Early in the COVID-19 pandemic, the vulnerability of senior citizens became sadly apparent. Nearly 600,000 people have died in the United States from COVID-19. A disproportionate number of COVID-19 victims were over the age of 65. In fact, of the 596,740 dead in the United States, 473,845 were over the age of 65. Understandably, senior citizens remain apprehensive, despite having been vaccinated.
The availability of Medicare benefits can help senior citizens feel prepared for the possibility of illness, and life insurance can help ensure their families are taken care of.
Medicare For Peace of Mind
Medicare benefits are available to all seniors, starting at age 65. Enrollment begins three months before a person turns 65 and extends to three months after that person turns 65. There are also open enrollment and general enrollment windows.
Medicare is available to all U.S. citizens over 65, or permanent residents who have lived in the U.S. for five continuous years. When a person is old enough to enroll in Medicare, they are also eligible to enroll in a Medicare Advantage Plan, also known as Medicare Part C, or a Medicare Supplement Plan.
Medicare Advantage Plans are backed by independent insurance companies to provide services not otherwise covered under Medicare Parts A and B.
Medicare Supplement Plans will supplement your basic medicare coverage by providing additional coverage not otherwise covered by medicare.
Both options can help put a person’s mind at ease by ensuring they have sufficient health care coverage in the event of an injury or illness.
The senior market that is concerned about retirement is growing at a rapid pace. As a result, the added concern of COVID has resulted in more people retiring, making the need for this market even greater – what a great time to work in a market that was already doing so well, now is now experiencing accelerated growth due to COVID.
Early Retirement Spurred by Pandemic
According to some economic research, approximately 1.7 million additional older workers are expected to retire due to the pandemic and the associated recession. The rate of retirement has surged exponentially compared to life before the COVID-19 pandemic.
Fear and vulnerability regarding ongoing COVID-19 variants have many people afraid to return to offices. In 2020, many offices sent their workers home to try and slow the spread of the pandemic. For older workers, this shift changed their outlook on work and life. Many disliked the digital culture shift, while others found an appreciation in being home with their families more. The recession has also forced many to retire early due to the loss of employment. These seniors then look to financial planners to help them with their life insurance and retirement planning.
Older workers are clearly more at risk of serious complications or death from the COVID-19 pandemic. As employers consider forcing their employees to return to work in the offices, older workers feel pressured to retire early and avoid the risks associated with convergence in an office.
For those forced into early retirement and those who chose early retirement, retirement planning became a sudden necessity due to COVID-19. Life insurance and financial planning help seniors prepare for and sustain their retirement.
To learn more about helping seniors find their solutions to their Medicare and retirement needs, contact the professionals at Lucas Retirement Group. Our affiliated licensed experts will be happy to answer any questions you have.
