Maryland is a state full of rich history and beautiful nature. Its location makes it very convenient for retirees who want to stay on the East Coast. However, there are some challenges that come with living in Maryland as an older adult. With advance planning, spending your later years in Maryland can be very enjoyable. Here are some tips for older adults retiring and living in Maryland.
One of the biggest challenges of living in Maryland is congested traffic. However, Maryland does have good public transportation options that can get you to Baltimore, Washington, DC, or even other surrounding cities that are further away. In Northern Maryland, Baltimore has a subway, light rail, and commuter trains to connect to the suburbs. Washington DC’s Metro system extends into Southern Maryland.
One of the biggest challenges of living in Maryland as an older adult is the high cost of living. This deters many people from moving to the Old Line State. Maryland also taxes many sources of retirement income, such as IRAs. Before moving to Maryland, make sure you take the time to save up and fully understand Maryland tax laws. Consider looking for affordable housing options designed specifically for older adults – there’s often less competition for available housing and you may be able to get a better deal.
Although parts of Maryland are very urban, there are also plenty of beautiful natural areas to enjoy and fun ways to get outdoors. When choosing where to live, look for properties near hiking or biking trails. If you enjoy water sports, there are also plenty of coastal towns that make them very accessible. Living in an area with exercise options makes life healthier and more enjoyable.
Like most states, Maryland offers Medicare coverage for most residents over the age of 65 and disabled residents. Original Medicare covers inpatient hospital care through Part A and many outpatient services through Part B. Part B does have some copays attached, but patients can minimize these expenses with a Medigap plan, which provides additional coverage beyond what Part B offers. Maryland does have some laws in place to make Medigap plans accessible to those who want them.
Original Medicare does not cover prescription drugs, but a Part D plan does. In Maryland, those who enroll in a Part D plan without enrolling in Original Medicare can qualify for additional low-income subsidy benefits. For those who would prefer a privately offered plan, Medicare Advantage plans are also available.