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3: Analyze Your Decisions

Insurance During Retirement

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General Guidelines

  • Understand your values related to quality of life and reliance on others for making health care decisions.
  • Work (or have your spouse work) until FRA or longer to maintain your health care coverage through an employer.
  • Save more for out-of-pocket expenses and have a plan regarding which income sources will be used to pay for health care.
  • Practice strategies for minimizing your health care costs.

Your health care expenses during retirement will prove to be one of the larger categories in your budget. Their impact on your lifestyle can be significant due to health care costs rising more than the cost of living adjustments that most retirees receive.

For these reasons, it pays to understand what costs you might incur during your retirement, options available to help pay for your costs and ways to minimize your costs.

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Reliable Resources

  • Inpatient vs. Outpatient care is important to consider if you are on Medicare. Use this publication from the Center for Medicare and Medicaid to understand what costs you may incur.
  • Longtermcare.gov offers information about long-term care, what is covered, and costs. You can also use the Pathfinder to get information relevant to your current age and needs.
  • Medicare.gov is a general site for retrieving information related to Medicare sign-up and coverages, Medigap and long-term care.
  • My Retirement Paycheck is SAM’s sister site dedicated to retirement issues. Check out the information on insurance if you need additional help.
  • State Health Insurance Assistance Programs (SHIP) provide personalized insurance counseling for Medicare recipients and their families.
  • U.S. Department of Health & Human Services (HHS) offers information on health marketplace news, Medicare, Medicaid and other insurance topics.

What Do You Need to Consider for Your Medical Needs?

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Thinking in the long term about what medical issues you may encounter is a difficult subject. Planning now can help you when that time comes.

  1. Think about your family history and medical conditions.
  2. Think about your current health and medical conditions.
  3. Consider family, friends or professionals you might call upon for help in a medical or long-term care situation.

Now, fill in the Medical Needs Worksheet to concentrate on the conversations you need to have with your loved ones, friends or other professionals.

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