With the cost of healthcare increasing, more and more people are beginning to worry about how they will pay for coverage. This is particularly true among particular groups, such as retirees. No matter if you are currently retired or close to making this major life change, you need to think long and hard about how you are going to receive the proper healthcare coverage.
Employer Sponsored Healthcare
Although you may be retired, there is a chance that you will go back to work at some point in time. If you do, and you qualify for healthcare benefits, you should definitely take full advantage. It is against the law for an employer to offer coverage to younger workers, but not those in the senior category.
Believe it or not, many retirees are going back to work just to receive healthcare benefits. If this sounds like a good idea to you, search for a position that offers the benefits you are interested in – including health insurance. You may even find that some companies are offering healthcare coverage to part-time employees as a way of attracting experienced workers.
Purchase your own Coverage
No matter if you are retired or not, you have the right to purchase your own health insurance policy through a third party provider. The main issue with this is that the cost of individual health insurance increases as you get older. Also, coverage is not guaranteed. In other words, if you have had health issues in the past or are getting very old, you may find it difficult to locate a company that is willing to offer you coverage.
If you are over the age of 65 you will qualify for Medicare. Most people who qualify for social security benefits are automatically enrolled in the Medicare program upon reaching the age of 65. Many people rely solely on Medicare, while others use this to supplement health insurance that they already have in place.
It is important to note that Medicare is broken down into several “parts.” They include: Part A – this is free and used to pay hospital and other facility related costs; Part B – this covers traditional visits to the doctor and testing such as blood work and x-rays. There is a premium for Medicare Part B; Part D – covers prescription drugs. The cost varies based on the plan that you choose.
One thing is for sure: you need the proper healthcare coverage during your retirement years. Thinking that you can do without is a big mistake!