If you are over 50 and concerned about managing health care costs, listen up! Here is a brief road map of where you should be and what you need to do!
If you are 15 years out from retirement, start revving up your savings accounts. Focus on accounts that let you set aside pre-tax dollars. There are tax-advantaged ways to help you manage savings for future health care needs.
When you get to the 10 year mark, consider a Long-Term Care Insurance plan. These plans will have a lower rate the younger you are. You have a better opportunity to pass a health exam than at a later age. You will save on premiums and also get the plan you need based on your health.
Did you know that health care ranks as a lower expense than housing, transportation and food for most people during retirement? However, it is a “hot” topic of concern for many of retirement age. Your medical needs are actually more likely to increase as you age. Source…
Budgeting is essential, especially as you approach a 5 year mark to retirement. You must consider a reduction in your monthly income so look at getting those things out of your budget that will bust it. Don’t stop, keep looking at the budget and make the right adjustments.
At age 65 you will be on Medicare. It is then time to get a supplemental health plan to take care of excess costs that Medicare does not cover. Make sure you pick the best one that meets your needs.
Always consult a Certified Financial Planner. They usually know best to get and keep you on track for success. They will consider a variety of factors when working with you on your retirement plan which include:
- Planning for higher rates of inflation for healthcare costs. This is due to the more rapid rise in medical coverage costs.
- Presenting numerous scenarios that consider a host of potential life events and situations.
- Adjusting life expectancy to figure out if your retirement funds will last until you pass away.
Get the right information as soon as you think about it; do not wait until you are 65 to plan ahead.
Over 50 Roadmap for Managing Health Care Costs – Plan Ahead!