If you are getting ready to retire, you likely already know that rising health-care costs in the United States is one of the biggest financial obstacles you will need to overcome. Experts believe that the cost of healthcare in the U.S. will continue to rise faster than inflation, which is why you need to start preparing for your retirement now.
Advance Directives
Have you written out medical care wishes in case you are seriously injured or incapacitated in an accident? You need to include advance directives in your retirement plan that names a spouse or family member who can make crucial medical decisions on your behalf.
Long-Term Care Services
From intermediate care to custodial care, there are a number of long-term care services available for you that will cover expenses if you become seriously ill or disabled.
Health Care Expenses
Although Medicare covers some health-care costs, it doesn’t cover everything. Out-of-pocket health expenses can be costly, which is why you need to look into insurance policies that can help you pay for the medical care you need that isn’t covered by Medicare.
Retirement Facts
Although estimates for retirement health-care expenses vary, Fidelity Investments reports that a 65-year-old couple who retired in 2014 needs about $220,000 for the medical expenses they might encounter during retirement. This doesn’t even include the costs of additional expenses, such as dental care, long-term care, or prescription medicines.
The following are important facts to consider when planning for your retirement:
- 70% of people over 65 end up needing long term care services and support at some point in their life.
- The average length of a nursing home stay is 835 days.
- The average cost of a nursing home stay for 835 days is more than $200,000.
Do you have more questions about what types of insurance policies you need when you retire? Call (888) 451-0883 to request your consultation with Insurance Specialists, Inc. today.