In a recent Bankrate.com article, Sheyna Steiner cautions would-be retirees to expect health care costs in retirement to be higher than they expect. In her article, Steiner cites research from Healthview Services that indicates that the average lifetime cost for health care for a couple retiring in 2015 will be $266,589. Fidelity Investments puts the number at $245,000. These figures don’t include dental care, vision, copays and other out-of-pocket expenses, brings total retirement health care costs to about $395,000, according to HealthView Services.
Steiner’s article outlines the coverage provided by Medicaid Parts A, B, C and D and the costs associated with those various coverages.
Furthermore, Steiner outlines some steps consumers can follow to lower their heath care costs in retirement. This include:
- Be an informed consumer
- Seek out quality health care providers
- Strike the proper balance between seeking necessary care and avoiding unnecessary treatments
Achieving your financial goals requires considering a robust financial plan, including health care costs and insurance. To help our members make informed decisions, we offer a number of articles on the topic of insurance, including:
- Long-Term care of Your Personal Finances
- Using Annuities for Long-Term Health Care
- Retirement Planning: Focus First on Covering Fixed Expenses
These articles are only a few examples of the many benefits of AAII membership. To learn more, consider a risk-free 30-day Trial AAII Membership to start becoming an effective manager of your own assets.