Estate planning is more than writing your will. It includes making arrangements while alive and after you’re gone. Estate planning is thinking about your future and how you can retire with the most money possible. It helps you to think about and balance your social security benefits and Medicare costs. In this article, we will talk about changes to 2023 Medicare and social security.
The concept of social security is that you pay taxes into the system while you work. When you retire (or become disabled), you can draw on those finances, receiving a monthly payment.
There are 2 big changes this year to social security.
There are also some changes in Medicare (and unfortunately, they are increases).
With Medicare, Part A deals with inpatient hospital stays, skilled nursing facilities, hospice, and some home healthcare services. Part B deals with physician services, outpatient hospital services, certain home health services, medical equipment, and other services not covered by Part A.
It can be challenging to understand Medicare. We will mention only a few changes you might see this year.
You may want to talk with an agent who can discuss all Medicare possibilities with you.
You want to make the most of your income while staying healthy; therefore, you need to understand your Medicare and social security decisions. An experienced estate planning attorney can help you plan for your future. Then, you can plan on leaving your legacy to your loved ones after you are gone. We can also help you understand changes to retirement plans coming in 2023.
Do you have questions about building your estate plan to maximize your future? Schedule a consultation with the experienced attorney at Estate and Probate Legal Group. Call us at 630-864-5835.
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