4 Types of Insurance Retirees Might Need (and 1 They Don’t)
Once you leave the working world behind and settle into retirement, your financial needs will change significantly. Instead of living off your paycheck, you'll be living off those retirement savings that you so diligently built over your lifetime plus income from Social Security. And the types of insurance you'll need to protect your new lifestyle will be different from what you needed during your career.
The year you hit age 65, you'll definitely want to sign up for Medicare. If you fail to sign up during the initial enrollment period, you may end up paying for it later. Medicare is one type of insurance that every retiree needs.
Unless your previous employer covers retirees, without Medicare your only options would be to pay all your healthcare expenses out-of-pocket (which would run all but the healthiest of retirees out of money in short order) or get private insurance (which would be exceedingly expensive, if you could get it at all). If nothing else, enrolling in original Medicare-- which includes Medicare Part A and Part B -- should definitely be nonnegotiable for most retirees.
Source: Fool.com
