Navigating your healthcare decisions in retirement 

Many assume Medicare will cover all their health care costs when they retire, but recent studies have shown that the cost of healthcare for an average retired couple will exceed $300,000 over their retirement and consume about 15% of their annual income1.

We find that many feel ill equipped to make decisions about their Medicare options.  Is original Medicare or Medicare Advantage a better choice?  Which Part D prescription drug plan to choose?  Is a Medicare supplement plan necessary?  Which one?  From which provider?  Those retiring before age 65 face the added burden of paying for healthcare coverage under COBRA or through the ACA exchange, which can be extremely expensive for those in their late 50's or early 60's.

Then there's long term care (care provided for chronic conditions) which is not covered by Medicare.  This type of custodial care can be provided in your home or in assisted living centers and can add up to hundreds of thousands of dollars if it's needed.

The amount you need to cover your healthcare expenses will, in part, depend on which accounts you use to pay for health care— 401(k), HSA, IRA, or taxable accounts, your tax rates in retirement and potentially even your gross income. 

Our team will analyze your situation and help you navigate the healthcare decisions you face.  We will also help you estimate your costs and through proper planning and creative financial strategies, recommend ways to reduce your healthcare spending.

1. Fidelity Benefits Consulting estimate; 2019