Medicare


While many people may sail through their senior years without experiencing significant health problems, others aren’t as fortunate.

Medicare


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.