Addressing health care costs is a good approach to take when it comes to planning for your future. But what are the important details that you need to consider? We’d like to take the opportunity to discuss several solutions that can help secure your health (and wealth) needs during the golden years: a smart financial mindset, Medicare Supplement Plans, and health literacy:
Save and Earn
For most, saving is of the utmost priority to secure a comfortable future. And instilling a saving mindset is indeed important, considering that a majority of those from the baby boom generation are expected to face significant financial hardships during the retirement years. According to the Insured Retirement Institute’s Boomer Expectations for Retirement 2016 report, 45% of the study’s respondents revealed to have not set aside any funds for their retirement at all. As such, saving money today is essential in securing better tomorrows.
Additionally, emphasis on earning should also be considered. Saving money can only do so much – having multiple streams of revenue allows one to be in a bigger financial safety net. Boomers can apply for online work or part-time employment to help increase their income.
Improve Your Health Literacy
Another great way to tackle health care costs during retirement is improving one’s literacy on medical procedures and instructions. Health literacy, often the reason for expensive medical bills (even for unnecessary checkups and treatments) that individuals deal with on a daily basis is a cause of concern that should be immediately addressed. As mentioned by the National Assessment of Adult Literacy report by the U.S. Department of Education, there are approximately 77 million people in the country that have been deemed to have poor health literacy skills.
As such, a proactive effort in seeking, understanding, and integrating health knowledge is suggested. Employees can ask if their workplace promotes health literacy awareness – and see to it that the proper information is distributed among workers. Retirement planners also need to invest the time to meet with physicians and insurance experts. The pursuit of medical knowledge can prove to be a financial lifesaver for all.
Purchase a Medicare Supplemental Plan
Lastly, consider learning more and enrolling in a Medicare Supplement program. Also known as Medigap, this is a form of insurance that will help policyholders pay for out-of-pocket medical charges (such as coinsurance fees, copayments, and deductibles). A Medigap insurance policy is also offered in ten standardized plans, which allows applicants the convenience to select a plan that will best address their unique needs or preferences.
Also, private insurance companies sell these plans. This offers an advantage for applicants: shopping around for a plan is feasible and choosing an agent they’re comfortable working with is a practical and useful retirement planning step.
Essentially, the process of applying for a Medicare Supplement not only assures an individual of taking the steps towards a financially secured future. It’s also an opportunity to improve one’s health literacy by learning about the coverage scope and policy benefits.
Leandro Mueller of FreeMedSuppQuotes, aims to push for awareness and promotion of the many benefits of Medigap insurance plans in the market. He hopes that his work will help boomers and retirement industry experts alike in their lives.