Health Care Options in Retirement

1. Health Care Options in Retirement
Ask a group of seniors what their top financial concern in retirement is, and chances are they'll answer "health care." With health care costs skyrocketing and limited coverage by programs such as Medicare, many retirees face stiff monthly health insurance premiums, or worse yet, no coverage at all.

Health care for seniors can be a labyrinth of programs, eligibility restrictions, coverage limitations, and overlaps, with terms varying widely from program to program and plan to plan. In addition to federal programs such as Medicare and Medicaid, some agencies such as the Veteran's Administration offer benefits for specific constituents and many states have different programs of their own with varied eligibility requirements. Additionally, unions and trade organizations may also offer retirement health care benefits. Which of these you may qualify for will depend on your individual circumstances. In general, however, most retirees have two main health care options: Medicare and managed care.