Friday, August 11, 2017


Many pre-and post-retirees half-heartedly joke they can’t afford to die due to inflated funeral costs, yet they can’t afford to live because of increasing medical costs and decreasing medical coverage for seniors. The impact on retirees due to rising out-of-pocket expenses for premiums and prescription drugs is palpable.
With each changing administration, government policies and priorities change regarding health care benefits.
The inability to rely on a consistent plan with set premiums and costs makes it difficult for pre-retirees to plan for potential future medical costs effectively. Relying on Medicare to supplement medical expenditures means even the most conservative and well-intentioned estimations will most likely fall short of actual figures.
There are government resources available online provide a breakdown of costs associated with Medicare Part A, Part B, Part C and Part D for those in the pre-planning stages of retirement. These resources illustrate the costs for varying levels of coverage and financial status.
To ensure adequate funds are set-aside, and interpretation of plan requirements are met, it is highly advisable to review the official site to educate oneself on the ins and outs or Medicare coverage before enrolling.
Supplemental plans are also available from companies such as Scan and MetLife to provide yet another level of coverage for those needing medical coverage at retirement but whose medical need is greater than what can be covered by Medicare.
Supplemental plans are also for those who may have developed medical conditions and will need to see specialists, have frequent medical exams run, or who need assistance with increasing prescription costs.
Monthly Medicare premiums vary state to state and year to year.
In order to help mitigate rising costs, a Medigap policy known as Part F is available to cover Part A and Part B co-insurance and deductibles, as well as other services. Speaking with a financial or health insurance professional can provide you with a roadmap of what services are necessary to meet unexpected health care costs.

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