Health care in retirement
Are you
prepared?
Expect to live longer:
73% OF AMERICANS
consider
health care costs one of their biggest retirement concerns1
- BUT -
4 OUT OF 5 PEOPLE
cannot
accurately estimate how much they expect to pay for health care in retirement
1
Health care is likely to be your second
largest expense in retirement, though it’s often overlooked as a planned-for
expense.1 Medicare will not cover all your medical expenses, so you will
probably need to plan for considerable out-of-pocket costs. Here are some ways to do
it:
- Continue working
- Delay taking Social Security
- Work with your financial advisor to make sure your withdrawal strategy is
appropriate
- Manage your investments through retirement
Thinking
about early retirement?
Medicare becomes available at age 65, but you
may want to retire long before then. If so, you may need to consider other options
for covering health care costs. You can:
- Explore – talk with your employer about extending your benefits
in retirement
- Research – If your spouse or domestic partner is not yet
retired and you’re eligible for insurance through their employer, you may be
able to join their existing health plan
- Get a part-time job – Some employers offer medical benefits to
part-time employees
- Consider private insurance – although this may be the most
expensive option, it may cost less than paying an uninsured rate for services
[1] "Health Care and
Long-Term Care Study," a consumer study of U.S. adults ages 50 and up,
Nationwide/Harris Poll Survey (November 2016).
