Retirement is an exciting time of change. After working for years, you are able to do what you enjoy; hobbies, travel or spending more time with family. Along with these changes you will want to handle any changes to your insurance. You can start saving money on your auto insurance by changing the use of your automobile (on your policy) from business to pleasure. This saves you about 15-20%, which can contribute to your retirement fund. At this point, you should check to see if your insurance company offers any senior discounts that you may take advantage of.
The steps you take, concerning your insurance, when you retire is based upon your age and whether or not you are eligible for COBRA. If neither you nor your spouse meet qualifications for COBRA and you are both under the age of 62, you should either get an individual plan, if you can. Another slightly pricier option is to apply for guaranteed individual (protected by HIPAA laws) for yourself and your partner and continue the coverage until you both apply for Medicare benefits at the age of 65.
If however, you are between the ages of 62-65 and you meet the requirements for COBRA, I recommend that you take advantage of the benefits of COBRA, unless you meet certain health requirements needed to be covered by an insurance company. If you are age 65 or up, you now qualify for Medicare. You will need to apply for Medicare (Part A and B) also, sign up for a supplement plan and prescription drug coverage (Part D of Medicare). Sign up for Part D within 6 months of losing your group benefits and you will not be asked any health questions. By following these steps when you retire, you will be well on your way to a worry-free, happy retirement.
Toby Shelton is a writer and researcher on products in the Health and fitness field. He has been publishing articles for the last 6 years. His latest site is about: proform crosswalk treadmills Or, Visit his site at http://proformcrosswalktreadmill.net
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