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May 28, 2024
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Health Insurance and Retirement

Retirement is a phase of life most people look forward to. It’s a time for relaxing, pursuing hobbies and spending time with loved ones. However, one aspect that often gets overlooked in retirement planning is health insurance. As we age, our health needs often increase, and so can the cost of health care. Therefore, having a robust health insurance plan is crucial to help ensure a stress-free retirement.

Faceless doctor with chocolate coins in hands

How to Plan for Health Insurance in Retirement

The following are some key points to consider when planning for health insurance in retirement:

  • The rising cost of health care—Health care costs are escalating every year. Retired individuals may have greater health care needs as they age, meaning such costs may be unavoidable. This reality can be daunting and underscores the importance of having adequate health insurance coverage in retirement.
  • Medicare shortcomings—Many retirees believe that Medicare, the federal health insurance program for people age 65 and older, will cover all their health care expenses. However, Medicare does not cover everything. There are deductibles, co-pays and coinsurance costs associated with Medicare, not to mention services that Medicare doesn’t cover at all.
  • Supplemental insurance—To fill the gaps left by Medicare, many retirees opt for supplemental insurance plans, also known as Medigap. These plans may help cover costs not included in Medicare Parts A and B, such as co-payments, coinsurance and deductibles. Some Medigap policies may even provide coverage for emergency medical care outside the United States that is not covered by Medicare.
  • Health savings accounts—A health savings account (HSA) is a tax-advantaged account that allows you to save for future medical costs. The money you put into an HSA is tax-deductible, and the withdrawals for qualified medical expenses are tax-free. If your employer offers a high-deductible health plan and you’re still working, consider its advantages.

Health Insurance for Retirees in Garland, TX

Planning for health insurance in retirement is just as important as planning for income. By understanding the costs involved and the options available, you can help ensure you’re covered for whatever comes your way, leaving you free to enjoy your retirement years to the fullest.

Contact New Beginnings International LLC to discuss available health insurance plans and ensure you are adequately covered. We can help you learn more about your options and explore health insurance quotes tailored to your needs.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.

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