What You Need to Know About Insurance and Retirement

Medicare supplement plan options

Currently, 44 million beneficiaries -approximately 15 percent of the population – are enrolled in the Medicare program. The enrollment in Medicare is projected to rise to approximately 79 million by the year 2030.

It’s estimated that one in 10 beneficiaries rely only on Medicare for their health care coverage. An average 90 percent of Medicare participants have access to some type of supplemental insurance plan. These plans vary from private employer-sponsored plans, Medigap, Medicare Advantage Plans, Medicaid for low-income citizens.

Currently, there are approximately 45 million people enrolled in Medicare because of their age. There are more than 6,000 Medical hospital facilities throughout the United States.

Forty percent of Americans who have life insurance feel they don’t have enough coverage. Approximately 83 percent of consumers reveal they opt out of purchasing more life insurance due to the cost. Nearly 85 percent of consumers agree that they need life insurance and 62 percent say they have it.

Aside from life insurance and Medicare, retirement is on the minds of several people. According to statistics, about 46 percent of Americans have less than $10,000 saved for their retirement. According to further statistics, 50 percent of retirees of 2015 stated that they left the workforce too soon due to health issues, closure of the company, or caring for a family member. Only 31 percent of retirees left because they were able to afford it.

To get a better understanding of your financial standpoint, Norfolk financial services is a great option to start. As you approach your retirement age or even if you have 10-20 years left, it’s ideal to look into different types of financial services. Having a plan is critical to ensure you can live comfortable when you retire. Working with a financial planner will allow the professional to dive into your finances and savings to determine when would be the best time for you to plan for retirement. Many people just go with the idea that once you’re a certain age you get to retire. Unfortunately, that’s not always the case. Working with financial planners is the most efficient way to get the most out of your retirement.