Do Retirees Need Health Insurance?

Health insurance is usually offered in your work place. However, it has become a huge challenge for many employers. Over the last two decades, many large companies have stopped offering health insurance after retirement. If you are 65, you can rely on Medicare to take care of your health costs. But, what happens if you are not 65 and retired without health insurance?

If you are not 65, and retired, you will have to find a way to pay for health insurance. Health insurance can be costly especially if you are in poor health. However, it is vital to not let your health insurance lapse. This can mean taking your retirement savings if you meet with an accident or become ill.

Health insurance will be very costly. There is no way to avoid it. The amount you have to pay for health insurance depends on several factors, such as, how healthy you are etc. If you don’t get any retiree benefits from your former employer, be prepared, your health insurance costs will be exorbitant. Although Medicare takes over, once you pass 65, there are costs involved there too. Bottom line, even if you are covered by some form of insurance and Medicare, you will still end up paying a packet for health insurance. This is the reason everyone should save for retirement as much as possible from an early age.

Benefits of Having Health Insurance

With all the costs involved, you may be wondering if you really need health insurance. Here are few reasons for you to think “yes”.

Peace of Mind – Life is uncertain. You never know when you might fall ill or have an accident. The financial burden of not having health insurance can be staggering. With health insurance, some of your bills are covered.

Not Worry Family – If you fall ill, and you don’t have health insurance, your children (provided they are able to) will have to carry the burden of paying for your medical bills. This is a burden they don’t need as they have lives of their own too.

Health and Wellness Resources – Many health insurance plans offer benefits and resources to help you stay healthy. You can take advantage of these if you have health insurance.

The decision to take health insurance is yours. But, it is highly recommended you do so.

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