Retiring From Employer Insurance? Here Are Some Future-Ready Steps You Should Take

Retirement is an exciting phase of life. You have worked hard, built an impressive nest egg for yourself, and now it’s time to enjoy the fruits of your labor. Although the future holds plenty of unknown elements in retirement, one thing you should work to have in place is certainty around finances, medical care, and insurance.

During your career, you’ve likely held an employer-sponsored insurance plan. Unfortunately, this insurance plan will be terminated or altered in retirement, so it’s essential that you have quality insurance in place as you face the future. When your employer insurance plan is expired, how do you put the pieces in place as you transition to a new type of insurance? Read on for a few simple steps to ensure continued coverage and long-term care for you and your family.

Find Out if You Have Retiree Coverage

Some employers continue to pay a portion of healthcare benefits even after your tenure with their company. While this is beneficial, you shouldn’t consider it a one-stop shop for all your medical and long-term care needs. You’ll probably need to supplement this coverage to ensure that most of your healthcare costs are handled.

Re-Evaluate Your Life Insurance Policies

Life insurance is meant to replace lost wages and income in the event of the untimely or premature death of you or your spouse. If you don’t need this coverage any longer, it may be time to trim your policy to cover the basics, such as funeral and burial costs. Finding out if you can cash out a policy is also a good idea, as you can use a portion of this money for other expenses.

Investigate and Sign Up for Medicare

Medicare is insurance specifically designed for retirees and seniors. Although the process may seem simple, there are a number of timelines and restrictions involved that you need to wade through as you anticipate your medical and healthcare needs. Talk to a Medicare advisor to find proper protocols for sign-up and qualification, and continue to learn more about what kind of coverage options you have.

Consult With an Insurance Professional To Fill in the Gaps

From Medicare to long-term care insurance plans and everything in between, you need to ensure that your future coverage allows for the quality of life you deserve. Talking to a professional with knowledge of the best long-term care insurance plans will give you valuable insight into creating an insurance portfolio that meets your needs and those of your family.

Don’t wait till your employer insurance plan is expired before reaching out! At the Center for Long Term Care Planning, we provide comprehensive retirement insurance advice, including Medicare plans, the best long-term care insurance plans, and financial advice to maximize your retirement dollar. Contact the Center for Long Term Care Planning today for more information on how we can set you up for future financial success.