The hallmark of a successful retirement is developing a financial plan that can help ensure your money will last as long as you do. During this new and unique period in your life, how you allocate your money can often matter more than how much of it you have, or how diligent you’ve been in saving it. Having a comprehensive and affordable health insurance strategy is more than just a critical component in your retirement plan; it’s a critical component in your quality of life and well being in your later years.
There are a number of ways to accomplish this, but for many retirees, Medicare is the most important to learn how to utilize. Medicare guarantees health insurance for people older than 65 who have certain disabilities or diseases. It is similar to Social Security in that it’s a federal social insurance program that you have contributed to over the course of your
Medicare Advantage Plans include: health maintenance organizations, preferred provider organizations, private fee-for-service plans, special needs plans, and Medicare medical savings account plans.
If you’re enrolled in a Medicare Advantage plan:
– Most Medicare services are covered through the plan
– Medicare services aren’t paid for by Original Medicare
– Most Medicare Advantage Plans offer prescription drug coverage.
Part D – Prescription Drug Coverage adds coverage to:
original Medicare, some Medicare cost plans, some Medicare private-fee-for-service plans, and Medicare medical savings account plans. These plans are offered by insurance companies and other private companies approved by Medicare. Medicare Advantage Plans may also offer prescription drug coverage that follows the same rules as Medicare Prescription Drug Plans.
Healthcare costs are often the biggest expense in retirement and should be viewed as a major factor when estimating your retirement costs. Having a plan in place to help insulate your savings from healthcare costs may mean the difference between being able to leave a lasting financial legacy for generations to come, and having your life savings drained down completely.