Health care is one of the most important aspects of planning for an early retirement. Medicare eligibility doesn't kick in until you reach age 65. Pre-65 retirees who don't have access to employer-subsidized health insurance could be facing some substantial costs for a number of years until they are eligible for Medicare.
Folks who follow a well-defined financial plan usually have some important dates circled on their calendars. At the beginning of the year, you probably plot out some annual goals. In the spring, you gather last year's info for tax season. In the summer, parents start budgeting for family vacations and the upcoming school year.
It's that time again! Every year, during the open enrollment period from October 15th through December 7th, we recommend that all seniors review their Medicare coverage and see what new options might be available to them. It's also extremely important that new retirees who are signing up for Medicare for the first time get a handle on the ABCDs of Medicare, as well as the things that Medicare does and doesn't cover.
On today’s show, we tackle four of the most common Medicare questions we’re fielding from clients at Keen Wealth right now. Hopefully this conversation will help you sort out the important notices about your health care coverage from the junk mail that belongs in your shred pile.
Many new retirees are surprised to find that Medicare is not a simple, free, one-size-fits-all health care solution. There are crucial decisions that both you and your spouse will have to make to secure the coverage that makes the most sense during your golden years.
In this two-part blog series, I’m going to discuss how to plan for your transition away from employer-subsidized health care to Medicare. Today, we’ll go through the options available to folks who choose to retire early, meaning before they’re eligible for Medicare at age 65.