Thinking about healthcare can be easier with guidance.
At MetLife, we have the experience to help you organize your benefits and resources, while identifying any shortfalls in coverage that can lead to unexpected and potentially significant out-of-pocket expenses, so you and your loved ones will be better prepared—and protected.

How much will my retirement healthcare cost me?
The best way to start is to estimate your current out-of-pocket healthcare expenses. Factor in things such as co-pays, deductibles and prescription medication. Then, compare the difference based on the type of coverage you will have if you plan on retiring before you’re eligible for Medicare.

Also, examine your family’s health history—it can be a good indication of your future medical needs and possible life expectancy.

How many years might you spend in retirement? Use our Life Expectancy Calculator to find out.

Not all expenses need to be so unpredictable.
Chances are you've taken a sick day or two. But what if a sick day lasted months—or even years? Even if your employee benefits would cover a portion of your income—what about the rest?

If you're still working, here are a few ways you can use a predictable expense to protect your assets against an unpredictable risk:

• Disability Income Insurance can be a way to replace a portion of your income if you're under the age of 65 and unable to work due to an illness or accident.

• A Health Saving Account allows you to set aside money to pay for eligible healthcare expenses. Unlike flexible spending accounts—where if you don't use it, you lose it—an HSA allows you to roll over funds you don't use in one year to help pay for expenses in the future. Meet with your employee benefits counselor or human resources Representative to see if your employer offers HSAs and if you're eligible to participate. If not, you can establish one through a bank, credit union, insurance company or other approved companies.

Will you be able to get care in your own home?
It's hard to imagine, but one day you may be unable to independently care for yourself—and you might require assistance with many of the daily activities we take for granted such as eating and bathing.
The cost for such care is significant and medical insurance and Medicare are not designed to cover most ongoing long-term care services.

Learn more about long-term care insurance in your state.

Estimate the cost of long-term care in your state with our Long-Term Care Calculator.

What if I retire before I'm 65?
You may not be covered by your company for healthcare coverage before 65 but you may have other options—such as working part time until you turn 65 and become eligible for Medicare.  Also ask about COBRA.  In most cases, employers must allow you to keep your health insurance coverage for at least 18 months after you leave work under the federal COBRA law.

COBRA allows you to maintain your coverage by paying the full premium plus an administration charge. If you need to cover a gap when your COBRA runs out and until Medicare begins, you should explore obtaining health insurance. 

How can Medicare help me?
Medicare is the government program that provides insurance benefits that include hospital insurance (Medicare Part A), voluntary medical insurance (Medicare Part B) and voluntary prescription drug coverage (Medicare Part D) for persons age 65 and over and for certain disabled persons under 65.

You should apply for Medicare three months before your 65th birthday. If you are already receiving Social Security benefits when you turn 65, you should be automatically enrolled in Medicare (Part A), though it’s always a good idea to confirm your coverage.
Learn more about Medicare.

Is Medicare all I need?
Medicare isn’t designed to cover everything. A Medigap policy can help you fill in some of the coverage gaps associated with Medicare Parts A and B by providing you with these extra benefits. However, Medicare Part D has a coverage gap known as the “donut hole,” where you are responsible for all prescription costs until a certain cap is reached.
 
If you have retiree health insurance from your employer that includes prescription drug coverage, you may not need Medicare Part D—or a Medigap policy.

Staying healthy can help keep you financially healthy.
Be sure to put some energy into maintaining your health. It will not only keep you in good shape and help you feel energetic, but the better care you take of yourself, the less you are likely to spend on healthcare and the longer you may live.

Ready to make your retirement plan healthier?
Remember, it’s never too late to start planning for your retirement or reevaluating your current plan to make sure you have all the protection you need.  So give us a call.

In most cases, Medicare provides only limited coverage of skilled nursing home care following a hospital stay of at least three days—roughly the first 100 days.