{"id":34546,"date":"2021-08-13T12:39:19","date_gmt":"2021-08-13T16:39:19","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=34546"},"modified":"2021-08-13T12:39:19","modified_gmt":"2021-08-13T16:39:19","slug":"business-report-prepare-for-health-care-costs-in-retirement","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2021\/08\/business-report-prepare-for-health-care-costs-in-retirement\/","title":{"rendered":"Business Report: Prepare For Health Care Costs In Retirement"},"content":{"rendered":"
\"\"
Meghan Murray is a financial advisor with
Edward Jones Financial in Queensbury.
Courtesy Edward Jones Financial<\/figcaption><\/figure>\n

By Meghan Murray<\/p>\n

It\u2019s unfortunate but true: As we age, we encounter more health-related issues and they carry a price tag that can get pretty high in retirement.<\/span><\/p>\n

Will you be ready for these costs?<\/span><\/p>\n

Perhaps your first step in preparing yourself is knowing what you may be facing. Consider this: 80 percent of Americans 65 and older have a chronic condition and 42 percent live with a disability, according to the National Coalition on Aging and the Centers for Disease Control and Prevention, as reported in a recent Edward Jones\/Age Wave survey titled \u201cFour Pillars of the New Retirement: What a Difference a Year Makes.\u201d The study also found that retirees\u2019 greatest financial worry is the cost of health care and long-term care\u2014concerns that have increased during the COVID-19 pandemic.<\/span><\/p>\n

And health care is likely going to be one of the largest expenses in retirement. The average couple might spend $10,000 to $12,000 per year on health care costs. Nonetheless, you can boost your confidence about meeting these costs by making the right moves.<\/span><\/p>\n

<\/span>Here are a few suggestions:<\/span><\/p>\n

\u2022 Take advantage of your health savings account.<\/span><\/p>\n

If you\u2019re still working, consider contributing to a health savings account (HSA) if it\u2019s offered by your employer. This account allows you to save pretax dollars (and possibly earn employee matching contributions), which can potentially grow, and be withdrawn, tax-free to help you pay for qualified medical expenses in retirement.<\/span><\/p>\n

\u2022 Incorporate health care expenses into your overall financial strategy.<\/span><\/p>\n

As you estimate your expenses in retirement, designate a certain percentage for health care, with the exact amount depending on your age, health status, income and other factors. You\u2019ll certainly want to include these costs as a significant part of your planned retirement budget.<\/span><\/p>\n

\u2022 Learn what to expect from Medicare.<\/span><\/p>\n

You can enroll in Medicare three months before you turn 65. Before you sign up, you\u2019ll find it helpful to do some research on what Medicare covers, or perhaps even attend a seminar or webinar. On the most basic level, you\u2019ll need to choose either the original Medicare program, possibly supplemented with a Medigap policy, or Medicare Advantage, also known as Medicare Part C. Given all the variables involved\u2014deductibles, copayments, coinsurance, areas of coverage and availability of your personal doctors\u2014you\u2019ll want to choose your plan carefully.<\/span><\/p>\n

\u2022 Protect yourself from long-term care costs.<\/span><\/p>\n

No matter which Medicare plan you choose, it won\u2019t cover much, if any, of the costs of long-term care, such as an extended stay in a nursing home. You may want to consult with a financial advisor, who can suggest options to protect you and your family from long-term care costs, which can be considerable.<\/span><\/p>\n

By making the right financial moves and taking care of yourself, you can go a long way toward managing your health care costs in retirement\u00a0 <\/span>and enjoying many happy and rewarding years.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

By Meghan Murray It\u2019s unfortunate but true: As we age, we encounter more health-related issues and they carry a price tag that can get pretty high in retirement. Will you be ready for these costs? Perhaps your first step in preparing yourself is knowing what you may be facing. 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