Are you among the majority of Americans who expect their healthcare costs will be covered by Medicare when they retire?
According to the Employee Benefit Research Institute, the reality is only 60% of current retiree’s medical expenses are covered and they are turning to supplemental coverage to take care of their vision, dental, hearing, and long-term care. Not to mention the out-of-pocket expenses that can add up quickly.
“By failing to prepare, you are preparing to fail.” – Benjamin Franklin | Click to Tweet!
The Center for Retirement Research estimates that married couples over the age of 65 spend an average of $7,600 a year for Medicare premiums and copayments. This figure doesn’t take in account the costs spent for treating chronic conditions like heart disease, arthritis, or diabetes; it also doesn’t account for nursing home or long-term care facility costs.
As one of the largest expenses you will most likely have throughout retirement, incorporating healthcare as an essential part of your comprehensive plan is imperative.
Here are four actionable steps you can do to get ready for your retirement healthcare costs:
Understanding your Medicare options and how they play into the budgeting of your overall retirement can help you better prepare for and project whether or not you will be able to create maintainable income for a secure and comfortable retirement.
To get your complimentary retirement planning review and discover if your healthcare costs will be covered in your retirement plans, contact me today.