COLUMBUS — Ohio Department of Insurance Director Jillian Froment is urging Ohioans preparing for retirement to evaluate their insurance needs and the associated costs as part of National Retirement Planning Week, April 9-13.
“For the many Ohioans transitioning into retirement, a thorough insurance evaluation is a big part of retirement preparedness,” Froment said. “I encourage Ohioans who have not reexamined their insurance – from health to life to auto to home – to think about it under the retirement lens.”
Froment said a coverage review should include:
- Careful evaluation of health insurance when deciding to retire early and shopping for Medicare, including drug coverage and supplemental insurance.
- Adjusting home and auto costs by putting insurance in line with a possible different lifestyle.
- Considering adjustments to life insurance levels and determining if an annuity is a good fit.
- Planning for potential long-term care and how to pay for it.
More insurance information is available on the Ohio Department of Insurance website at www.insurance.ohio.gov. Ohioans can call the department at 1-800-686-1526 with insurance questions and 1-800-686-1578 if they are Medicare specific.