Health Care Costs in Retirement: Some need to know facts
If you are planning to retire soon or are already retired, the 2012 Fidelity Investments estimate of retiree health care costs has some valuable information. For instance, a 65 year old couple retiring this year will need $240,000 to cover medical expenses. According to the annual survey, the costs are allocated as follows:
- 45% for other out-of-pocket expenses, including co-payments, co-insurance and deductibles.
- 32% for Medicare Parts B and D premium costs.
- 23% for Prescription medication out-of-pocket expenses.
This information is alarming. How will you pay for these costs in retirement? Possibly through appropriate planning? It has been said that no one plans to fail, they just fail to plan.
We invite you to sit down with us and discuss your retirement plan.
Hopefully this information has helped you make smart choices with your money.