Save Money Before Retirement By Doing These 7 Things
The Californer/10276897

NEWPORT BEACH, Calif. - Californer -- Saving for Retirement
1. Make Sure You Have Health Insurance Coverage if You're Under 65

It's important to have health insurance, if you don't yet qualify for Medicare.

Unfortunately, health insurance costs more as you age, but it also protects you against medical bankruptcy, in case you fall seriously ill or need surgery suddenly. An emergency room visit costs an average $2,700 if you're not insured, and possibly much more, depending on treatment and the need for an overnight stay.

Some people are eligible for a Health Savings Account (HSA) if they qualify for a low-cost, high-deductible health plan. If you're one of these people, aim to save the maximum amount each year so that when you later need help with medical bills, you can use your HSA funds for copays, over-the-counter medicines and more.

With an employer-sponsored health plan, you can contribute money into an Flexible Spending Account (FSA) but the funds may not roll over each year, unless your plan is set up to do so.

2. Buy Long-Term Care Insurance

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Long-term care insurance helps if you need assistance with day-to-day chores, like bathing and cooking, either with the help of at-home care or at a long-term facility. Long-term care is an add-on rider on a life insurance policy.

Medicare usually only covers up to 100 days of care. After that, you're on your own unless you have long-term care insurance, which begins coverage after 30 to 100 days worth of necessary assistance. There is, however, no deductible.[2]

In 2022, prices for $165,000 in coverage for adults ages 55 through 65 cost $950 to $7,225 per year for individuals and $2,080 to $9,675 for couples. The older you are and poor health status will make this coverage more expensive.[3]

3. Make Sure To Sign Up for Medicare at Age 65

You'll pay a 10% penalty for each year you could have signed up for Medicare Part B, but didn't.[4] Start shopping around for a Medicare plan three months before you turn 65. Also, be aware that you have options. For instance, there is an alternative to Original Medicare, which is called Medicare Advantage, also called MA. (continued)

For 4 more ways to save, visit https://smartfinancial.com/insurance-savings-retirement