Most of us are familiar with Social Security. It's a program we all pay into during our working years and collect from in retirement. Those benefits are often crucial in helping retirees stay afloat, especially those without a whole lot of savings. But Social Security is by no means designed to sustain seniors in the absence of outside income, and relying on those benefits too heavily could set you up for financial ruin during retirement.
Some Social Security recipients say they're still waiting for their stimulus checks, even though the Social Security Administration has said many of them should have begun receiving their payments a month ago in mid-April. Some also continue to struggle with getting information from the IRS "Get My Payment" site, leaving them unsure when the checks will arrive.
The way the pandemic affects Medicare is broad. Here are answers to some of the biggest questions Medicare beneficiaries are asking themselves right now.
The Washington Post reported that senior economic officials at the White House are exploring a polarizing proposal by conservative scholars at the right-leaning American Enterprise Institute and Hoover Institution. The scholars, Andrew Biggs (a Forbes contributor) and Joshua Rauh, had published an opinion piece in The Hill outlining their plan, which would provide cash to households, but not in the form of a direct stimulus payment. Instead, the two argue that Congress should offer voluntary loan checks of up to $5,000 - the actual amount is up for debate - in exchange for a delay in receiving their Social Security benefits in retirement by up to three months.
Those waiting for payments will soon see them in their bank accounts and mailboxes.
Steer clear of these blunders as you navigate these extremely challenging times.
Did you know that you may be able to receive benefits on your spouse’s record if you have not worked or do not have enough Social Security credits to qualify for your own Social Security benefits?
If you're in your 60s and concerned about the economic turmoil coronavirus is causing, you may be considering claiming Social Security retirement benefits.
At greater risk from COVID-19, some seniors now face added anxiety due to delays obtaining Medicare coverage.
There are advantages and disadvantages to this Social Security strategy.
Supplemental Security Income recipients with eligible children need to act by May 5 to receive their economic impact payment this year.
This is the fourth consecutive year that the Medicare trustees have issued a warning of the need for reform. Thus far, those warnings have been ignored.
If you're on Medicare, here's what you need to know.
The Medicare board of trustees held steady with its prediction on when the program’s hospital fund will run dry: 2026.
Prior to the onset of the COVID-19 crisis, the Medicare Advantage (MA) landscape looked like a promising business opportunity for in-home care providers. That was, in part, thanks to two major expansions of MA supplemental benefits in 2018 and 2019.
The federal government has granted Medicare Advantage plans significant leeway when it comes to setting payment rates and other rules for skilled nursing facilities. In normal times, the crazy quilt of managed-care policies and exceptions creates headaches for operators and their billing teams.
The Internal Revenue Service (IRS) has confirmed that recipients of Supplemental Security Income (SSI) will automatically receive automatic Economic Impact Payments (that's the official name, although most taxpayers refer to them as stimulus checks).
AARP is urging the IRS to change guidelines so Supplemental Security Income (SSI) benefit recipients can receive stimulus payments under the CARES Act.
For a limited time, Americans would be able to withdraw money from tax-deferred retirement accounts without penalties.
As the coronavirus continues to spread, the number of people on Medicare admitted to the hospital for COVID-19 related illness is expected to rise, mainly because older people are at higher risk of getting seriously ill if they get infected. According to the CDC’s analysis of preliminary data, 45% of all hospitalizations and over half (53%) of intensive care unit (ICU) admissions are for people ages 65 and older. While only a relatively small share of adults who test positive for coronavirus are expected to get sick enough to be hospitalized, those who do could face significant out-of-pocket costs for their hospital stay, and many people on Medicare already face relatively high out-of-pocket health care costs.