A useful addition to your retirement-planning library

Steve Vernon, a financial services adviser and columnist for CBS MoneyWatch, has written an excellent book, "Retirement Game-Changers: Strategies for a Healthy, Financially Secure, and Fulfilling Long Life" (www.restoflife.com), which covers important issues that retirees will be facing.

The most important comprehensive sections of the book cover decisions about health care and securing sufficient assets and income to last a lifetime. The book is clearly written, and you don't have to be a financial expert to understand it.

One of the best features of the book is the identification of excellent resources, especially on the topics of Social Security and reverse mortgages. He provides a solid introduction to these issues, but there's a lot more to learn about them, and Vernon points readers in the right direction.

One of the most important subjects he covers in great detail is Medicare. He points out that traditional Medicare does not cover dental or vision expenses. He recommends, prudently, that individuals approaching Medicare eligibility age should examine their options in these areas and take the necessary steps prior to enrolling in Medicare to have sufficient coverage.

He points out the importance of doing your homework prior to enrolling in Medicare in order to avoid common pitfalls. For example, he points out that many individuals enroll in traditional Medicare without enrolling in in a Medigap plan. This is generally a serious mistake.

When you are first eligible for Medicare Part B, you can't be excluded from buying a Medigap plan for pre-existing conditions or be charged a higher premium. While you continue the coverage by paying the premiums, your policy is guaranteed renewable for the rest of your life. If you don't purchase the Medigap plan at the time you enroll in Part B, you will incur a penalty for each year you did not enroll, and you may not be able to enroll in the plan you eventually select, and the premium can be higher. Medicare Part B only covers 80 percent of the expenses associated with it. Enrolling in a Medigap plan will cover the other 20 percent.

When you enroll in Medicare, you can also enroll in Part D, which covers prescription drugs. If you enroll later you will also incur a penalty. When you select a specific Part D plan, you have to examine the costs associated with current drugs you are taking. Each plan has different cost structures. The book contains important sources you can use to identify the best plan for you.

You do not have to enroll in traditional Medicare. You can enroll in a Medicare Advantage plan. The book details the pros and cons. The main advantages can be lower cost, inclusion of some prescription drug coverage and possible dental coverage. One of the significant disadvantages is that you are restricted in your choice of physicians. Another is that whenever you incur serious medical issues, you may not be able to obtain the Medigap plan you need.

A Medigap plan cannot exclude you for pre-existing conditions or charge higher premiums if you enroll when you are initially eligible for Medicare. If you elect a Medicare Advantage plan initially, you no longer have the same Medigap option. Even if you can obtain a Medigap plan later, the costs can be much higher.

Another useful chapter covers the necessary steps to ensure that your retirement income will last a lifetime. Vernon explains how to protect yourself against retirement risks and to withstand financial shocks.

Overall, I found the book very useful for individuals who are approaching retirement, especially those who have not planned properly. Making the right decisions about health care, effective income management, and initiating Social Security benefits is critical to ensuring a prosperous retirement. This book will help you in all these areas.

Elliot Raphaelson welcomes your

questions and comments at

raphelliot@gmail.com.

Credit: By Elliot Raphaelson

Caption: Theaphotography/Dreamstime