Understanding Medicare and Health Insurance in Retirement
Medicare and health insurance in retirement can be confusing. Here's what you need to know.
Understanding Medicare and health insurance options is crucial for retirement planning.
Medicare Basics
Medicare is federal health insurance for people 65 and older. It has different parts (A, B, D) covering different services.
Enrollment Timeline
You must enroll in Medicare when you turn 65. Missing the deadline can result in penalties.
Medicare Parts
Part A covers hospital care. Part B covers doctor visits. Part D covers prescriptions.
Supplemental Insurance
Many people buy supplemental insurance (Medigap) to cover costs Medicare doesn't.
Medicare Advantage
Medicare Advantage (Part C) is an alternative to Original Medicare offered by private insurers.
Prescription Drug Coverage
Part D covers prescription drugs. You can change your plan annually during open enrollment.
Long-Term Care
Medicare doesn't cover long-term care. You may need to plan separately for this.
Getting Help
Medicare.gov and local Area Agencies on Aging can help you understand your options.
Use the End of Life Playbook to plan for healthcare in retirement.