Health Care After Retirement
One of the most complex and perplexing problems you will face in retirement is managing your health insurance. This is a complicated problem so you must investigate health insurance extensively. It’s also subject to regulatory changes, so make sure you have the most up-to-date information. First, what health care coverage do you and your family have at your place of work, and will your employer continue to provide coverage after you retire, for a short time, or for the rest of your life. ? If your company has a human resources department, the team will have all the resources to advise you. If your business is small, talk directly to your boss. Do not wait until the last minute. Take time to prepare your options.
Most likely, you will lose coverage of your business; Less than one-third of large US companies offer retirement health insurance (compared to 66 percent in 1988), and less than 10 percent of companies with less than 200 employees offer retirees coverage. If you work for the US federal government in the US, you’re lucky: You and your family can keep your coverage, although of course keep paying the premiums.
Medicare is a US government rights program. This offers health insurance for retirees aged 65 and over, as well as for some people with disabilities. Medicare is funded through payroll deductions that all US taxpayers. UU They pay throughout their working lives (with 2.9%, which employees share 50/50 with employees; that is, you pay 1.45% of your salary and your employer pays the remaining 1.45%). Medicare parts are also paid through prizes and copayments. As a retiree, you will no longer have to pay in the Medicare system; Medicare is deducted from work income only, which does not include social security, pension or investment income. However, some parts of Medicare require you to pay monthly premiums even during retirement. And if you continue to work in retirement, your salary may be subject to the regular 2.9% Medicare tax.
Medicare is divided into four broad areas. Part A covers hospital care in hospitals as well as care in specialized nursing facilities, palliative care and some home health care. This part is covered by the Medicare tax you paid during your working life. You are automatically enrolled at age 65. Part B covers medical services, outpatient hospital care and some forms of home health care. Part B also covers some preventive services to maintain your good health or to control chronic diseases you already have.