Rhode Island is a very attractive retirement state for many older adults. It has all the natural beauty of New England, with the convenience of being near several large metropolitan areas. Here’s what to consider before moving to the Ocean State.
If you love to spend time outdoors, Rhode Island has a lot to offer. The southern edge of the state borders the Atlantic Ocean and has stunningly pristine beaches. Beach towns like Newport and Narragansett are popular vacation spots for New Englanders. The state also has plenty of bike paths, so there are plenty of opportunities to get outside and exercise. Since Rhode Island is so small, you’ll never be too far from the beach.
Before moving to Rhode Island, it’s important to make sure you have a budget in place. This is because Rhode Island has a slightly higher cost of living on average than the rest of the United States. Not only are property values higher, but regular expenses like groceries are also slightly higher too.
Additionally, Rhode Island taxes most retirement income, including Social Security and retirement savings accounts. If you plan on retiring in Rhode Island, you’ll need to factor this into your budget.
Providence itself is an established city with plenty of rich history, culture, and charm. However, living in Rhode Island will also put you close to several other large cities on the East Coast. It takes only one hour to get to Boston via commuter rail from downtown Providence. Amtrak’s high-speed Acela line also connects to New York City, Philadelphia, and Washington DC.
As you get older, it’s particularly important to have a doctor you can rely on. Luckily, Rhode Island has an amazing medical system with plenty of incredible doctors and hospitals.
As in many other states, most people over the age of 65 and most disabled people will qualify for Medicare in Rhode Island. Original Medicare pays for approximately 80 percent of your healthcare expenses. Part A covers inpatient hospital stays while Part B covers outpatient services.
To cover the rest of your medical expenses, you might consider a Medigap plan, which provides supplemental coverage. You also might consider a Part D plan, which covers prescription drug expenses. Alternatively, you can enroll in a Medicare Advantage plan, which are provided by private insurers and may offer additional benefits. Medicare Advantage plans are very popular in Rhode Island, with nearly half of all beneficiaries selecting one.
Rhode Island is an incredible state with so much to offer. To learn more about Medicare in Rhode Island, contact Time For 65’s licensed partnered agents today. Fill out this form or give us a call to see how we can help.