Many people look forward to the day that they walk out of the office for the last time. They are stepping into a world of leisure as they reach their golden years. Thoughts of lazy days and catching up on forgotten hobbies is at the forefront of most retiree’s minds.
However, before you start enjoying those coveted days, you should make sure that your health cover is up to date and suits your needs. A lot of people somehow forget to think of health during their “working years” and they focus on it once they realize they have time and will to pay extra care of health. We have some hints for you in choosing the right plan.
If you currently have a Medicare plan, give it a thorough once over. Check to see if the cover changes in any way once you go into retirement. Does it have comprehensive coverage for hospital expenses, as well as for daily medical expenditures? At the beginning of retirement you probably won’t need so much of your coverage, but things might change in the following years. As you grow older, you might require chronic medication or treatment, and you don’t want to pay out of pocket.
Going through your policy will give you a good idea of what you can expect to get from your plan. If it’s not comprehensive enough, consider upgrading it or adding Medigap insurance. Medigap is insurance that kicks in to cover any shortfall after Medicare pays its share. It usually happens that Medigap is a more reliable option after being retired for a decade.
You do need to consider the affordability of the policy, so it’s a bit of a balancing act between the best possible coverage and what you can afford. Don’t be afraid to speak to a few brokers or companies, and weigh up all the plans available like Medicare plans from HealthMarkets and other sites. It is always better to discuss your current condition and needs with someone who is an expert in that field.
The various health plans consist of four parts, and you need to understand them for you to make sure you have sufficient cover.
This part deals with hospitalization, including inpatient care in a hospital, nursing facility care, home healthcare, and hospice care. Important fact – Nursing home care is actually inpatient care in a skilled nursing facility that’s not custodial or long-term care. If this is not sufficient, check Part B or the upgraded parts below.
Covers necessary medical and preventative services, including services required to diagnose and treat a condition, preventative services such as flu shots, and medical equipment such as wheelchairs, crutches, etc. It doesn’t cover all equipment, and items such as dentures don’t fall under this section. As well as for the previous coverage, if this one is not sufficient, find the one that fits your needs better.
Also known as Medicare Advantage – It’s an alternative to traditional Medicare with lower out-of-pocket costs. If you’re considering this option, you need to take note that seeing out-of-network providers could become costly.
Call your preferred medical providers and verify that they participate in that plan’s network. Include in your checks, the local hospitals as well. There are a variety of health plans that contract with Medicare and provide all of Part A and Part B benefits. Medicare Advantage also covers prescription medications.. Part C is really popular coverage for those who prefer the plan’s network, so think about your preferences prior to choosing it.
This part focuses mainly on prescription medications. Different medications fall into “tiers,” which stipulates how much copayments are required. If you’re currently on chronic medication or think you might need it in the future, please make sure that it will be covered in this section as much as possible.
Take a look at your current lifestyle and how you would like it to look in the coming years. It could help you with your decision when choosing the right Medicare plan. You might take advantage of this time in your life to travel and see the world. If that’s the case, then choosing a Medicare Advantage option might not be the best idea as you’re limited to a network of providers within your area.
Consider your current state of health. Start by visiting a doctor and doing a full medical checkup. In this way, you’ll know if any conditions need treatment and how severe they are. Doctors can give you another important insight on which kind of insurance and coverage you should take. If you wear glasses or already have dentures, then this must be taken into consideration when choosing a plan, as those need to be replaced often. There are plenty of options, and while retired a lot of people do have time to think deeply about this.
If you currently suffer from a severe medical condition, you need to reconsider changing providers unless you read the fine print properly. There might be permanent exclusions for pre-existing conditions, or for a certain period.
If you can afford it, take the best Medicare plan you can and add Medigap Insurance. In this way, you can be sure you’re covered to the maximum level possible. It’s always better safe than sorry, and health is not something that should be ever put on the risk!
California is an amazing place to retire because you have the sun and the sea, and the fantastic holiday vibe is a perfect setting for relaxation. As a retiree, you don’t want your time in the sun to be marred by the stress of not having proper health cover.
If the correct plan is chosen, you’ll at least know that if there ever is a need for medical care, your only concern will be missing the weather, and not paying medical bills.