Apr 13, 2017 by Robert Myer
Healthcare is a big concern for seniors because as people age, they develop more health problems. Soaring healthcare costs and the uncertainties regarding insurance can cause a lot of trouble to seniors who must survive on their retirement funds and lifesavings. Even people with a decent nest egg struggle and don’t know how to plan their heath care costs in the later years. Professionals and home care assistance experts can help you plan your finances well.
Insurance for People Under 65
If you’ve retired early and are under the age of 65, you need to consider buying a separate healthcare plan for yourself. You’re no longer covered by your employer’s healthcare after you retire so it’s important to make your own arrangements. Thankfully, the Affordable Care Act is still active so you can gain insurance at a relatively affordable amount even if you have a preexisting medical condition.
Health insurance keeps you secure and ensures you don’t have to pay money out of your pocket for your medical bills. You can choose a healthcare plan that fits into your budget, provides enough coverage, and can offer tax cuts based on your income. If you’re uncertain about the plan, you can consult with a home care assistance expert or a reliable professional to get good advice on health insurance plans.
What About Medicare?
If you’re approaching your 65th year, it’s time to register for Medicare. This service isn’t free but it will cover a number of essential health care expenses without being a financial burden. Here’s what you need to know about Medicare:
• Part A – You don’t have to pay premium for Part A, which covers hospital care expenses. You’ll get a deductible of $1,260 for every benefit period.
• Part B – This part covers doctor related expenses and you need to pay a premium of about $104.90 every month. This premium amount will be higher if you earn more than $85,000 every year. It is deducted directly from your social security check so you won’t notice the premium.
• Part D – This covers the drugs and medication required to recover from your illness. The premium will vary based on the kind of drugs you require. The amount can range between $40 and $480 annually.
Home care assistance experts also recommend that you purchase a gap insurance to cover treatments that aren’t mentioned in Medicare like dental procedures, eye care, etc.