Retirement brings a new set of challenges and changes. If you are approaching retirement or already retired, you should review your potential risks and various insurance coverages to ensure that your protection matches your needs.
There are two types of insurance that you should consider as you move toward retirement: health care and long-term care.
When you turn 65, you are entitled to Medicare, a health care insurance benefit that you have worked and paid for during your entire working life. Here are some things you should know about enrolling in Medicare:
Once you’ve selected a plan, you should review your coverage and benefits now. Don’t wait until it is needed, or you may be in for a surprise. Keep in mind that you are more likely to use this health insurance more than any other insurance you had before. That’s why we recommend that you seek assistance from a knowledgeable health insurance specialist.
This type of care is primarily an individual responsibility as Medicare is not designed to cover your long-term care needs. When planning for your or your spouse’s long-term care, here are some questions you should consider:
Risk-management planning for retirees is important and is likely different than what you faced during your career. I highly recommend that if you are retired or planning for your retirement that you meet with a qualified planner who will help you address these needs.
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