What You Can Do to Protect Yourself
By: Reed Karaim; Source: AARP Bulletin Date Posted: 2006-04-13 08:44:00-04:00
Wait. If you're an eternal optimist, you might keep hoping the United States will imitate Canada and European nations by adopting a national health care program.
Sue. Did your employer promise you lifetime health coverage after retirement and then fail to deliver? You can try to win back what you were promised in court, but be forewarned: For nonunion employees, "there are very, very few court cases in which the retirees have won," says Jay Grenig, a professor of law at Marquette University.
Work Part-Time. At some companies, even part-timers qualify for attractive benefits. Example: Starbucks employees who work at least 20 hours a week are eligible for health insurance, a 401(k) and stock options.
Save. While waiting for Medicare coverage to kick in, early retirees who are healthy should consider a health savings account, a tax-free account that's tied to a high-deductible health plan.
Save More. Four of five employees fail to estimate their annual health care expenses. That's why it's a good idea to use a "medical expense estimator"—ask your employer or financial adviser for one—to help make sure you're socking away enough to cover future health care expenses. Then see how much more you need to save should your retiree health coverage vanish and you're forced to go it alone.
Stay Well. "The best offense is a good defense," said legendary football coach George Halas. That applies to your health, too. Making the right lifestyle choices, such as diet and exercise, can make lots of financial sense.
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