Your Online Resource for Medicare Insurance: Guiding you along the maze of Medicare

Senior Insurance & Retirement

Mostly throughout this website we discuss Medicare insurance options, such as Medigap Plans, Medicare Advantage Plans, and Part D Plans.  In this article I will be referring to what insurance policies help secure a senior’s retirement.

A senior has many thing things on their mind when they are reaching retirement.  Will my nest egg last me through retirement?  What type of senior health insurance will I get?  If I die will my family have enough to make it without me?  The list goes on and on, but these are some serious concerns that retirees and soon to be retirees face.  Below is a basic graph that will show you the basic policies that will help provide security to a senior’s retirement years.

basic policies that will help provide security to a senior’s retirement years

Let’s start with life insurance.  This product is simple enough – if you pass away why the policy is in force you receive the face amount of the policy.  There are different types of policies such as: term, whole, or universal life but they all have the same purpose just different structures.  These policies are crucial to provide financial stability if something were to happen to you.

Part D insurance is an insurance plan designed to help you with your drug costs.  To qualify for this policy you must have Medicare Part A.  Once you enroll in Medicare you are required to have this coverage whether you are on any medications or not.  This insurance is a huge help for some people and for others it is not; however, it is a required insurance so that is why it is in the graph above.

Medigap or Medicare Advantage Insurance is supplemental insurance to Medicare.  I personally recommend a Medigap policy over an MA policy because of the security and the ability to see any doctor that accepts Medicare.  MA plans can change benefits each year as well as their network of physicians.

Cancer Insurance is a policy that most people do not see a need for if they have supplemental Medicare insurance.  Medicare and a Medigap policy will usually cover 100% of the medical costs associated with cancer.  However, 66% of the cost associated with cancer is non-medical expenses.  Hotel costs, travel expenses, food, loss of work, etc are all costs that you will directly absorb if you are diagnosed with cancer and a health insurance policy is not responsible for these expenses.  Look into a cancer policy that will provide you either a lump sum or an amount per day for these different expenses.

Retirement income can be provided in many different forms.  CDs, Investment Properties, Annuities, Preferred Stock, and many other investment vehicles are all common ways for people to receive an income off their investments during retirement.  Annuities are a great vehicle for investing your funds in a fixed vehicle that will provide benefits to you of a specific amount for a specific time period.  They usually will provide you with higher rates than a CD and have much less risk than the stock market.

If you have any questions pertaining to the different forms of insurance we recommend for seniors please do not hesitate to call MWG at 877.759.5760.

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