The rising cost of healthcare impacts everyone whether you’re current working and have a rich benefits program or you are retired and utilizing Medicare. Even still, planning for the cost of healthcare in retirement is often vastly underestimated. Considering average inflation of healthcare is approximately 3% higher than normal inflation, just imagine the impact major health related issues could have on your finances if you don’t plan for them.
When evaluating your coverage, consider Challenge #3 along with premiums and out of pocket expenses, but don’t forget about the cost of long-term care and if long-term care insurance is appropriate for your situation. For perspective, note that in Florida, the average cost for 3 years of Nursing Home Care is $91,615 annually (Source: Money Guide Pro). If that isn’t a cost you planned for, imagine the effect it would have on your emotional and financial well-being.
Ensure you have a comprehensive understanding of the benefits you have access to, how to take advantage of all of the elements and what you need to supplement. Break the costs out based on different scenarios to gain a thorough understanding of how you need to plan.
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