It happens to all of us. We eventually reach the age of retirement. As those years get closer, we must take inventory of our financial situation. We need to understand how Medicare and Medicaid work. We need to understand how and when we use our retirement savings. It is an exciting, yet frightening time.
The number one issue that retirees face is medical care and healthcare costs. The fact is, as we age, our bodies change. Everything we ever did to it comes back to haunt us. Your organs have been serving you for more than 6 decades during which there was a steady erosion. Your built-in ability to renew them diminishes. You may also experience:
- Slower heart rate
- Slightly larger heart
- Bones shrinking in size and density
- Problems with urinary tract and bladder control
- Memory loss
These are naturally occurring issues that most people face, even if they have taken care of their health. But, as you retire, you must have the means to face these and other aging issues head-on. That means quality medical care.
Medicare
Medicare is a federal government health care plan for people over the age of 65 and people with disabilities. It comes in 4 parts. Part A covers hospitalization. Part B covers routine doctors visits. Part C is also called Medicare Advantage. It is Insurance that a retired person can purchase through a private company for little or no cost to them. Part D covers many (but not all) prescriptions, where you would need to search for the best Medicare supplement plans.
Medicare Parts A, B, and D are standardized. They cover what they cover and you have no choice. Your doctors will work around the guidelines of these plans to treat you and if they treat you for something that is not included in these plans, you get the bill. But, part C is a whole different game.
Medicare Part C is much like the insurance you probably have always used. The policies are handled through private insurance companies. You may have a small premium or none at all, depending on the company you choose. Yes, YOU can choose the provider and the plan.
Medicare Part C covers everything Part A & B covers and as of 2016, many companies have added a prescription drug coverage to the plans they offer.
You are probably familiar with HMO or PPO plans. These types of plans are available to you. If you live near an area when you have a big network, these plans are usually your best option. Weigh your options carefully with the help of your insurance broker or agent. If you travel outside your network, you will pay out of network fees for healthcare.
Do you qualify?
To take advantage of Medicare Part C, you must already be enrolled in Medicare Parts A & B. You may not qualify with some companies (depending on their contract with the government) if you have permanent kidney failure. There are exceptions, so do not settle for a “no” too quickly.
As you are turning 65, you become eligible for Medicare. There is a 7-month window. This means 3-months before your birth month, your birth month, and 3-months after your birth month. You are eligible for Parts A, B, C, and D at the same time.
You can age into the system gracefully if you do the research now. Make a plan of action so your retirement will be effortless and stay healthy.
If anyhow unfortunate events happened and you find yourself in debt, there are still plenty of solutions to handle that. Do not fall in depression, since it will damage your health even more, but find a way and help to go through. After all, the most important is to keep yourself free of stress in every situation.
Anyhow, being retired can bring a lot of new and exploring, inspirational things. A lot of people decide to travel the world once they are retired and careless for the everyday stress from the work. Finally your body can be relief as you never experienced before. This situation can cause the energy boost and you can have more physical work (around the house, long walks, event going via private jets to explore an exotic places such as tropical forests, diving in the ocean, etc.) It’s extremely important to take extra care of yourself in this situation. Even if you were active your whole life, body might seem stronger that is actually is and you can cause some damages by accident.
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