4 Tips For Getting Great Medical Care After Retirement
Author: Kara Masterson
Planning for retirement is an extensive, detailed process. While Social Security can help cover your day to day living expenses, most of us know it’s not enough. On top of that, the high cost of health care is of primary concern to most retirees. Fortunately, there are ways to ensure your increasing medical needs are covered throughout your golden years. Continue reading to discover four tips for getting great medical care after retirement.
Research Insurance Options Early
If you’re still working, but are looking ahead to retirement, it’s important to conduct thorough research on your healthcare coverage options. Having an understanding of the medical care options available to you in retirement is essential to planning the most cost-effective strategy for meeting your needs. Those with military service backgrounds may be among the most fortunate due to the availability of the TRICARE program which provides free medical insurance prior to age 65 and supplements Medicare costs after that age. Retirees with employer-paid programs are also quite lucky, but organizations that pay for employee plans after retirement are becoming rare. Individual insurance plans are an option, but can be pricey. Medicare kicks in at age 65, but isn’t likely to provide for all of your needs.
Fill in the Gaps
If you’ve already retired, you are likely encountering the very real issues of limited coverage provided by Medicare. Fortunately, there is an option that can help to fill those coverage limitations. Medigap insurance can be an affordable option to supplement your Medicare health insurance. The reasonable monthly premium of medigap insurance can be an investment in peace of mind.
Lower Prescription Costs
Another avenue for helping to keep healthcare costs affordable, thus insuring you continue to receive excellent medical care in retirement, is the availability of cost-saving programs for buying necessary prescription drugs. Even those with Medicare Part D will encounter out-of-pocket expenses. Asking for generic drugs, when available, can save you a significant amount of money. You can also speak to your doctor about therapeutic alternatives to pharmaceutical care to cut costs. Mail-order programs can be an option for obtaining cheaper prescriptions, too. You should also ask your insurance provider if they have a preferred pharmacy discount.
Don’t Neglect Long-Term Care Needs
One aspect of retirement medical costs that is often neglected is long-term care. This refers to the ways in which you will be taken care of when you can no longer live independently. Such care can be incredibly expensive. Purchasing long-term care insurance is a proactive measure you can take in order to defray much of those costs. Also, taking the time to research your long-term care options can help to ensure your later quality of life. Independent and long-term care facilities such as Cedar Village provide various services that can supplement independent care or offer total medical attention in the event you are no longer able to meet those needs independently.
These four tips should give you a good start on planning for your future. Retirement should be a comfortable and empowering time of life. Planning ahead for your medical care can ensure such an experience.