filters do just the same. But after some time, they begin to accumulate mass amounts of dirt, debris, and other airborne particles, which eventually decreases their quality and function. For this reason, it is critical to have your vehicle’s engine and cabin air filters inspected and changed on a routine basis to promote safe and efficient driving. Continue reading to learn more about the importance of routine automotive filter changes.

Air Filters

Keep in mind that your car’s air filters are your first line of defense against irritating and obstructive airborne contaminants. Dirt, dust, pollen, mold spores, exhaust gases, bacteria, and more are examples of airborne contaminants that have the ability to negatively affect the quality and performance of your engine and vehicle as a whole. And according to Community Car Care, there is a 1 in 5 chance that YOUR car needs an air filter change right now! Many drivers are guilty of overlooking this small but highly-necessary scheduled maintenance.

Engine Damage

The long list of airborne contaminants can have a powerful impact on your vehicle’s engine, and in a very negative way. Everything from pistons, cylinders, and cylinder walls, to piston rings and bearings, are just a few areas of a car engine that can begin to lose performance value from clogged or dirty air filters. Over time, neglecting to change them can lead to serious engine malfunctions and breakdowns, which means frustrating, costly repairs.

Cabin Filters

If you like to have clean, breathable interior air that smells good, you need to change your air filters on a routine basis. Once they start to become clogged, they begin to slowly lose their ability to do their job. So once they are entirely clogged, you can suffer some mild but irritating consequences, such as musty smells, sore throat, coughing, itchy eyes, tightening of the chest, and more. Changing them regularly keeps the interior environment of your car fresh and easy to breath.

Schedule

Refer to your vehicle’s owners’ manual for the manufacturer recommendations on factory scheduled maintenance. The general rule of thumb is to have your air filters inspected and changed every time you take your car in for an oil change. In fact, it is often a part of oil change packages. This should be every 3,000 miles or so. Talk to your mechanic for professional advice.

Telling Your Story the Right Way for Your Brand

We all want our marketing dollars to stretch as far as they can. One way to ensure that your dollars are taking your company as far as they should go is to have your brand tell the right story in the right way. It is important to think of marketing as someone in the corner raising their hand to get attention. If you aren’t intrigued by what you see, if you aren’t interested in figuring out what the story is, then your marketing and advertising can quickly be ignored and even more quickly add up to a cost that is not sustainable. Most marketing is an interruption, plain and simple. Whether it’s the ads you see scattered around the internet, streets, windows, and seemingly everywhere these days, the stuff that works is the stuff that grips you, makes you stop, and makes you curious.

Appeal to Your Customers
The first step in telling your story is to meet your customers where they are. No one is going to listen to your story if they can’t hear you. You need amplification to get your message out there and keep it out there.

Be Genuine
Developing a brand that really represents the high caliber services and products that your company provides is key to attracting the kind of loyal customers you want. You need to show them exactly what they can expect from you from the first moment they encounter your brand.

Create a Connection
Life is about the connections we make. If you can successfully connect with your customer base, then they are more likely to become your customers, return as customers, and spread the word about your brand to their connections.

You need a way to stay in your customers’ minds so that when they need your products or services, your brand is the first one they think of. Using promotional products can help your brand be remembered long after you make an initial connection with your customer base.

And Repeat
The stories that stick with us are those that we hear all the time. The best way to get the story of your brand remembered is to tell it over and over.

One of the easiest ways to accomplish that is with promotional products that appeal to your customers. Giving potential customers something they will use every day is the smart way to keep your brand repeating in their mind.

Ready to choose the right promotional product to tell your brand’s story?

Business Start with A Low Cost

To started a low cost business in the traditional world of bricks and mortar is very challenging. You need to make significant investments in recruiting, stock, apparatus and property to trade from. However, an online business is different. All you need is one person, one computer, limited capital and access to the internet.

You will need to spend some money purchasing a website domain name and hosting for your website. You can build your own website (it’s not as complicated as you might think) or you can employ a freelancer to build it for you. But these are minimal costs as compared to the substantial costs of renting a physical building to operate from, buying stock or employing staff.

So what options do you have to start a low cost business online?

1. Sell Other People’s Products

This online business model, known as affiliate marketing, is like being a commission paid sales person. You don’t have to buy any stock, deal with any payment programs or arrange any deliveries. The product owner takes care of that. Your job is to find the customers and get them to visit the product sales page. You can sell tangible products that get shipped to the customer’s front door or you can sell digital products which the customer downloads to their computer.

2. Freelance Your Services Online

If you have a specific level of knowledge or expertise there will be people looking online for them. Freelance websites like UpWork have countless numbers of customers looking for copy writers, creative designers, linguists, website developers, marketing and advertising staff, legal and financial specialists and more.

3. Create A Digital Product

The greatest advantage when you a create digital product is that once you have produced it, you can sell it online again and again. And you don’t need to be an expert in a particular subject to create a digital product like an eBook, video tutorial, white paper, or report. You just need to know more than the average person on your chosen subject.

4. Build A Membership Website

A membership site is like being like a consultant in the traditional offline world. You help and advise clients with your knowledge about your specialist subject. Every month you provide new content for your paying subscribers. You can produce content in advance that drip feeds to your clients when they sign up.

5. Become An Online Teacher

If you have particular know-how about a certain subject, you can pass on your knowledge to students from all over the world. People may not have a teacher near to where they live and don’t want to travel for long distances for their learning. But, the internet makes it easy for you and your students to use online video and audio connections. You can set up one-to-one classes or group classes.