Medicare Supplemental Insurance is a policy to cover those gaps in Medicare coverage so that you are protected from having to pay for care in certain instances where Medicare won’t cover you. Also known as MediGaps, these include copayments, coinsurance and various deductibles, depending on what medical needs you may have. However, there are a number of important things you should know about Medicare Supplemental Insurance before you set up a policy for yourself:
You are still in the Medicare Program and you still receive the same rights and protections in the Medicare program as you did before you set up this Medicare Supplemental Insurance Policy.
You can only join a plan at certain times during the year. This will vary from plan to plan so it is important to know exactly when you can join one and when you can’t.
You can check with the plan before you get a particular service to see if it’s covered and what the costs may be if it is or isn’t. This is incredibly helpful for people who may have pre-existing conditions or have concerns about health problems they may have in the near future.
Most plans will allow those with pre-existing conditions to sign up for their plans, with the exception of a few conditions, namely End-Stage Renal Disease.
You must follow the specific rules of your medicare supplemental insurance plan, like getting referrals from specialists to avoid the added cost and using specialists within your plan’s network. Each plan is different so it’s important to check with the plan before each treatment or doctor’s visit. If you go to someone outside of network, there is a good chance you will not be covered at all.
Out of pocket expenses are usually capped with a limit for how much each policy holder has to spend per year. Once this limit is reached, you will not have to pay anymore out of pocket for the rest of that year. However, these limits can often change at any time.
These Medicare Supplemental Insurance plans can’t charge more than original Medicare would charge for services like chemotherapy, dialysis or skilled nursing facility care.
If you’ve been saving for your retirement for any amount of time now, you know it can be difficult. And you may have even found yourself discouraged at some point when you realized exactly how much you would need to save in order to live comfortably in your Golden years. If you wish to receive $40,000 of income each year in retirement, then you would have to accumulate $1 million into your retirement account. And that’s assuming you use the 4% safe withdrawal rate through retirement.
For most people, saving $1 million is simply out of their reach. But there are other ways to increase your retirement income.
Increase Your Social Security Benefit
The average Social Security benefit is modest but you can increase your payments simply by working longer and earning more during your working years. You can also delay claiming your SS payments until you’re a bit older, this will increase your monthly payments. For each year you delay, the payment will increase by 8% per year until you reach the age of 70.
You’ve spent the last 20 years or so daydreaming about retirement and part of that daydream included moving to a warm state where you’ll never have to shovel snow again, or maybe even just moving closer to your kids and grandkids. And while you deserve to move where you’d like – after all – you’ve been working your butt off and it’s your time to do what you want, you should be aware that some states are friendlier to retired people than others. When you relocate, you should look beyond climate and consider if the state has high taxes, a high cost of living, is safe, and has a strong health care system.
With these considerations in mind, here are the absolute worst 10 states for retirement.
You’d think Oregon would be a great place to retire, after all it’s considered one of the happiest states in the nation, and it’s easy to see why that would be. With the ocean and rugged shore line, beautiful dense forest and numerous craft beer breweries, it seems like paradise. But Oregon has the seventh-highest cost of living in the nation, making it hard for those on a fixed income. The state also has high taxes, above the national average, and weather-wise, if you like the sun, you won’t love Oregon.