Cantissimo Senior Living Blog

Cantissimo Senior Living blog - an educational resource for older adults in lifestyle, wellness, and more.

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What To Consider When Moving to a New Home in Retirement

What To Consider When Moving to a New Home in Retirement

So you've decided to move. Congratulations! You are about to embark on a great adventure. However, you have many more decisions ahead.

  • Are you moving near to your current home or further away?
  • Are you downsizing, upsizing, or maintaining similar square footage?
  • Are you renting or buying?
  • Are you adding a second home?
  • What about timeshares or fractional ownership?

Moving in Retirement? How To Decide Where To Go

Moving in Retirement? How To Decide Where To Go

As noted in our recent post, Should I Move in Retirement?, there can be several triggers for considering a new home later in life.

  • Retirement
  • An empty nest
  • Health problems
  • Job transfer
  • Living costs
  • Lifestyle choices

Among these, a health situation could urgently drive the question of where to live into immediate focus.

If you find yourself in this situation, the first step is to thoroughly assess your condition and the implications for your living situation. Consulting with medical professionals and family is crucial in this assessment. The result should be a living plan that provides the best support for your healthcare needs.

The elements of the plan need to consider several questions.

Your Guide to Finding a New Home After 50 - Read Now

Should I Move in Retirement?

Should I Move in Retirement?

For many, there comes a time in life around fifty years of age (or later) when the question arises: "How long am I going to live here?"

There could be several possible triggers for this question:

  • Retirement
  • An empty nest
  • Health problems
  • Job transfer
  • Living costs
  • Lifestyle choices

You may find more than one of these triggers comes into play for your situation.

Getting Started with Medicare: Part D – Prescription Drugs

Getting Started with Medicare: Part D – Prescription Drugs

 

When Medicare was introduced in 1965, prescription drugs were not covered. However, in December 2003, Medicare Part D was signed into law to cover the cost of medications. Unlike Medicare Part A and Part B, however, Part D is optional.

What Part D Covers

Medicare Part D is offered via plans marketed by private companies. Each plan publishes its own list of covered drugs called a formulary. Formularies contain both brand-name and generic drugs. A formulary typically will have two or more drugs in the most popular categories to allow for more choices.

Formularies are not static. Medicare rules allow a plan to make changes to its formulary and drug fees during the year because:

Getting Started With Medicare: Medicare Advantage Plans

Getting Started With Medicare: Medicare Advantage Plans

 

Some Medicare beneficiaries want more healthcare benefits than Original Medicare can offer, even with Medigap supplemental policies. Medicare Advantage Plans (sometimes known as Medicare Part C) fill this need by providing more benefits for beneficiaries who agree to extra costs and less flexibility.

The Medicare Advantage Alternative

Offered by private insurance companies, Medicare Advantage Plans provide Part A and Part B coverage as an alternative to Original Medicare. Medicare pays a fixed amount to these insurers for each beneficiary enrolled in their plans but requires these companies to follow specific rules. These rules allow the companies flexibility to offer more services. However, to do this, they may handle out-of-pocket costs differently and impose certain restrictions on enrollees.

Getting Started With Medicare: Medigap Plugs the Holes

Getting Started With Medicare: Medigap Plugs the Holes

 

Original Medicare (Part A and Part B) offers many benefits, but it has some "gaps." The most prominent gap is there is no limit on out-of-pocket expenses, which encompass deductibles, copayments, and coinsurance.

Medigap to the Rescue

One way to fill many of these gaps is through a Medicare Supplement Insurance policy (also known as Medigap) sold by private insurers. Medigap policies come in several different versions but must adhere to strict government standards. These standards allow easier comparisons between policies and protect consumers from unscrupulous insurers.

Getting Started With Medicare: How Can You Prepare?

Getting Started With Medicare: How Can You Prepare?

 

Most Americans reaching age 65 achieve a significant milestone: Medicare eligibility. Launched in 1965, Medicare is a national health insurance program created and administered by the U.S. government and funded primarily via payroll taxes. Prior to its inception, over half of Americans, 65 or older, had no health insurance.

The program started with coverage for hospital stays (Part A) and other medical expenses like doctor fees (Part B). These two parts, known as "Original Medicare," operate as a "fee-for-service" system where a provider (e.g., hospital or doctor) gets paid for each service delivered.