Most Frequent Questions About Retirement: Do I need health insurance when I’m retired?

Catholic United Financial > Education > John Tetzloff > Most Frequent Questions About Retirement: Do I need health insurance when I’m retired?
Creating Wealth Beyond Money Blog

Wealth is a mindset that combines the material and spiritual — rooted in knowledge, wisdom and trust


by John Tetzloff
Advanced Case Specialist

“Do I need health insurance when I’m retired?” Start looking for answers to this question long before you punch that last time card.

Yes, you do need health insurance in retirement.

It is a smart idea to look at health insurance options well before that magic retirement age of 65. You should discuss Medicare Supplement planning well ahead of your 65th birthday for three reasons:

1 – Medicare rules and programs can be confusing. Medicare offerings are different from state to state, and even county to county. Leave yourself time to review your options and get clarity on Medicare rules and offerings.

2- You might want to delay Medicare. If your spouse is still covered by an employer-provided health insurance plan, it might make sense for you to remain on that plan versus taking Medicare at 65. Again, prior planning is required in advance of retirement age to avoid last minute scrambling and possible penalties.

3 – Look into Medicare Supplement insurance. In some circumstances, Medicare doesn’t cover all medical expenses. Depending on your plan, you might have gaps in coverage that you will be required to pay for out-of-pocket. A Medicare supplement insurance plan can help you with those costs. Pre-plan to know all your options.

Retirement can be an exciting yet scary time for some. Being prepared ahead of time by understanding the options available, having a handle on retirement funds, and making sure the entire plan fits together can and will certainly make this life change easier.

For assistance in the above issues, please don’t hesitate to contact your local Catholic United Sales Representative. They can provide answers to questions, forecasts on retirement income, and help deal with health insurance decisions. I hope you’ll give us a call — after all, meeting with folks is one of the best parts of our job.

Catholic United Financial and John Tetzloff are not permitted to give tax or legal advice. The information given is based on our understanding and interpretation of laws and regulations currently in effect. You may wish to consult your personal tax or legal advisor with questions about your specific situation.