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Securing Your Health at Retirement
In your old age, your health is the most important thing you need to secure. When you’re sick, it can be very frustrating, and medical bills can be a real concern. You need to have health insurance coverage to make sure that your healthcare needs are covered for your retirement.
Medicare is the federal health insurance program for people who are 65 or older, people with end-stage renal disease, and some younger people with disabilities.
Most people get Medicare Part A (hospital insurance) and Part B (Medical Insurance) when first eligible (usually when turning 65). Original Medicare pays for much, but not all, of the cost of covered health care services and supplies.
Medigap insurance is Medicare Supplemental Insurance that fills gaps in your Medicare coverage. Medigap is sold by private companies. A Medicare Supplement Insurance (Medigap) policy can help pay some of the remaining health care costs, like copayments, coinsurance, and deductibles.
Some Medigap policies also include things that Original Medicare doesn’t cover, like medical care when you travel outside the US. If you’re a member of Original Medicare, Medicare will cover most or all of your health care costs. After that, your Medigap insurance company pays its share.
A thing to note is that Medigap policies generally don’t cover long-term care (like non-skilled care you get in a nursing home), vision or dental services, hearing aids, eyeglasses, and private-duty nursing.
Medicare Advantage Plans
Medicare Advantage Plans are an additional option for getting Medicare Part A and Part B coverage. Medicare Advantage plans, sometimes called “Part C” or “MA Plans,” are often offered by Medicare-approved private companies that must follow rules set by Medicare.
This is the part of Medicare where most people get their drug coverage (Part D). You’ll usually need to use providers who are part of your health care plan’s network. This plan limits what you’ll have to pay out of pocket each year for covered services.
Medicaid is a government insurance program that helps low-income families pay for health care expenses. Medicaid offers additional coverage that Medicare doesn’t offer, such as nursing home care and personal care services.
It is possible to have Medicare and Medicaid coverage at the same time. If you have Medicare and full Medicaid coverage, most of your health care costs are likely covered. You can get your Medicare coverage through Original Medicare or a Medicare Advantage Plan (Part C). If you have Medicare and full Medicaid, you’ll get your Part D prescription drugs through Medicare. And, you’ll automatically qualify for extra help paying for your Medicare drug coverage (Part D). Medicaid may still cover some drugs and other care that Medicare doesn’t cover.
Making The Right Decision Now
When you reach your fifties, it’s time to start saving for the future. There are many ways in which you can save money for retirement. One of the best ways to do that is through life insurance. If you have been looking for the right policy, then you have come to the right place. Read on to learn about the different types of insurance policies available and how they can help you achieve your financial goals.