The commercials for financial advising companies make it seem so easy. Put some money away each month and 20 to 30 years later you will be able to everything you wished you were able to do while you spent your professional life making a normal life for your family. But there is more to retirement planning. The money you put away and the lifestyle you subscribe to is not only about preparing a nice cushy life for yourself as you grow old. As a matter of fact, retirement planning should include health care planning.
As people grow older, their medical expenses may increase. Even though the average retiree may already have coverage, it may not be sufficient to cover important medical expenses, such as preventative screenings and critical medications. This is why the use of Medicare coverage may be a possibility. This post will provide some basics on Medicare.
Essentially, Medicare is a government funded health insurance program that helps in allowing Americans to live a better quality of life as they age. In addition to covering common costs of health care, it also helps those who are suffering a long-term illness or have been seriously injured. Medicare has four basic parts.
Part A - Is insurance that covers typical costs associate with overnight stays, including room, board, diagnostic tests, medications and a doctor's fees. Part A can also be used to pay for necessary home health care and reasonably necessary medication.
Part B - This insurance typically covers fees associated with outpatient treatment, as well as costs not covered by Part A.
Part C - Allows patients with current medical providers to choose whether they want to receive Medicare support through their current health care provider.
Part D - Is normally used to address prescriptions that have not been filled through the current pharmacies.
If you are not sure about where to apply and whether you will be eligible for such coverage, it is worth talking to an experienced estate planning attorney so that you won't have a difficult time when it is time to call for coverage.
The preceding is presented for informational purposes only.