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Planning for Medicare can help retirees

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Heading into the golden years can be a fun and exciting time for many people. However, if an individual has not worked out an affordable medical insurance plan, they may find that they have to spend some money made off of annuities on rising health care costs.

All Americans who reach age 65 are eligible for Medicare, and they cannot be denied for per-existing conditions. There are four parts of Medicare. Part A and B cover hospital visits and physician and outpatient coverage respectively. Part D covers prescription drugs and Part C, the Medicare advantage plan, which is similar to an HMO or PPO, encompasses all of these plans.

In order to determine if an individual qualifies, they or their spouse must have paid FICA taxes for 40 calendar quarters, CBS reports. If they do not qualify, there is the option to purchase Medicare Part A, but it can be expensive. If a person is close to hitting that 40 month mark, some experts believe working a few extra years may be well worth it.

If a person is continuing to work and receive coverage from an employer after they turn 65, it is important to meet with the company’s human resources department to make sure there is no lapse in coverage when they decide to retire, according to the media outlet.
 

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