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Follow on Google News | Health Care Costs in Retirement: 4 ConsiderationsI'm sure you've heard the saying, "An ounce of prevention is worth a pound of cure." That's exactly why it's important to consider the health care costs you'll face during retirement now.
By: Edward Jones False: According to the Kaiser Family Foundation, families with Medicare still spend about 15% of their budget on health care. Before you decide to retire, be sure you understand how much you may end up paying out of pocket for health care. Your Edward Jones financial advisor can help you consider how health care costs may affect your overall retirement strategy. Following are some steps to consider: 1. Know the key dates for Medicare enrollment - There is a seven-month window for enrolling in Medicare, beginning three months before your 65th birthday. 2. Estimate your health care costs - Everyone’s situation is different, but initially budgeting $4,000 to $6,000 per year per person for traditional medical expenses in retirement may be a good starting point. 3. Evaluate your insurance options - Medicare comes with a variety of options. While it may be tempting to select the lowest-cost plan, it’s critical to select a plan that provides the coverage you need. Tools at www.medicare.gov can help. 4. Take long-term care into consideration - If you or your spouse should need long-term care, it can quickly drain your finances. You can set aside money to help pay for care or consider insurance options that can help address where care is administered and how to pay for these costs. Contact your local financial advisor Keep in mind that the cost of health care is just one of many factors to review before you decide to retire. Your financial advisor can work with you to better understand your desired retirement lifestyle, estimated expenses and sources of income to develop a retirement strategy that works for you. End
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