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Medicare and Disability

Once you enter retirement, health care will likely be one of your largest expenses costing a considerable portion of your retirement income. In fact, studies reveal the cost of health care for retired couples can range from $250,000 to as high as $500,000 depending on where you live, your overall quality of health and your longevity.        

We’re here to provide the latest information on Medicare and explain the various factors affecting rising health care costs for retirees. 

What You Should Know About Medicare

  • Since Medicare does not cover non-medical, long-term custodial care in a nursing home, you may need to purchase a long-term care insurance policy from a private insurer.

What Can Affect Health Care Costs for Retirees

There are a number of factors affecting the cost of health care in retirement:

    • Location: Depending on the state in which you live, there can be a wide range in the cost of private insurance and Medicare gap/supplemental insurance plans.
    • Income: If your modified adjusted gross income exceeds a limit established by the government, you may pay higher premiums for your Medicare Part B and Medicare prescription drug coverage. 
    • Health Status: If you have chronic health conditions, a history of smoking, and other health issues, it will affect how much you’ll spend on health care in retirement. 
    • Types Of Plans: Depending on the type of health care plan you choose, it will affect the cost of your premiums and out-of-pocket health care expenses in retirement. 
    • Employer Subsidies: Once you stop working and you’re no longer covered by an employer-subsidized plan, it may impact how you feel about paying premiums for health care insurance in retirement.  
    • Retirement Age: If you retire before you become eligible for Medicare, you’ll have to purchase other health care coverage until you reach age 65.  

How Our Retirement Planning Advisors Can Help

With strategic planning, there are steps you can take to help reduce the cost of your health care in retirement. At Pearce Financial our highly experienced advisors can help you:

  • Develop a plan to mitigate the cost of health care and long-term custodial care in retirement. 
  • Provide guidance on choosing providers who can assist you in elder care management. 
  • Compare Medicare gap/supplemental insurance plans so you can make an informed decision on the best plan for your needs.  
  • Find health insurance plans that best match the needs of your small business or family – including Health Savings Accounts and High-Deductible Health Care Plans.

How Our Retirement Planning Advisors Can Help

Our highly-experienced advisors can help you develop a strategic health care plan tailored to your individual financial situation and needs. 

For more information about our health care planning and other retirement planning services, register to attend a seminar or schedule a no-obligation meeting today. 

Ready to Take The Next Step?

For more information about any of the products and services listed here, schedule a meeting today or give us a call.