Healthcare Considerations for Those Over 65 and Retired: Planning for Your Future

Getting your healthcare finances in order is one of the most important tasks you can complete as you prepare for retirement. There are many things to consider, including projected healthcare costs and options such as long-term care insurance and Health Savings Accounts. It is also essential to make a budget for your healthcare costs and to create an action plan that will help you achieve your financial goals.

You should be able to find plenty of resources online that will provide you with the information you need. Using these tools, you can create an estimate of your actual and projected healthcare expenses in retirement. The estimates will allow you to create a realistic savings goal. This includes estimating costs for prescription medications, medical visits and insurance premiums. It will also be helpful to include projected long-term care costs, as these can add up very quickly.

Depending on your situation, you may want to considerĀ Access the article purchasing Medicare Advantage or Medigap before turning 65. This option allows you to purchase your healthcare coverage through the marketplace, and some retirees may be eligible for financial assistance based on their income level. If you decide to purchase a marketplace plan, be sure to factor in the deductible and coinsurance amounts that are required, as well as the modified adjusted gross incomeĀ  that is used to determine subsidy eligibility.

Once you reach retirement age, it is important to have a clear understanding of the Medicare enrollment process. If you are leaving an employer-sponsored plan, you will likely have a Special Enrollment Period to enroll in Medicare without penalty. To avoid a gap in coverage, it is a good idea to check when your current health plan will end and sign up for Medicare about a month earlier than that.

If you have a low-paying job or are still working part time, ask your employer if you can continue to participate in the workplace health plan through COBRA or state continuation benefits until you reach age 65. This is a less expensive option than traditional Medicare and can give you some time to explore the Medicare options available to you.

Once you have a grasp of your situation and what you need to accomplish, create a roadmap to guide you along the way. It is also helpful to establish a list of priorities so that you can work on the most pressing matters first. In addition, it is important to celebrate your successes, even if they are small. This will keep you motivated and help maintain a positive outlook on your future.