How do I decide? Medicare Advantage or Supplement or Just Basic.

Every person approaching 65 or retirement after 65 from corporate healthcare coverage has key decisions to make. Those decisions impact the rest of the retirement years. They are not irreversible, but they are impactful. So here are a few tips as you make them.

1. Look at your healthcare needs of the moment.

2. Think forward. What will you possibly need five or ten years into your retirement?

3. Consider family experience. Cancer? Heart? Lungs? Joints? What have other family members had to deal with in retirement.

4. Remember your income status is changing and will continue to change. You have Social Security, maybe a pension, an income annuity, some cash at hand, investments, or a part-time job. Think forward. Your energy and ability will possibly decrease and affect income stream.

5. Remember you expense status is changing and will continue to change. Maybe you pay off the house, but still have insurance and repairs and taxes. Cars may need replaced that you have had for a while.

6. Think about planned lifestyle. Will you be visiting family and children and grandchildren for extended periods in areas more than 30 miles outside your home? Do you have healthcare coverage that travels with you?

7. What hobbies will you continue and what ones will you pick up?

8. Have you made allowance for increased dental and vision and hearing coverage as you age and those items change faster than they did in your earlier years?

9. How much will you budget annually to cover deductibles, out patient routines, drug co-pays or co-insurance?

10. What is your gift budget? All those people for whom we care and want to take our increased available hours to bless. Will you be giving increased gifts? Notes?

11. Do you understand that your decision for advantage versus basic versus supplement is usually changeable in the first year after you make your initial decision with guaranteed coverage, but probably requires medical underwriting after that year?

These are just a few question we each should consider. A good, qualified agent will help you walk through these items versus just “selling a package”. There are many options of an HMO/PPO Advantage plan with an extra indemnity package or a Supplement with drug plan and vision/hearing/dental package or basic Medicare with an indemnity package and VHD package or, or, or… there are good options and choices available and you want to take time to think it through.

No matter the decisions you make, be in health and prosper even as our souls prospers. This is a time to enjoy the fruit of many years of life and relax knowing as much as possible is covered to allow you the maximum lifestyle you want in retirement. WE CAN HELP WITH THAT!