Retirement is often described as a time of relaxation and enjoyment. But in reality, being retired does not mean that you will no longer face issues and concerns like medical emergencies and hospital bills. In fact, retirees have to be familiar with healthcare options that could help you at times of need.
Medicare is paid
Medicare can be discounted or free for people who rendered 30 or 40 hours of work, but remember that many aspects of Medicare must be paid. For those charged based on income, you may still need to pay an average of $150 per year.
Take note that Medicare may not cover your dental care and eye care. Also, if you choose to live in home care, the cost may not cover your Medicare. You may have to set a different plan for this.
Medicare requires application
Once you turn 65, you can sign up for Medicare. Medicare is not automatically applied to you. It is different from collecting retirement benefits from Social Security at age 62. Applying for Medicare can be done online through the Social Security website.
Take note that applying for Medicare should be done in a specific time frame. You can have a penalty-free application for Medicare when you sign up from three months before you turn 65 until three months after your birthday.
Medicare has limitations
One limitation of Medicare is that it may not cover your medical bills when traveling in another country. You may find healthcare facilities abroad that honor Medicare but, they are very few. This means that you may need to pay for medical travel insurance.
The best way to save money in these types of situations is to consult a professional who can help you look for alternative medical plans. Reaching out to them can help you save time and money.
You have to pick a policy
There are various supplemental policies that you can pick from to boost your healthcare insurance apart from Medicare. In choosing the right policy, you should consider your background and other qualifications that you may have.
If you are a low-income retiree, you can qualify for Medicaid. Medicaid covers inpatient and outpatient hospitalization, laboratory services, and physician fees, among many others. If you want to have deductibles and co-pays covered, you can opt for Medigap.
You should also know whether you are covered by employer insurance or a spouse’s plan. If you have these or have veterans’ benefits, supplemental healthcare insurance may no longer be needed.
Renewing policy when moving
Even though Medicare is a federal program, the specific policies that you are currently enrolled in may need to be renewed when you move from one state to another. For example, Medicare Advantage and Medigap plans may have different policies or be unavailable in a different state.
Supplemental insurance from private companies may only apply to you when you are residing in the specific state where the company is located. It is the responsibility and authority of the state government to license these private insurance companies.