Health Care and Retirement
When we talk about all of the things that might change for us in retirement we know that health care is right up there at the top. As we advance in years, health care is all that much more important, we might need more frequent tune-ups, our engines might need to be checked a little more often and our radiators might need to be flushed a few more times a year than before. All in all, our visits to health care professionals might increase.
Most of us will spend perhaps another 30 years in retirement after we leave our jobs behind. What will the majority of our money be spent on? That question will be answered differently in retirement than it is answered during our work careers. Most of us will spend less on clothing and transportation unless we take on another job that resembles the job we left in terms of hours spent on the job and the cost of health care almost certainly going to become a larger part of our annual expenses.
We might spend more in food perhaps not in quantity but quality. As we age we might want to buy more health conscious foods which can sometimes cost more. But inevitably, we will spend more on health care to keep ourselves up and running so that we can enjoy our retirement years.
There has been some talk about whether the Affordable Care Act (ACA) will cause workers to have to work longer in order to pay for their health care costs. Remember, federal employees and postal workers are members of one of the largest workforces in the world. Those stats alone entitle you to some great bargaining power, you’ve got leverage, you’ve got clout. Trust me, your insurance costs are never going to rise to the level of determining whether you can retire or are forced to work to pay for your premiums.
You have perhaps the best coverage around via your Federal Employee Health Benefits (FEHB). You don’t have to worry about purchasing gap insurance. When you become eligible for Medicare, hold on to your FEHB because when you do your health care premium will be a worry that is way at the bottom of the list. The extra bonus is that you will be fully covered and in most cases with not a penny coming out of your pocket.
Know what you have and the value of your health care benefits. Know how your benefits work so that you don’t get caught up in the hype of the Affordable Care Act causing you to have to work longer to afford your health care. When it comes to your health care and retirement, know what you have and how it works so you are not taken by slight of hand.
P. S. Always Remember to Share What You Know.
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