Retire With Ease: 5 Tips for a Painless Retirement Planning

Are we ready to face retirement?

According to a study done by Forbes, at least 55% of Americans are not ready for retirement. Of course, tragic events and emergencies are the common culprits but reliance on social security and dwindling pensions share in the blame.

Health insurance costs do not disappear after retirement and if you do not have an employer-covered plan, things might get costlier.

If you are over the age of 65, you can qualify for Medicare.

According to Health Markets, you have to look for affordable healthcare companies.
(source: http://www.healthmarkets.com/content/affordable-health-insurance-companies)

Here are some tips that will help you to make your health insurance more affordable:

Consider Medicare

If you are over 65, you might be eligible for the benefits of Medicare.

You can either enroll in Medigap policies that provide services outside your normal Medicare insurance or choose the common Medicare package.

If you are interested in this insurance coverage, you need to speak to a qualified professional about your options so that you can choose a package that meets your needs.

Medicare has four parts that represent different packages:

  • Part A usually covers hospice care, inpatient hospital stay, and other home health care services.
  • Part B will cover outpatient care, preventative services, and medical supplies.
  • Part C covers all your Part A and B benefits and includes other services.
  • Part D covers prescription drugs

Take Preventative Healthcare Seriously

Most health insurance plans will cover preventative health services such as screening tests and shots. When you go to an in-network provider, these services should be free of charge. Preventative healthcare services include immunization, blood pressure screening, and cholesterol screening.

Going to an in-network provider is better because the prices are lower for the health services.

Your healthcare insurance company rather than out-of-pocket providers usually contracts in-network providers. Just because a healthcare provider accepts your insurance does not mean that he is within your network.

If you want to make sure that you are receiving care from an in-network provider, you should ask your insurance company to give you a list of names.

In some cases, you might have to seek care from an out-of-network provider if you want specialized treatment or need a reputable and experienced specialist.

However, you are the only person who can judge the difference between in-network and out-of-network providers.

Take Advantage of Health Applications

If you have an Apple phone, you should use their health app; it has a medical ID feature that lets you enter your medical history, including blood type, current meds, and allergies.

If something happens, doctors can access your medical history quickly on your cell phone without violating your privacy.

Using a health app is the best thing that you can do in this technological age where people are always glued to their phones.

Health apps make it easier for you to play an active role in your health. You can use a health application to access your health data and track your medical journey.

Apps also make it easier for caregivers to make informed decisions.

Exercise Regularly

If you are over 65 and physically fit, you need to exercise for at least 3 hours a week. Moderate aerobic exercise is the best type of workout for people of this age. Whatever you do, make sure that you do not overexert yourself because this might have negative effects on your joints.

The Centers for Disease Control advises people to perform some muscle strengthening exercises at least twice a week. Doing so will ensure that your muscles remain strong instead of atrophying when you do nothing all day.

Don’t Forget HSA

Although you might currently be enrolled in Medicare, you can still get funds from your HSA – health savings account.

You could also consider insurance.

However, you cannot contribute more money to your account after reaching the age of 65 and if you have Medicare. Having HSA is the best way to reduce your taxable income and save for healthcare expenses.

If you are currently enrolled in a high-deductible plan, you might qualify for HSA. If your insurance provider does not offer HSAs, you can open a separate account at a financial institution of your choice.

If you have an HSA account through your place of work, you can easily set up payments from payroll.

Although you cannot pay your insurance premiums with HSA funds, you can use the balance for medical expenses such as coinsurance and deductibles.

Whether you are currently in retirement or preparing for it, you should be proactive if you want to take charge of your health.

Make sure that you eat healthily and exercise regularly. You should also handle preventative health services and do research on your insurance options.

Doing so will reduce your chances of going to the doctor’s office regularly, which means that you will spend less on copayments.

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