How can I pay for medical care after retirement?

• Part B covers most doctor, hospital, and related expenses.
• Part D provides a prescription drug benefit

Never drop one type of health-care coverage until the new or replacement coverage is in force.

Remember that Medicare is not a free pass; in fact, it may only pay about half of your health care expenses. Allow for out-of-pocket expenses and premiums, some say as much as $225,000.

Examine long-term healthcare insurance options carefully; the costs may outweigh the benefits. To make the right choice for you, get unbiased professional advice about your options.

Most retired Americans do not need life insurance, except perhaps to cover burial expenses.

Consider having a portion of your savings in an immediate fixed annuity (a financial product that provides a guaranteed monthly income over your lifetime or a period of years). Study and compare these products carefully, and make sure you buy an annuity that is adjusted for inflation at a reasonable cost.

Don’t purchase insurance products unless you understand how they work.