Healthcare and Your Retirement: Predicting the Unpredictable

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!

  • Healthcare Costs

    Could unexpected healthcare costs ruin the vitality of your retirement years?

    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.

  • Retirement Healthcare

    4 Steps to Prepare for Your Retirement Healthcare

    Here are four actionable steps you can do to get ready for your retirement healthcare costs:

    1. Develop a healthcare costs plan for your retirement
    2. Understand your coverage options and their associated costs in relation to your retirement income plan
    3. Contemplate your future healthcare expenses as they pertain to your available income and assets as well as your current health, family history, and anticipated retirement lifestyle
    4. Meet with a Retirement Income Specialist who can help you make crucial decisions in selecting your most appropriate Medicare options.

    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.