Health Insurance

Many people that are planning to retire assume that a great deal of their healthcare costs will be taken care of after they have retired from their job. Others fail to take into account how much medical bills may cost if they become really sick. Planning for your health care during retirement is a very important part of retirement planning and neglecting this step can cause financial devastation in the future.

Many people that are looking forward to retirement believe that they will be eligible for Medicare benefits very shortly after they retire from their employment positions. This means that they will be covered by government sponsored health insurance so they do not have to worry about planning for their future health care. If these people took the time to do some research, they would find that there are many things they do not know about the Medicare program and they may be subject to some very unpleasant surprises in the future.

Considering A Bridge Health Insurance Policy

Many of the people that retire from their jobs are eligible for Medicare soon after they have left their positions, but the retirees that take early retirement will have a gap between the end of their insurance through their employer and the date they can apply for Medicare benefits. To prevent the occurrence of a devastating financial emergency due to a health problem, these people will need a “bridge” health insurance policy to make sure that they are covered and they will not be saddled with catastrophic medical bills if something happens to them. These bridge health insurance policies can be costly because seniors are considered to be a high risk group by most health insurance companies and seniors that do not have enough money to cover the costs of the bridge health insurance policy may be able to qualify for Medicaid which will help to bridge the gap in coverage while they are waiting to become eligible for Medicare.

Does Medicare Cover Everything?

When a retiree qualifies for benefits under the Medicare program, they will still be responsible for some of the health care costs incurred because all of the costs associated with the health insurance are not paid by the government. Many people that qualify for Medicare health insurance must still pay a monthly premium for the insurance coverage. People that have retired must also consider the costs of the medications that they may need into their health care planning because the prescription drug benefits only pay part of the costs for most medications. Having enough insurance to provide for the health care of the person and how to pay the insurance and associated costs during retirement sho