Prepare in Advance for Medicare and Medicare Supplements

From the time we are kids, most of us are taught that we should budget our money.  If we get an allowance, we are able to figure out how much we can spend for that week and how much to put away.  A bit later on when we get a job, we can budget how much money goes toward our bills and how much toward savings, plus how much we have left that we can spend for whatever we want.

As we go through life we usually have some sort of budget based on our income vs. our expenses.  We may not have a hard and fast budget, but most of us have a good idea of what amount is coming in and what amount needs to be paid out.

When we are getting ready to retire, it is essential that we continue to budget our money, and it is extremely essential that we deal with savings, retirement plans, health insurance and Medicare in the same way.  This requires some research but it will be well worth it.

First of all, it is a good idea to begin researching your options regarding Medicare at least 6 months before you retire or six months before your 65th birthday, whichever comes first.  Part of the reason for this is that you are eligible for Medicare when you are age 65, and there is a six month open enrollment window during which you can enroll in Medicare and get any health problems covered – even serious ones such as cancer or heart problems.

This is important because it could save you literally thousands of dollars in medical bills.  It is estimated that seniors will spend over $225,000 in medical bills during their retirement.  Enrolling in Medicare could eliminate much of that amount.

Enrollment in the appropriate Medicare Supplement or Medicare Advantage is also critical because these plans will cover expenses that basic Medicare does not cover.  The best way to determine which supplemental plan is best for you is to check the internet by typing in the words Medicare Supplement, Medicare Advantage or Medicare on Google and there will literally be hundreds of sites including the government site which will help you look at all the coverage available along with the premiums.

Don’t be left out and don’t wait too long to examine your options.  Be ready when you are 65.  You have been paying into the plan for years, as the money has been coming out of your paychecks.  Retirement is the time for relaxation, not stress.