You’re well established professionally. Your children have left the nest or will be leaving soon. And while you might not be ready to retire just yet, you are looking forward to days not filled with back-to-back appointments, days when you can call your time your own, and enjoy what you have worked so hard to attain.
As a physician, you may have had a front-row seat on the financial distress caused by ill health.
You have seen families whose savings and assets were decimated by an illness or accident, sometimes because they mistakenly thought Medicare would take care of all the bills.
It doesn’t—but there are insurance plans that can limit the damage, and one of these—the most flexible—is Medicare Supplement insurance, also known as Medigap.
Medicare Supplement insurance is preferred by many physicians because it gives them the freedom to choose any healthcare provider who accepts Medicare, not just a physician on a list of network providers. It will generally cover the 20 percent of hospital, physician, and other medical expenses that Medicare leaves uncovered. Depending on your state and the plan you choose, you may be responsible for some costs.
To assure the Medicare Supplement insurance will be available to you at the lowest possible cost, be sure you sign up during a designated enrollment period. If you are retiring before or at age 65, this will be during a six-month period after your 65th birthday, but only if you have signed up for Medicare Part B.
If you, as many physicians do, choose to work beyond age 65, you will be guaranteed issuance of Medicare Supplement Insurance if you have had creditable health insurance up until the time you apply for Medicare and Medicare Supplement Insurance. Discuss whether your coverage is creditable with an insurance professional. COBRA coverage and certain small group plans are not creditable for purposes of Medicare.
It’s important to keep the enrollment periods in mind, because you are guaranteed issuance of Medicare Supplement insurance only during these enrollment periods. At other times, insurers may employ medical underwriting, potentially increasing your rates, or they may refuse to insure you.
According to U.S. government information published in 2020, 70 percent of people turning 65 in that year would eventually need some form of long-term care, whether at home or in a special facility.[1]
Given that level of probable need and the cost of long-term care of any kind, it makes sense to consider long-term care insurance. Without it, you could deplete the assets you intended to use to provide support for you and those close to you.
Long-term care insurance can prevent the erosion of your assets and relieve your family of worries about the financial impact of your care. The time to think about it is now, as you prepare for your retirement.
[1] https://acl.gov/ltc/basic-needs/how-much-care-will-you-need
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