subject: Health Care Issues To Consider Before Retirement [print this page] Current economic conditions require that the average worker consider numerous issues before retirement, with one of them being health care coverage and future expenses (which can considerably influence how financially stable and emotionally comfortable you are in your golden years). Although turning 65 is not what it used to be as many seniors still work well beyond normal retirement age, you need to be more vigilant about your finances and these specific aspects of your retirement planning if you want to attain retirement security.
If you are less than a decade away from actual retirement, you will find that the state of your nest egg becomes more and more essential. As you near retirement, chances are you will be emphasizing fixed or regular income and prioritizing this over creating wealth by aggressive investing, and ensuring that you will be able to cover the costs of health care, as well as making the most out of your Medicare benefits.
You will be able to use Medicare once you reach the normal retirement age of 65. If you are not getting your Social Security payouts yet, inform Medicare a minimum of three months before you reach 65 for enrolment. Early retirement, or retiring before reaching normal retirement age, requires that you get medical insurance of your own prior to qualifying for Medicare so you will have a safety net just in case. If you retire earlier than 65, you can also carry over healthcare coverage from a former company or previous employer if you do not buy coverage of this kind from a private insurer.
Keep in mind that reaching the normal retirement age only gives you access to free Medicare Part A insurance and you will have to shell out your own money for Parts B and D. Supplemental healthcare coverage is recommended.
Long-term care is also another important aspect of healthcare you need to think about. This is virtually required as you grow older, especially if you have a long life expectancy. Stays at nursing homes or assisted-living facilities need to be included in your retirement planning, as does the possibility of healthcare at home.
If you are nearing retirement, purchasing a long-term care policy can take care of many health care issues and guard against excessively expensive medical costs (that can accumulate to sizeable amounts if you pay for them piece-meal) due to better and more extensive coverage. Taking care of these aspects before retirement, can translate to bigger savings and a more stable nest egg when you retire.
