Retirement is viewed as the commencement of old age, a transition from early adulthood to late adulthood. It brings forth a major role change for it alters the way a person manages time and daily activities. It also modifies his/her identity, power, status, and friendships. A big step indeed in everyone’s life, a redefinition of roles of different people.
The overall health of an older person is determined by a composite of the person’s manner of living, physical health, social support system, coping skills, and cognitive abilities. As people age, issues they have grappled with their entire lives, such as alcoholism, family dysfunction, abuse, and other stressors, tend to impact their health.
A person’s income, health, and desire to retire predict his satisfactory adjustment to retirement.
There are so many health care options in our growing economy and in our health care system today. The major dilemma might be that a person will be confused on what to decide for, or what is the right health care option to prefer. The key is to start with the simplest and easiest choice or option available. You may first start with weighing the coverage you could get from employer-sponsored plans from your employer, or from your spouse’s, versus any Medicare coverage for which you are qualified and entitled to. Considering the coverage, benefits, convenience, and total expenses is of outmost importance.
A federal program, COBRA, permits you and dependents under you to stay on your company’s plan for up to 18 months after retiring. This gives you the extra time to look for replacement coverage or reach Medicare eligibility. Since your employer will not be contributing anymore, the coverage you have will not change, but your premiums will increase.
The government’s Medicare, a publicly funded health insurance program, pays for hospital and medical care for elderly and certain incapacitated Americans.
Medical examinations prior to acceptance and limitations regarding pre-existing conditions are required in private health insurances. Nevertheless, private plans may extend greater flexibility and coverage than other choices.
Long-term care insurance is not a health insurance but instead is an insurance projected to pay for services like nursing homes, assisted-living facilities and also home health aides. Considering getting a policy before retirement will lower rates and makes it more low-priced since it tends to get more costly the closer you advance retirement age.
There’s a good deal to think about with retirement. By starting ahead of time and following sensible steps, you should have a fair amount of assurance and security when the big day finally rolls around. The earlier a person has prepared for retirement, the better his outlook and quality of life tends to be.
