Retiree Health Choices is a Chicago technology company that helps retirees and Boomers navigate the often-complex Medicare sector. Recently, Retiree Health Choices launched EasyMedicareChoices.com to put retirees in the drivers’ seat with retirement insurance choices.
Before anyone enrolls in Medicare, however, they need to better understand the lexicon of the retirement insurance system.
More 65-year-old Americans are electing to stay in the workforce, and if they’re fortunate to have benefits that accompany full-time employment, then full dependence on Medicare can be postponed.
Most workers, however, are not so lucky when it comes to employer-provided health care. When an employee hits 65-years-old, the customary retirement age, then companies prefer health insurance benefits to be paid by Medicare.
Anyone still working through their ‘60s, needs to be fully aware of details about group health insurance coverage and Medicare plans. Often, it’s a gray area; there isn’t a benefits department in a workplace to assist 64-year-olds with insurance choices or which path to take and when.
A recent study showed a state-by-state analysis of the best locations for adults 65 and older to settle down.
The healthiest state for seniors was Minnesota followed by Vermont, New Hampshire, Massachusetts and Iowa.
At the bottom of the list as the unhealthiest state was Mississippi with Oklahoma, Louisiana, West Virginia and Arkansas also at the bottom of the rankings.
What factors contributed to a state’s healthiness for retirees?
The researchers scored 34 measures of senior health; among them:
- Individual behaviors (smoking, alcohol)
- Environment (poverty, community programs)
- Public Policy (available geriatricians, clinical care)
Retirement for many is not what it’s cracked up to be. After awhile experiencing the golden years becomes more a chore than a relaxation. Many retirees are seeking jobs to get back into the workplace.
At the University of Illinois at Urbana-Champaign, a new retiree rehire policy recently took effect. The human resources department has many new rules and regulations about how to rehire a former University of Illinois employee out of retirement.
If you’re a former university employee seeking “retirement” after retirement, ensure you understand entitlement to annuity as stated in the Illinois Public Act 097-0968 oriented to laws governing annuity for retirees in Illinois. Read the rest of this entry »
Every day, 10,000 people turn 60-years-old, and there are more enrolling in Medicare when reaching 65-years-old.
That magic age of 65, 67 or even 70-years-old has been burned into our heads since youth. It’s the age of retirement…the golden years when life is easy and time for relaxation is on our hands.
Because there are so many Boomers heading into “retirement,” there is also more research about what happens shortly thereafter.
One expert, Marc Freedman, CEO and founder of Encore.org, says, “retirement is a transition, not a destination.” His organization promotes encore careers – “second acts for the greater good.”
What Freedman suggests is that people entering retirement find themselves taking a sabbatical from work, a bit of time off but not long-term. For reasons that could be emotional or financial, retirees find themselves seeking a second act to fill the gaps from working 50-hours weekly to no work at all.
It used to be that when retirees were fortunate to have had lengthy service in corporate America, there was often a small pot at the end of the rainbow to pay for healthcare in retirement. Or retiree health insurance could be paid for with a pension.
Today? Not so much. Those fast approaching retirement age, 64-years-old, need to address the albatross of retiree health costs directly and lighten the load.
The annual Fidelity study of health costs estimates, “that a couple retiring at 65 will need $240,000 to cover health costs in retirement.”
The Employee Benefits Research Institute said the same couple needs $227,000 for a 75 percent chance to cover health costs in retirement. Read the rest of this entry »
In many national magazines of late, there are special retirement features showcasing everything from places to live, the best this and the best that.
In Money magazine’s 2013 Retirement Guide, it details the top 20 places to live when retired.
The locations were selected via survey response from people 55+ interested in finding a great location to live it up after working for four decades. Imagine all the factors that contribute to making a choice of where to live when considering retirement! Read the rest of this entry »