While many people may sail through their senior years without experiencing significant health problems, others aren’t as fortunate. Health care costs can account for a significant percentage of your expenses in retirement. A recent study found that a couple retiring at age 65 in 2017, with Medicare coverage, could expect to pay an average of $404,253 in health care premiums and out-of-pocket expenses throughout retirement — and that doesn’t include nursing home care.1
The longer we live, the greater the likelihood we’ll need long-term care assistance at some point. Medicare may pay for acute care, but it won’t cover costs for long-term residency. Medicaid will require you to spend down your assets before it will cover long-term care costs. Lately, annual costs for long-term assisted living or nursing home care are between $45,000 and $97,455.2
We can help evaluate your situation and determine what kinds of products could fit into a comprehensive long-term care strategy — one that is suited to your needs and circumstances.
1 Health View Services. “2017 Retirement Health Care Costs Data Report.” Accessed June 23, 2017.
2 Genworth. “2017 Cost of Care Survey: Compare Long-Term Care Costs Across the United States.” Accessed Jan. 23, 2018.