![\"\"](\"https:\/\/www.kcal.net\/english\/wp-content\/uploads\/2016\/11\/senior_life.jpg\")
Many want their parents to come to the United States and enjoy life here, getting the best quality\u00a0medical services<\/strong>. However, they also have to think about the various\u00a0medical expenses<\/strong>. So what\u2019s life like in the U.S. after\u00a0retirement<\/strong>? How do you make the best plan for your future?<\/p>\n1. Social Security and Retirement Plans<\/strong><\/h4>\nAccording to the statistics, 90% of those who\u00a0retire<\/strong>\u00a0receive Social Security benefits that come from the Social Security taxes they paid while they worked. You only have to work 10 years (40 credits) to be eligible for Social Security benefits. The amount of benefits is based on the amount of Social Security tax you paid while you were working, but overall, the amount is not high.<\/p>\nIn 2016, the monthly average of Social Security benefits that Americans receive is a little over $1,200. The private companies\u2019 401K plan,\u00a0IRA savings account<\/strong>, and the finances from real estate income are also other sources of money after retirement.<\/p>\nAccording to the AARP, 62.2% of the retired individuals in Asian communities depend on Social Security for their living expenses, receiving about $14,500-$19,500 a year. 401K and\u00a0IRA<\/strong>\u00a0is another way to get money when you retire but if you don\u2019t have it and didn\u2019t start saving early enough, then you will have less money to spend. Your retirement won\u2019t be as amazing as you might have expected.\u00a0(Look here! Find out how to use IRA to deposit and save for retirement.<\/a>)<\/p>\n2. Health Insurance and Medicare<\/b><\/h4>\n
In the U.S.,\u00a0those who turn 65 can apply for their own insurance, also known as Medicare. This was implemented by the government solely for the purpose of helping out the elderly, those with disabilities, and chronically ill patients.<\/p>\n
Because the Medicare card has a red and blue striped design, many Chinese individuals like to call it the \u201cred blue card.\u201d Medicare benefits include: Part A- Hospital Insurance, Part B- Medical Insurance, Part C- Medicare Advantage Plans, and Part D- Prescription Drug Insurance.<\/p>\n
Since Part A and Part B are required by the government, you will get fined if you don\u2019t have it. It is recommended to consult a professional health care planner to decide whether you need Part C and Part D based on your medical needs. Those who are constantly taking medication must pay special attention to these.<\/p>\n
If you\u2019ve worked in the U.S. for 10 years and have been paying social security tax then part of Part A is free and Part B would cost around $137 a month in 2017. The cost of Part C and Part D would vary depending on the program chosen. (Learn more about Medicare and how to apply<\/a>)<\/p>\nMany immigrant families face a common problem\u2026 they haven\u2019t worked 10 years yet and their parents are already over 65\u2026 what do they do? If you are 65 and worked less than 10 years, then you will still be able to participate in Medicare, it\u2019s just that Part A won\u2019t be free and the cost will be pretty high.<\/p>\n
For new immigrants, even if you are older than 65, you have to wait five consecutive years living in the US before you can apply for Medicare.\u00a0Medicaid (also known as Medi-Cal in California) has also become the choice for many new elderly immigrants since you don\u2019t have to pay premiums. As long as you have your green card and get approved, you will qualify for Medicare.<\/p>\n<\/div>\n
<\/p>\n
<\/p>\n
<\/p>\n
In 2016, the monthly average of Social Security benefits that Americans receive is a little over $1,200. The private companies\u2019 401K plan,\u00a0IRA savings account<\/strong>, and the finances from real estate income are also other sources of money after retirement.<\/p>\n According to the AARP, 62.2% of the retired individuals in Asian communities depend on Social Security for their living expenses, receiving about $14,500-$19,500 a year. 401K and\u00a0IRA<\/strong>\u00a0is another way to get money when you retire but if you don\u2019t have it and didn\u2019t start saving early enough, then you will have less money to spend. Your retirement won\u2019t be as amazing as you might have expected.\u00a0(Look here! Find out how to use IRA to deposit and save for retirement.<\/a>)<\/p>\n In the U.S.,\u00a0those who turn 65 can apply for their own insurance, also known as Medicare. This was implemented by the government solely for the purpose of helping out the elderly, those with disabilities, and chronically ill patients.<\/p>\n Because the Medicare card has a red and blue striped design, many Chinese individuals like to call it the \u201cred blue card.\u201d Medicare benefits include: Part A- Hospital Insurance, Part B- Medical Insurance, Part C- Medicare Advantage Plans, and Part D- Prescription Drug Insurance.<\/p>\n Since Part A and Part B are required by the government, you will get fined if you don\u2019t have it. It is recommended to consult a professional health care planner to decide whether you need Part C and Part D based on your medical needs. Those who are constantly taking medication must pay special attention to these.<\/p>\n If you\u2019ve worked in the U.S. for 10 years and have been paying social security tax then part of Part A is free and Part B would cost around $137 a month in 2017. The cost of Part C and Part D would vary depending on the program chosen. (Learn more about Medicare and how to apply<\/a>)<\/p>\n Many immigrant families face a common problem\u2026 they haven\u2019t worked 10 years yet and their parents are already over 65\u2026 what do they do? If you are 65 and worked less than 10 years, then you will still be able to participate in Medicare, it\u2019s just that Part A won\u2019t be free and the cost will be pretty high.<\/p>\n For new immigrants, even if you are older than 65, you have to wait five consecutive years living in the US before you can apply for Medicare.\u00a0Medicaid (also known as Medi-Cal in California) has also become the choice for many new elderly immigrants since you don\u2019t have to pay premiums. As long as you have your green card and get approved, you will qualify for Medicare.<\/p>\n<\/div>\n <\/p>\n <\/p>\n <\/p>\n2. Health Insurance and Medicare<\/b><\/h4>\n
![\"\"](\"https:\/\/www.kcal.net\/english\/wp-content\/uploads\/sites\/3\/2016\/11\/hands-hold.jpeg\")
<\/p>\n![\"hold](\"https:\/\/www.kcal.net\/images\/hold_hands.jpeg\")
\r\n\r\nSenior apartments only accept those who are able to take care of themselves with assistance and can live by themselves. For those who require medical assistance, they would have to go to a\u00a0nursing home<\/strong>. Some costs of nursing homes are covered by Medicare.\r\n