30 Second Insurance Tips©

Tip 56- Health Insurance Premiums For Retirees

According to life expectancy tables, a 65 year old male will live to age 81; a 65 year old female
to age 84.

When you enroll in Medicare, you will be charged for your Part B coverage. For 2012, the income based monthly premium starts at $99.50. Expect that number to increase on average about 6% each year.

In addition to Medicare, you’ll probably buy a Medicare Supplement policy. ‘Cadillac’ coverage starts at about $150 a month at age 65. Expect that to increase every year too. Figure at least 9%. You’ll also need prescription drug coverage; a Medicare Part D policy will start at about $48.50 per month.

Do the math. Will you be ready to retire?