Turning 65 & Retirement Planning
Helping You Plan for the Future with Confidence
Your Guide to Medicare, Long-Term Care & Retirement Income in Norfolk, NE
Turning 65 is a major milestone, and with it comes important decisions about Medicare, health coverage, and retirement income planning. At Insurance 365, we specialize in helping individuals in Norfolk, NE transition smoothly into their retirement years with expert guidance on Medicare, Medicaid, annuities, and long-term care options.
Understand your options and get expert help selecting the right Medicare plan for your lifestyle.
Build a dependable retirement income strategy that supports your goals and priorities.
Plan ahead with coverage that helps manage the cost of future care and support services.
Medicare & Retirement Planning FAQs
1. What is the difference between Medicare and Medicaid?
Medicare is a federal program designed for individuals 65 and older (or younger individuals with disabilities). It covers hospital visits, medical care, and prescription drugs. Medicaid is a state and federally funded program that provides health coverage for low-income individuals of all ages. Some people qualify for both, which is called dual eligibility.
2. When should I start planning for retirement?
The sooner, the better! Ideally, you should start retirement planning in your 40s or 50s, but if you’re already approaching retirement, it’s never too late. We help individuals five years out from retirement or already retired create a plan to ensure their income lasts.
3. How do annuities work, and are they a good option for me?
An annuity is a financial product that provides guaranteed income during retirement. There are fixed, variable, and indexed annuities, each designed to meet different financial goals. If you’re looking for a steady, predictable income stream, annuities may be a great solution for you.
4. Do I need long-term care insurance?
If you want to protect your assets and ensure access to quality care, long-term care insurance is highly recommended. The cost of nursing homes, assisted living, and in-home care continues to rise, and Medicare does not cover most long-term care expenses. Planning early can save you money and reduce financial stress later.
5. What happens if I miss my Medicare enrollment window?
If you don’t sign up for Medicare during your Initial Enrollment Period (IEP) (which starts three months before your 65th birthday and lasts for seven months), you may face late enrollment penalties. However, there are special enrollment periods available if you qualify, such as if you’re covered by an employer’s health plan.
