If you are getting ready to retire you are at an age where you may have more health problems. Because of this you need to be ready for the medical bills that may be in your future. Fortunately, there are things you can do to prevent you from losing a lot of money, two of which are listed below.
Purchase a Medicare Supplement Plan
Medicare covers some things when it comes to doctor and hospital stays but it does not cover everything. To help cover the rest, you should purchase a Medicare supplemental plan. This plan takes over where Medicare stops.
This type of insurance is through private insurance companies and not through the government. For this reason, you need to investigate what the plan covers before you sign up with an insurance company. This plan can help you pay for deductibles you may have to pay at each office visit, coinsurance, and copayments you may have to pay. Exactly what is covered depends on the type of supplemental plan you purchase. There are different price levels, so you can find a plan that goes well with your budget.
When you start shopping for a Medicare supplemental plan make sure the insurance company goes by the Medicare Supplemental Insurance, which means they follow state and federal laws. These laws are put in place to help protect your rights.
Save Money
If you do not have a savings account now would be the perfect time to start one. You can use this money to cover anything you may have left over after Medicare and the Medicare supplemental plan pays. You should find that you have extra money to put back because you will no longer have to purchase expensive clothing to wear to work, pay for gas to get to and from work, and if you had children they are likely moved out.
When you make purchases at restaurants and other establishments always ask about senior discounts. Not all places offer this, but many do. The discount you are offered depends on the establishment.
You should also look into online shopping to help save money. You may be able to find some things less expensive than you can find them at a store. For example, many times you can find non-perishable items, cleaning supplies, and basic grocery staples. This also saves you money in gas because you do not have to drive to a store to pick up these things.
Talk with a few insurance companies that offer Medicare supplemental plans to determine the one that will work best for you.
