Health Care Retirement Planning

As a retiree, how much should you expect to spend on health care? Estimates can range from about $250,000 per couple to $500,000, depending on factors such as location, health status and longevity.

Health care continues to be one of the largest expenses in retirement, and the advisors at Nova Wealth Management are here to help in throughout the United States. No matter where you are located throughout the United States, our mission is to instill confidence in your financial future! Learn more about Medicare, factors affecting retirees’ health care costs and how our advisors can help you feel confident as you head into retirement.

What You Should Know About Medicare

  • Although the Medicare drug benefit coverage gap has been confronted, individuals heading into retirement may still pay up to 60% or more of prescription drug expenses. 
  • Many Medicare beneficiaries may need to purchase additional insurance because Medicare may not cover all retiree’s health care expenditures.
  • Medicare does not provide coverage for many retirees’ expenses in later years, including extended stays in a nursing home. 
  • On average, most Americans retire at age 63 but are not able to receive Medicare until age 65, according to U.S. Census Bureau data. 

What Can Affect Health Care Costs for Retirees

Health care costs in retirement depend on several factors. Fortunately, you have some control over most of them. Six significant factors affecting health care costs for retirees today are:

  • Your location: Private insurance and supplemental plans vary widely, sometimes even within the same state. 
  • Your income: You may pay more in premiums if you’re still working after enrolling in Medicare or you’ve saved well for retirement. 
  • Your health status: Factors such as how often you visit the doctor, chronic health conditions and whether or not you’ve smoked in the past will affect how much of your retirement income will be spent on health care. 
  • The plans you choose: When considering your options, It’s important to consider whether you’d prefer to pay higher premiums to increase your ability to predict out-of-pocket costs. 
  • The amount your employer subsidizes: The amount of health care costs an employer has carried can impact the way you feel about retiree health insurance costs once those subsidies are gone. 
  • The age you retire: If you retire before age 65, you may have to invest in other coverage until you’re eligible for Medicare. 

How the Retirement Planning Advisors at Nova Wealth Management Can Help

Health care planning advisors at Nova Wealth Management will help you:

  • Plan for retirement health care costs and long-term health care services. 
  • Advise you on helpful providers to assist you in elder care management. 
  • Offer advice on medigap and Medicare plans that suit your budget and needs. 
  • Find health insurance — including Health Savings Accounts and High-Deductible Health Plans — that best suit the needs of your small business or family.

Learn More About Health Care in Retirement

No matter where you are located throughout the United States, our mission is to instill confidence in your financial future!

For more information about our health care planning servicesregister to attend a seminar or schedule a no-obligation meeting today

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