| Abstrakt: |
Retirement health care costs are the top financial concern for individuals between the ages of 60 and 70, according to a survey by eHealth.com and Retirable. The cost of health care in retirement can be significant, with retirees expected to spend $157,500 on health care and medical expenses ($315,000 for couples), according to Fidelity Investments. Long-term care is another worry, as Medicare does not cover these costs. However, there are ways to plan for health-related expenses, such as budgeting for health care costs, working with a Medicare specialist to select a suitable plan, and considering options like hybrid life insurance policies or self-funding long-term care. It is also important to have candid conversations with family members about potential financial support in the event of a medical shock. Additionally, individuals can prepare for unexpected medical issues by fully funding a health savings account (HSA) and having a sizable emergency fund. Lastly, it is crucial to have estate planning documents in place and to explore funding sources for catastrophic illness care. [Extracted from the article] |
