Travel Blog

There are lots of issues to consider when you retire early aside from the fact that you are leaving your job and career behind to pursue a new life. Retire early what about health care is one of the questions. Certainly there is the issue about what you will do with your time and then there is always whether you will have sufficient money or not. Many people retire when they are healthy and do not give their health issues a seconds though. But what happens if you retire and suddenly are faced with some sort of health issue. Will you have sufficient funds or health insurance coverage to pay all of the bills.

There are really two parts to this question. Do you have enough money or insurance to pay for the cost of medical bills for doctors, tests and hospitals? Secondly do you have enough savings that will allow you to continue paying your day to day living expenses? Many people pay attention to the medical side of things and not so much the cost of living while you are recovering from whatever medical issue you have.

Retire Early What About Health Care – Hospital Insurance

We have talked to several seniors that have quite good plans for their medical coverage. All of the potential significant events are covered along with the proper level of doctors care, testing and prescriptions are covered up to 80%. As long as the medical bills are small most people can absorb these costs from within their regular living expenses.

But what if you are hospitalized for 10 days and face a $200,000 medical hospital bill like a friend of ours and you coverage is only 80%? Suddenly you now owe $40,000 to the hospital because your insurance does not cover the last 20%. There are solutions to this problem. The first is get more coverage specifically for that 20%. The second solution if it is already too late, is to negotiate with the hospital and assess just how much you can reduce the overall expense. Some hospitals are open to negotiation and any money you can save is money in your pocket.

Living expenses

When ever someone needs prolonged medical care, expenses are going to go up and they may not be covered by your insurance. For example, house and yard work may not be able to be completed. You my have to pay someone to come in and clean for you and perform the odd chores around the home for you. You may also need to arrange for someone to pick up groceries or get you to physio. Maybe you can no longer drive and you need to take taxis’s to get to medical appointments. The list goes on and on.

Do you have sufficient funds to get through this type of medical costs which are usually not covered by your insurance plan? Set aside an emergency savings amount to cover you when you need it. This is really the only way to make sure that you have enough money to deal with whatever it is you must deal with. Retire early what about health care is a serious issue for many people.

Stay Healthy is the Best Insurance

The best health insurance is to do your best to stay healthy. We all know what these are, but many of us ignore these suggestions until it is too late. Here is our list to help staying healthy:

• Exercise on a routine basis, at least 3 times per week
• Drink alcohol on a moderate level
• Do not smoke
• Get enough sleep
• Maintain the proper weight for your body type
• Avoid fatty and high calorie foods
• Make sure you have annual health checkups
• Take action if something is amiss from a health perspective.

Sounds simple, but for most of us it is very difficult to follow for some reason. Even with all of these steps there is no guarantee that something will not occur that affects your overall health. That’s the reason the previous two areas were discussed and should be given some consideration. For more information on retire early what about health care and others, click here.

Save

You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.