You are probably well aware that healthcare is something you will need to plan for in retirement because, unfortunately, as we age, our medical expenses don’t go down. Therefore, it’s important that you have some type of healthcare plan in place when you retire. There are a few ways to go about this. If you are retiring before your spouse, you could always join their plan, which most companies allow. If you are over age 65, you are eligible for Medicare, which many Americans rely on for healthcare coverage in their twilight years. Another option is to purchase health insurance through your state’s Health Insurance Marketplace. Finally, there is also the health savings account (HSA) route, which has become somewhat popular in recent years. If you have an HSA that you’ve been able to grow into a reasonable chunk of change in recent years, then you might include that as part of your medical expenses coverage. Regardless of what you decide to do for health insurance during retirement, you will want to do your research. That means seeing what your options cover, what their costs will be, and whether each one fits what you are looking for regarding medical coverage. You don’t want to pick a plan that’s too pricey or doesn’t cover illnesses/conditions that you may already have or are highly susceptible to. However, you also don’t want to overpay for coverage that may eat a good chunk of your retirement savings unnecessarily. There are a lot of online resources available to help you research and even pick the plan that’s right for you. If you are worried about costs and how they may impact your retirement finances, you should also speak with a certified financial planner, who should be able to give you an idea of your budget or financial thoughts.
If you know anything about Medicare, then you are probably aware of the fact that there are choices to be made when it comes to selecting a plan that works for you. There’s a good chance that you, like many retirees, will rely on Medicare to help cover your medical costs in retirement, so you will want to know what your options are. If you are near retirement, you’re probably familiar with terms such as “Part B” or “Part D Prescription Coverage” already and, thus, know that you will have to make some decisions about your coverage. This means researching the plans that are offered and understanding what the advantages and disadvantages are to each choice. You will want to see what each option covers and doesn’t cover. Such things to pay attention to is whether a choice allows you options when it comes to choosing a doctor, whether certain treatments are covered, and what potential gaps in coverage may exist. Regardless of what option you choose for Medicare, keep in mind that Medicare changes fairly regularly, so you will want to review your coverage each time you enroll (most likely yearly). I understand that choosing a proper Medicare plan can be a bit overwhelming, however, it’s something you may have to do because you will need medical insurance in retirement. The good news is that there are lots of resources online that can help you break down the coverage options and which you can use to educate yourself about what your options are.