Due to rising healthcare costs, increased deductibles, and restrictive insurance plans, a chronic illness or sudden medical emergency can lead to financial disaster. Like taxes, health care costs don’t just vanish when you retire, in fact, they tend to become a larger portion of your expenses the older you get. One common misconception we encounter is that Medicare is free and will take care of all your healthcare costs in retirement. If that’s what you think, well, think again. Medicare Part B premiums and supplemental insurance will cost you. If you believe you don’t need to worry about long-term care costs because Medicare will step in should you need custodial care, again, we’re sorry to disappoint you. Medicare generally doesn’t cover long-term care stays in a nursing home or similar facility.
Our Approach to Healthcare
- Early Retirement: One of the most difficult things to plan for is retirement without access to Medicare. What options are available without breaking the bank at 60-65 years old?
- Long-Term Care: If you're married and both in your mid 60's, there's about a coin-flip chance that one of you will spend time in some form of long-term care. The problem is, we don't know what level (memory care? or unskilled nursing?) or how long you may be there. This creates a massive delta to plan for. On top of that, Long-Term Care insurance can be so expensive that it's not practical. We will sit down and help evaluate the odds, and potential fixes in order to have peace of mind.
Book an initial consultation with one of our financial professionals to make sure you have a plan for healthcare.