Digging for gold in retirement – ​​health and life insurance

Digging for gold in retirement – ​​health and life insurance

If you're a union worker retiring now, you're leaving the workforce after a gold rush of paid medical expenses and lucrative benefit or pension plans. In 2003, the average lifespan increased to 77.6 years. Some argue that obesity and new diseases will halt the trend of Americans living longer. As people live longer, the financial future of tomorrow's retirees is at stake.1 When you're retired, you have time to mine financial reports, find gold nuggets of understanding about the U.S. economy, and sift through your golden loot with your accountant. Investment broker, insurance specialist and lawyer. It is the here and now, while you are still wielding the pickaxe in your professional years, where time can be your best friend and mentor. Know and understand exactly what you have set aside and how you can protect or grow the savings you have worked so hard for. So when are you going to call it “done” and let upper management and HR people know that you’re retiring? In today's world, it's a "win-win" if you get the best financial advice available when considering your retirement options.

Knowledge is power

Before turning in your hard hat, ask your human resources department for a printed copy of your medical, disability, life insurance, or other benefits offered to you as a retiree. Many employers now allow employees to access this type of information online via a personal computer using a PIN (personal identification number). If you don't have one, ask your human resources department to help you find the right information to get your information online. If you don't feel comfortable getting information online through your computer, ask your human resources department for help.

Health Insurance: Are Big Buck Days Almost Over?

General Motors (GM) spent $5.6 billion in 2004 to provide for 1.1 million active and retired employees and their dependents. In 2003, healthcare spending was $1,525 for every GM vehicle manufactured in the United States. 69% of health insurance beneficiaries are retirees.2 If you are preparing for retirement and are sixty-four (64) years old, you need to look into your supplemental health insurance or Medigap. Be prepared that your union, like GM, will make future changes to its current medical plan.

Many families already know about rehabilitation therapy and how important it is in triggering events such as strokes or heart attacks. In the case of Medicare Supplement (or Medigap), Julia Apple (not her real name) was really helped by the policy her company took out when she retired. Julia had a very serious stroke that left one side of her body weak and she required rehabilitation therapy for approximately three (3) months. The cost of the first one hundred (100) days of her rehabilitation therapy was covered by her Medicare and Medigap plans.

The main focuses of health insurance coverage in retirement are: Medicare, the state-sponsored health insurance for retirees, Medigap, a privately paid supplement to statutory health insurance, and nursing care insurance. Medigap insurance can often be purchased by your company when you retire.

Medigap offers a wide range of additional medical benefits that Medicare does not, such as: B. Rehabilitation. These additional services are individually categorized as AJ. For each letter A, B, C, D, E, F, G, H, I, and J, you will find a type of medical care, such as hospice care. A Medigap policy varies from state to state and from insurance carrier to insurance carrier. In Indiana, contact an independent insurance professional for advice on obtaining Medigap coverage or contact your local Senior Health Insurance Information Program (SHIIP) office for information and referrals: 1-800-452-4800 or online at: http://www.in.gov/idoi/shiip

The single biggest financial issue is what to do and how to deal with it when Medicare and Medigap benefits expire. This is where nursing care insurance comes into play and offers the person being cared for income to offset expenses. In 2004, Genworth, a major long-term care insurance provider, estimated the national average cost of long-term care at $75,000.00.

Life insurance: is it fool’s gold?

While it may be tempting to respond to direct mail offers you receive in the mail or inquiries on television, nothing beats a face-to-face conversation with an agent who can meet you at your home or office to discuss your concerns.

Many of today's retirees do not have permanent life insurance. However, you have health insurance through your employer. Meet with an independent life insurance agent from a company with good financial ratings and ask them to review or review your policies. You can find out whether the insurance you have with your employer is transferable and whether it would be affordable for you to convert it to a permanent policy when you retire. In many cases, a knowledgeable insurance professional can help you determine the type of coverage you should have. If you are unsure about the advice you are receiving, seek a second opinion from another representative of a highly rated company with a local sales office.

Life insurance is not fool’s gold. It can help your family have an income when you die; It can supplement retirement income, can be borrowed against, and can help you minimize financial stress on the people you love in their most critical hour.

Footnotes

1 Sage News, A Longer Walk Into the Sunset, March 21, 2005.

2 Detroit News Auto Insider, April 8, 2005.

3The American Health Care Association, Contemporary Long Term Care, November 1998.

4 MetLife Market Institute, July 2000.

5 Kiplinger’s, Your Money, June 2004.