Would you believe that HealthCare in Retirement is the second largest expense in retirement?
Married couples retiring at Age 65 will average $260,000.00 in healthcare cost*. You may need even more if Chronic Illness Care is require!
What reasons matter in determining your HealthCare cost? For starters, your age and health at retirement matters; seems we don’t get healthier as we age! Your health today and at retirement is always a significant factor in life! Many of us may have to deal with a chronic illness or disability in life such as Alzheimer’s, serious stokes or crippling arthritis. What would you do?
How long you live after retirement is a huge factor. It seems we all are living longer than ever before, which requires us to plan for the cost of care over a longer life span, which will have a major impact on your healthcare expense! The level of HealthCare coverage adds up, including Medicare and Long Term Care, and it can be challenging to understand your options! Since Medicare/Medicaid is the primary HealthCare Plan for retirees, it is important to take time to understand it completely, but it may be confusing!
How we used to die and how we die now are very different and which way you choose very well may be the most important decision you make in your life. Many people decide they want their end-of-life care in their home rather than at the hospital or nursing home as in days of old! But the cost may deplete one’s savings and assets to a point you have nothing left to pass on in your legacy planning! Knowing your options and planning for the long and short terms is critical to your HealthCare in Retirement.
Healthcare in Retirement doesn’t need be a time in life where you sit in the living room and worry. Get off the couch and exercise, walk with friends, join Silver Sneakers, find a hobby, go hiking or biking, travel to places you dream of as a kid, eat smart and think positive. Who knows, maybe you are a potential member of the Century Club?
Editor’s Note: This article was submitted by Ron Cornell of Healthcare in Retirement, a health care educator and financial advisor. He may reached at 719-266-6733 or firstname.lastname@example.org
* Fidelity Investments Health Care Costs for Couples in Retirement Rise, August 16, 2016. Healthcare and nursing home costs may vary by state