Posts Tagged health
What Happens When I Retire?
Health insurance considerations weigh heavily on the minds of people wanting to retire before Medicare coverage kicks in at age 65. Many people put off retirement simply because the cost of an individual health insurance policy is too great on a limited income.
What options for health insurance do you have if you choose to retire before age 65? Although they are not required to, you may be able to get COBRA-like coverage from your employer.
As an added retirement benefit, your employer may allow you to pick up the premium on your policy; although paying 100% of your premium may initially appear to be an expensive option, purchasing an individual policy apart from a group may be even more costly and not provide you with the level of coverage you previously had.
Some companies are offering basic high-deductible insurance reasonably in the hopes that they will be able to enroll you in Medicare Part C (supplemental insurance) when you retire.
Another option is to budget and save money to cover your anticipated medical costs for the time period between retirement and age 65. If you are in very good health, this may be a viable alternative for you.
Pre-planning for retirement is an important issue; the earlier you start planning, the better. Realizing the Medicare does not pay all of your medical expenses, you should budget money for medical expenses even after retirement.
Tags: health, health insurance, individual health insurance, medicare, policyThe Basics of Health Insurance
Health insurance, in this modern world of cancer, heart disease, AIDS, diabetes, asthma, ageing and other diseases and afflictions, it is essential to have some sort of health insurance.
There are many levels of health insurance coverage available; unfortunately, like most things in life, you get what you pay for, and good coverage can be very expensive.
The two most common terms in referring to health insurance are premium, which is the amount paid for the insurance, and deductible, which is your out-of-pocket expense before the insurance pays your provider.
For instance, you might pay $300 premium per month for family coverage, and your deductible might be $250 per person, which means if you fell and broke your ankle and went to the hospital emergency room, you would be required to pay the first $250 of the bill.
You can purchase very basic catastrophic coverage, which would carry a very high deductible and the premium would be less than comprehensive coverage which would have a higher premium and lower deductible. It pays to invest the time to investigate various insurance options, taking into consideration your age, your general health and the health of your family members.
Your employer may offer group health insurance, which is most likely the least expensive option for you, and usually the premium is deducted from your paycheck.
Health insurance is a calculated risk; can you afford the premiums or are you willing to risk that you would pay less out of pocket for medical expenses in a year than the premiums would cost? Consider carefully.
Tags: health, health insurance, insuranceGetting the Most Benefit From Your Policy
The key to getting the most benefit from your health insurance policy is knowing your policy coverage.
Many people don’t actually read the policy for the policy plan book; they may not be aware that the policy may pay 100% of certain procedures, like annual physicals, mammograms, flu shots or certain labs tests.
The policy plan book will outline for you what procedures are not subject to the deductible or co-pay (your out-of-pocket expense).
Some insurance companies have shifted their emphasis from health insurance to health improvement and maintenance and will pay for the cost of gym membership, nutritional counseling or plans to stop smoking.
If you were trying to lose weight and knew that you could get these services at no cost, wouldn’t you take advantage of them?
If you wanted to quit smoking, wouldn’t it be beneficial to know that you could get the patch for free?
It is very wise to know what services are available to you through your insurance company, and you will only know if you take the time to read through your policy.
Health insurance is an expensive item; take advantage of every aspect of it that you can, not only for yourself but for the members of your family.
By taking full advantage of the free benefits of your health insurance policy, you will be healthier and possibly require fewer visits to your doctor.
Tags: health, health insurance, health insurance policy, policy, policy coverage