Health Insurance In Retirement

If you are approaching age 65, one of your priorities should be researching health insurance in retirement. Healthcare costs continue to rise and changes to Medicare occur yearly, which can make selecting a Medicare plan and supplement insurance policy an overwhelming task. To simplify the process, make a list of your medications and healthcare providers before considering the various Medicare plan options as some plans may not cover them. The cost of Medicare varies depending on how long you paid Medicare taxes, your income, and the plan you select. Your income in retirement and health and family history will help you determine the level of coverage you need and can afford.  

When it comes to choosing supplemental insurance, think about the benefits you’re most interested in or feel you’ll need in the future. A Medicare supplement plan is an additional health insurance policy provided by a private company that covers things Medicare won’t cover like copayments and deductibles. Some policies may cover long-term care when others won’t. Some supplemental plans cover foreign travel emergency medical expenses when others don’t. Your lifestyle will help you narrow down which supplemental insurance plan will be best for you. 

Thinking ahead and researching your options will help you avoid getting stuck with inadequate health insurance in retirement. If you have a family history of cancer you will want to select the Medicare Advantage Plan with the Preferred Provider Organization structure to have a wider selection of providers with no referral needed for specialists. Yet cost will be a factor as Medicare plans that offer the best coverage are more expensive. If you have questions or need help selecting a Medicare plan and supplemental insurance, call 1-800-MEDICARE, or 800-633-4227. They’re available to take your call 24 hours a day, 7 days a week with the exception of federal holidays.