How Can You Prepare for Healthcare Expenses in Retirement?

How Can You Prepare for Healthcare Expenses in Retirement?

Print Friendly, PDF & Email


Rising healthcare costs are on everyone’s mind, even for affluent people. In fact, 69 percent of affluent pre-retirees cite rising healthcare costs as one of their top fears in retirement, according to a survey from the Nationwide Retirement Institute. In fact, 63 percent of these affluent pre-retirees describe themselves as “terrified” of what healthcare costs may do to their retirement plans. But more than half (53 percent) say they are not comfortable talking to their spouse about these fears. One in ten stated they just didn’t want to think about it.

However, ignoring a problem doesn’t make it go away. Here are some steps you can take to plan for your healthcare in retirement:

Start budgeting. Figure out how much Medicare will cover and how much you’ll need to come up with. Medicare won’t cover all your medical expenses and it isn’t free. Understanding what Medicare covers and what it doesn’t will help you plan your healthcare strategy. For more detailed information, visit medicare.gov.

Look at long-term care insurance. Don’t assume that you won’t face a healthcare crisis. In fact, seven in ten people eventually need long-term care. The time to plan is now before you need help.

Get healthy. One of the best investments you can make is to pursue a healthy lifestyle. Exercise and proper nutrition can help you reduce future medical costs. And if you’ve been procrastinating about seeing your doctor or having a procedure done, schedule those appointments now.

For more tips on preparing for healthcare costs in retirement, contact your plan advisor.

Print Friendly, PDF & Email


Related Posts

Don’t Skip the Match

Don’t Skip the Match

This month’s employee memo encourages employees to conduct a regular examination of their retirement plan to determine whether any changes need to be made. Earn your full savings potential by hitting the full match plus more. This material was created to provide...

Retirement Plan Facts

Retirement Plan Facts

This month’s employee memo encourages employees to learn about their retirement plan to determine whether any changes need to be made. Your employer provides you with a retirement plan for you to save money in, tax-deferred, for the day you bid your career farewell...

The 10% Savings Goal

The 10% Savings Goal

This month’s employee memo encourages employees to conduct a regular examination of their retirement plan to determine whether any changes need to be made. Most people need to save more — often a lot more — to build a nest egg that can meet their needs. Many financial...

Share

Share this post.