1. Outline Your Retirement Goals: Understanding your retirement expenses and what “retirement” looks like to you will help you prepare for Medicare by determining your income, expenses, and what you envision your future lifestyle to look like.
2. Know the Important Dates: To avoid delays in coverage and costly penalties, you need to know when you can and should enroll in Part B and Part D of Medicare. You will also need to decide if you can and should keep you or your spouse’s group health insurance if applicable. Signing up for supplemental and/or drug coverage is not automatic. Prepare to invest some effort on your end – this is how Senior Financial Group advisors can help simplify the process.
3. Estimate Your Out-of-Pocket Health Care Costs: After deciding on the type of coverage you desire, estimate your out-of-pocket expenses, including costs for Parts A, B and D and any additional coverage you plan to select. Additionally, since there are many items Medicare does not cover, which vary depending on the supplemental coverage you select, include those potential costs in your estimates. Consider purchasing additional insurance for cancer, final expense and an annuity to protect your retirement money and hedge against unforeseeable hardships. Prepare for your future by investing the time today to consider where there may be gaps in your coverage.
Senior Financial Group is here to help!