If retiring is in your near future, congratulations!
Before the cake is cut, ask some questions about your insurance to make sure you have the coverage you need.
#1) Will you have health insurance?
There are several ways you can get health insurance after you retire:
a. Through your employer.
b. Through your spouse’s employer.
c. Medicare if you’re 65 or older or have a disability.
d. Buy your own plan from an insurance company or HealthCare.gov.
#2) Do you have retirement and savings accounts?
Ask your employer for a statement of any accounts you’ll take with you. These could be retirement accounts, annuities, life insurance, or long-term care insurance.
#3) Do you need life insurance?
If you have life insurance, consider whether you still need it. If no one is relying on you for income, maybe you can sell your policy or stop it. If your policy has cash value, you can get the money you built up. Ask about any charges or fees before stopping or selling a policy.
#4) Do you need long-term care insurance?
Not everyone needs long-term care insurance. It’s usually a good idea if you have significant assets you want to protect. Premiums get higher as you get older, so don’t wait too long to buy it if you want it.
#5) Keep your family or a trusted source informed
Share your insurance policies and cards with anyone who is – or who is planning to – help manage your money as you age. This ranges from health, long-term care, and life insurance to car and home insurance policies.
For more information, click here.
Teaching Suggestions:
- Ask students if life insurance is needed during retirement. If so, under what circumstances life insurance might be needed?
- Ask students if long-term insurance is as important as health insurance. Why or why not?
Discussion Questions:
- What are several ways you can get health insurance after you retire?
- What might be cheaper options for funeral expenses?
- Why is it important to keep your family or a trusted source informed about your insurance policy and insurance cards?
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