Belleville, Ill. (PRWEB) January 06, 2014
Trying to rebuild their retirement savings post-recession, millions of Americans have delayed their retirement. However, with more baby boomers now reaching their upper 60s, retirement is again in focus. But before signing out of work for the last time, retirees need to make sure they have planned for their post-retirement healthcare coverage, according to Allsup, a nationwide provider of Medicare plan selection services.
“Healthcare costs in retirement are a top concern for many seniors. There is a lot they can do, either right or wrong, that can have a lasting impact on their healthcare costs in retirement,” said Paula Muschler, operations manager of the Allsup Medicare Advisor®. This is a Medicare plan selection service offering personalized help that includes customized research and enrollment assistance for Medicare plan options.
These healthcare costs also may factor into delayed retirements. In fact, more than one-half of older workers ages 58 to 65 say they plan to retire after age 65, according to a 2013 Gallup survey.1 Among all workers, the anticipated retirement age is 66, compared to just 60 in 1995.
“Your retirement age has a significant impact on your healthcare coverage options in retirement,” Muschler said. “It’s important to start planning for this well in advance of retiring so that you have taken the steps needed to ensure you have healthcare coverage on your first day of retirement.”
Researching options and sifting through all the rules and choices can be intimidating for many people, Muschler added. This is especially true after decades of having their employers narrow down their healthcare choices. For example, retirees have an average of 20 Medicare Advantage plans and 35 prescription drug plans, in addition to a dozen supplemental plans and Original Medicare from which to choose.
“Enrolling in Medicare for the first time when reaching age 65, or when retiring and leaving employer coverage for Medicare are two times when people look for our help with Medicare plan choices,” Muschler said. “Medicare plan decisions are usually more complex in these situations.”
Allsup outlines key Medicare plan questions for retirees—those retiring at 65, retiring after turning 65 and retiring before 65.
Medicare and Retiring At 65
Medicare and Retiring After Turning 65
Assuming a worker took appropriate steps and coordinated Medicare coverage with their employer at 65, they should be able to transition to Medicare without penalties when they retire. Consider the following.
Medicare and Retiring Before 65
Medicare is not an option for retirees under 65, so it’s important to plan accordingly.
Muschler encourages retirees to make certain they enroll in Medicare as soon as they are eligible.
“Early retirees may like their COBRA coverage and, therefore, decide to stay on it until it expires, even if that is after they turn 65,” she said. “But this can lead to late-enrollment penalties when they do go to enroll in Medicare.”
For an evaluation of Medicare options, call an Allsup Medicare Advisor specialist at (866) 521-7655 or visit Medicare.Allsup.com to learn more about the service.
The Allsup Medicare Advisor has features that help financial advisors guide their clients to the Medicare plans that match their specific lifestyles and healthcare needs. Employers also use Allsup Medicare Advisor for their employees who are retiring and transitioning to Medicare. For more information, go to FinancialAdvisor.Allsup.com, or call (888) 220-9678.
1 – May 2013. Gallup. Gallup’s annual “Economy and Personal Finance’ survey.
Allsup is a nationwide provider of Social Security disability, veterans disability appeal, Medicare and Medicare Secondary Payer compliance services for individuals, employers and insurance carriers. Allsup professionals deliver specialized services supporting people with disabilities and seniors so they may lead lives that are as financially secure and as healthy as possible. Founded in 1984, the company is based in Belleville, Ill., near St. Louis. For more information, go to http://www.Allsup.com or visit Allsup on Facebook at http://www.facebook.com/Allsupinc.
The information provided is not intended as a substitute for legal or other professional services. Legal or other expert assistance should be sought before making any decision that may affect your situation.
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