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Retirement Health Insurance
By Milos Pesic
Health care is a priority at any given age. After retiring however, care probably becomes the most important focus as one tries to stay in good health; this means more visits to the doctor for routine checkups and preventative tests. There’s also that chance of ones declining as they grow older and the increasing need for expensive prescription drugs and medical treatments. This is the main importance of retirement insurance.
Retirement insurance allows for those aged sixty-five or older to be lessened with worries when it comes to paying care when they retire. Most retirees presumably are eligible for certain benefits from a federal insurance program, Medicare, when they reach the age of sixty-five. But if one retires before this age, then they’ll need some other way to pay their care until Medicare benefits take effect. Some generous employers may offer extensive retirement insurance coverage to their retiring employees, but this is most of the time and exception rather than a rule. If employers do not extend benefits, then there is a need to buy a private retirement insurance policy, which will be expensive, or extend the employer –sponsored coverage through COBRA.
But take note, Medicare will not pay for long-term care if one ever needs it. They’ll need
to pay that out of their own pockets or depend on benefits from long-term care insurance (LTCI), or for those whose assets and/or income are low enough to allow them to be eligible for Medicaid.
Nearly all Americans automatically qualify or become entitled to Medicare when they reach the age of sixty-five. Factually, for those who have been receiving Social Security benefits does not need to apply for Medicare because they will be routinely enrolled. However, they will have to decide whether they need only Part A coverage, which is premium-free for the majority of retirees, or if they want to also buy Part B coverage. Part A, frequently referred to as the hospital insurance portion of Medicare, helps pay for hospice care, home care, and inpatient hospital care. Part B assists in covering other medical care such as laboratory tests, physical therapy, and physician care. Persons who want to pay a fewer out-of-pocket care costs may opt to enroll in a managed care plan or private fee-for-service plan under Part C of Medicare or Medicare Advantage.
The likelihood of prolonged stay in a nursing home ponders heavily on minds of many senior Americans and their families, so does the thought of conditions that may need expensive treatments; however, with the aid of retirement insurance, this burden is lightened.
Milos Pesic is a successful webmaster and owner of popular and comprehensive Retirement
information site. For more articles and resources on Retirement related topics, Retirement Plans, Retirement Communities, Individual Retirement Accounts and more visit his site at:
http://retirement.need-to-know.com
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