Retirement is meant to be a glorious time, filled time at the beach, taking it easy, and spoiling the grandkids. But, if you have diabetes, a wrench can be thrown into your plans if you don’t plan accordingly.
Here are 6 tips to plan your retirement with Medicare if you have diabetes:
1. What’s right for your friend may not be right for you
Your friend may be in great health, or just have completely different needs than you. Their advice is most likely coming from a good place, but what are the chances that he/she is an expert when it comes to Medicare insurance, and managing risk?
Take time to shop around, and consider all options.
2. Talk to your doctor
Many diabetic prescriptions are very expensive. Costing north of $300/mo. This could easily cause you to hit the donut hole. If your drug was cheap on your employer insurance, it may not necessarily be cheap with Medicare. Take time to find out what the total cost of the prescription is, and talk to your doctor about cheaper alternatives. You may be surprised to find out, that a lesser expensive alternative exists.
3. Start early
Medicare Initial Enrollment starts 3 months before the month you turn 65. Do not wait until 30 days out to start the process. Finding the right plan, alternative prescriptions, and planning your costs can take time. Utilize the entire 90 day enrollment window to be sure you are planning properly, and you understand the costs. And, even consider starting sooner than the standard 90 day window.
4. Be open minded
What you thought Medicare was going to look like, may not be the case. It some cases it may be better. Do not allow yourself to get tunnel-vision when shopping for a plan.
5. Ask about Chronic Special Needs Plans
These plans exist specifically for people with Chronic diseases, such as Diabetes. They are typically HMOs, but can save you literally thousands of dollars a year in out-of-pocket expenses. Most insurance carriers in Florida offer them.
6. Work with a professional
Lets be honest how many of you can explain the technical insurance jargon? Furthermore, stay up-to-date enough to know the changes that happen from year to year? Its important to have a professional to explain the differences to you, and the nuances of an insurance plan so you can make an informed decision.
Be sure to work with a broker that represents several different companies. This is important, as they wont try to shove a one-size-fits-all solution down your throat. They will have many tool in their toolbox, to be sure to have the right plan for the right situation.
