Harold is prescribed medicateon for high blood pressure and cholesterol. How much will medicare pay toward his prescriptions in general.?

Harold is prescribed medicateon for high blood pressure and cholesterol. How much will medicare pay toward his prescriptions in general.?

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Harold and Virginia Jones are longtime residents of your city. Harold has worked for the same corporation for 35 years and is fully vested in his corporations Defined Benefit Pension. He also has saved faithfully in his 401k, which has a balance of 500000. Virginia worked full time for 10 years before they had children, and then stayed home with their two children until they went to college. She never returned to the workforce. They are both 63 years old and are starting to consider retirement. Their biggest concern is how best to position and protect their assets from running out too soon. They have come to you for advice on how to prepare for retirement.

They ask about long-term care insurance and whether it is a good idea for them or waste of money
what triggers a benefit provided under a long-term care policy.
Harold is concerned that they might not be able to pay premium for the rest of their life, is there a way to still maintain coverage even if premiums stop being paid? If so, how much benefit would be maintained?
If the policy is guaranteed renewable policy, can Harold and Virginia ever be canceled by the insurance company due to declining health once the policy is in force?
Are premiums under a guaranteed renewable policy protected from ever being increased by the insurance company or can they be raised at any point in time?
They ask you about option to handle their 500000of retirement saving.
If they want to avoid risk and guarantee a certain income stream, what would you recommend they do with this money? Why?
If they are okay with continuing to take risk, but want to move the assets from the corporation’s 401k to their own account, what can they do with the proceeds?
Will Virginia and Harold have to pay taxes on the money as they with draw it from their 401k? is so, at what rate?
Are there any penalties for withdrawing money at this point in their lives?
Assume they wait to retire until age 65. They now have some question about medicare and what it means to them. they are enrolled in medicare parts a&b and have a prescription drug program under part d.
Virginia is a terrible car accident that requires hospitalization and surgery, followed by a lengthy stay of six mouths in a skilled nursing facility, what would medicare pay toward the costs of her hospital stay. Surgery and skilled nurisng facility care?
How would long-term care help in this situation?
Harold is prescribed medicateon for high blood pressure and cholesterol. How much will medicare pay toward his prescriptions in general.?
finaly, they ask about their entitlent to social security benefits.
are they both able to receive retirement benefits at age 65? On what basis?
will their benefits be taxable at all? If so, how much?
if Virginia were to become totally disabled, would she be entitled to any benefits from social security? Why or why not?
if Virginia were to die, would Harold receive any survivorship benefits? Why or why not?

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