What Health Care Debate?

11 11 2009

Mike Carignan, CRPC®by Mike Carignan, CRPC

Recently, if you’ve been watching any form of the news, you’ve seen the ongoing debate over health care reform.  Now, I am not about to comment on which side is right or wrong, because with this debate it’s not just right or left…it seems to be a full perimeter. Even the individual parties can’t seem to agree amongst themselves.

Now, however, with the passage of the health care reform bill this last weekend many people are thinking that health care insurance isn’t going to be a concern in the future. “Now I’ll be able to get coverage regardless of previous conditions or employment status,” some may be thinking. That may be the case in the future, but not yet.

My point is going to be much simpler than the overall healthcare debate. I am addressing the here and now and one of the biggest health care concerns if you are thinking about retiring early. MAKE SURE YOU HAVE HEALTH CARE INSURANCE!

I hope that was clear enough.

We see clients, frequently, that have put a great deal of thought into where they will spend their retirement, how much money they’ll need for the vacations or the second home, but don’t plan for where they will get health insurance. Many clients take for granted the ability to qualify for individual health insurance, especially if they have been working for a large corporation with group benefits.

Some clients have the ability to continue their health care insurance benefits after leaving a long-term employer, but more often we see a need for individual health care coverage if they are retiring earlier than age 63 1/2. What questions then need to be answered if you are thinking about retiring early?

1. Will I be able to continue my group health care coverage?

2. If not, then will I get coverage from a private insurer? (We often suggest clients to go through underwriting before actually retiring to make sure.)

3. How much will it cost until Medicare?

4. Does that cost affect when I can start my retirement?

If you haven’t answered these questions then you are taking a HUGE risk in retiring before you have covered this significant risk factor of a secure retirement. Planning ahead for the potential risks in retirement is the best way to live a stress free and happy retirement.

 

This blog is for informational purposes only.  This is neither an offer to purchase nor sell any securities.  All investing involves the potential of loss – including invested principal.  Indices quoted are general barometers of security price movement.  You cannot invest directly in an index.  All information is obtained from sources deemed reliable but not guaranteed.  Past performance is not a guarantee of future performance.  No tax or legal advice is given nor intended.

Investment advisory services provided by PARAGON Wealth Strategies, LLC, a registered investment advisor. 

10245 Centurion Pkwy. N. Ste 105, Jacksonville FL 32256   (904) 861-0093

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