Retirement may not be such a rosy experience if you don’t plan ahead for your health insurance costs. Many Americans mistakenly believe Medicare will provide for their health needs after they turn 65, but that’s not the case.With Medicare, you’ll still be facing hefty premiums. For Medicare Part A (hospitalization), you could either end up paying no premium (if you worked for 10 years and paid into Medicare during that time) or between $226 and $410 per month if you didn’t. For Medicare Part B (doctor’s care), premiums cost $93.50 per month. On top of those premiums, you’ll have to meet deductibles, including $992 for hospital stays lasting up to 60 days and $131 for doctors’ visits. You’ll also have to pay extra for prescription drug coverage. Other medical care necessities, such as hearing aids, eyeglasses, and dental visits are not covered at all by Medicare.
Individuals who retire before turning 65 usually end up looking for their own private health insurance which can be quite pricey. Monthly premiums can easily cost between $300 and $600. To lower your premiums, you may need to sacrifice prescription drug coverage and be willing to contend with higher deductibles. Read source Article
