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Tips For Planning Your Healthcare Future

//Tips For Planning Your Healthcare Future

Tips For Planning Your Healthcare Future

Retirement. The time when you put work behind you and enjoy life to the fullest. The last thing you want to worry about is what if you need surgery and have an enormous medical bill to pay. Discover what steps you can take now to avoid healthcare problems later with this overview provided by the estate and trust lawyers at Stano Law Firm.

Make a Medical Nest Egg

While most people expect to live on a smaller income once they retire, there are numerous costs associated just with healthcare. Medicare may help with a large portion of those costs, but even Medicare won’t cover everything. According to a 2015 report by Healthview Services, a 65-year-old couple in good health may spend $266,600 just on Medicare premiums during their retirement. Start saving as soon as possible, and save more than you will think you will need.

Cover the Medicare Gap

If you’re planning to travel a lot after you retire, or you have chronic health conditions that require lengthy or frequent hospital stays, plan on getting coverage for the Medigap: the gap between what Medicare pays and what you would have to pay. Shop around for your Medigap policy carefully, though. Obtain multiple insurance quotes and learn about the different levels of coverage. Company A might offer a plan that fits your needs for just $75 a month, while Company B may want nearly $150 a month in premiums.

Check Out the Fine Print

In any policy, the most important thing you can do is carefully review the specifics of what the plan provides. This will allow you to find a policy that covers the areas you’ll need the most assistance with. For example, if you need a particular medication for a chronic condition, Medicare may not cover that drug. So you have to make sure that you have a Medigap plan that will. Otherwise, you could end up spending thousands of dollars a year out-of-pocket.

In addition, review coverage limits for specific services such as specialist visits or medication infusions.  Some services, such as physical or mental health therapy, have limits on the number of yearly appointments the insurance will cover. Make a list of any ongoing health issues, including how many doctor’s visits you need and what medications you regularly take.

Knowing what Medicare and a supplemental policy together will cover will help you keep out-of-pocket costs down while ensuring that you’ll be getting the services you need. Contact Stano Law today to learn more about healthcare planning.

By |2018-04-19T13:07:56+00:00May 16th, 2018|estate law|0 Comments

About the Author:

Paul is a second-generation advocate for Ohio seniors. If his name sounds familiar, it’s because he is the son of Jerome P. Stano, an Ohio state senator, who was Chairman of the Nursing Home Commission as well as a co-sponsor of the Homestead Exemption Act. Over the past two decades, Paul has helped older Americans and their families design Estate and Life Care Plans that assure that loved ones are taken care of while saving as much of their hard-earned money as possible. Paul has taken a great deal of time and effort to pull together a team of people who share his passion for helping seniors. Each member of Paul’s team has a special talent or expertise that helps clients accomplish their goals. “I’ve grown up in this area, and my purpose is to help the hard working people of my community keep what they’ve worked so hard to earn.”

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