{"id":12152,"date":"2021-12-13T10:08:05","date_gmt":"2021-12-13T16:08:05","guid":{"rendered":"https:\/\/johnsonwim.com\/?p=12152"},"modified":"2021-12-13T10:08:06","modified_gmt":"2021-12-13T16:08:06","slug":"what-insurance-do-i-need-for-2022","status":"publish","type":"post","link":"https:\/\/johnsonwim.com\/what-insurance-do-i-need-for-2022","title":{"rendered":"What Insurance Do I Need for 2022?"},"content":{"rendered":"\n

If you’re retired, or soon-to-be-retired, you need insurance. Finding the right insurance and correct coverage requires careful research and planning as we head into the new year. Here’s what you need to know.<\/strong><\/p>\n\n\n\n

Your goals and priorities will probably change as you plan to retire. Along with your goals and priorities, your insurance needs may change too. The end of the year is a great time to review the different parts of your insurance program and make any changes that might be needed. <\/p>\n\n\n\n

This is an important time to sign up for special tax-free savings accounts designed just for health costs. Even if you can\u2019t use a tax-free account, it\u2019s still important to save up for healthcare costs. This however, all depends on what insurance plan you choose, or what your employer (if you’re still in the workforce) offers. Here\u2019s how your dedicated Iowa Fiduciary<\/a> can help you plan and prioritize your insurance needs<\/a> for the new year.<\/p>\n\n\n\n

Finding the Right Health Insurance Plan<\/strong><\/h4>\n\n\n\n

After you retire, you’ll probably focus more on your health than ever before. There’s a chance that your health will decline as you grow older, increasing your need for costly prescription drugs and medical treatments. All of this can add up to substantial medical bills after you’ve left the workforce.<\/p>\n\n\n\n

You need health insurance that meets both your needs and your budget. Fortunately, you might become eligible for Medicare coverage at the same time you become eligible for Social Security retirement benefits. Premium-free Medicare Part A covers inpatient hospital care, while Medicare Part B covers physician care, laboratory tests, physical therapy, and other medical expenses. <\/p>\n\n\n\n

Medicare won’t cover everything after you retire. You’ll have to pay a large deductible and make co-payments for certain types of care. Medicare prescription drug coverage is only available through a managed care plan (a Medicare Advantage plan), or through a Medicare prescription drug plan offered by a private company or insurer. <\/p>\n\n\n\n

What if you’re retiring early and won’t be eligible for Medicare for a number of years? Some employers may give you a retirement package that includes health benefits at least until Medicare kicks in. If not, you may be able to continue your employer’s coverage at your own expense through COBRA. COBRA coverage typically lasts 18 months, while this is only a short-term solution, it gives you some time to discuss with your Iowa fiduciary about what other options might be available to you.<\/p>\n\n\n\n

Don’t Overlook Life Insurance<\/strong><\/h4>\n\n\n\n

Many people aged 65 and older will require some type of long-term care<\/a> during their lives. On top of that, long-term care is expensive. It’s important to be prepared in case you do need long-term care at some point. Unfortunately, Medicare provides very limited coverage for long-term care. You may be covered for a short-term nursing home stay immediately following hospitalization, but that’s about it. Other government and military-sponsored programs may help foot the bill, but generally only if you meet strict eligibility requirements.<\/p>\n\n\n\n

If you’re married, you want to make sure that your spouse will have enough money when you die. You may also have children and other heirs you want to take care of. Life insurance can be one way to accomplish these goals, but several questions arise as you near retirement:<\/p>\n\n\n\n