The rising cost of health care in the United States has become one of the primary risks to a financially secure retirement. With health care costs expected to continue increasing faster than inflation, the time to plan for your future health care needs is now—before you retire. Here are some things you’ll need to plan for:
Long-term care services: Are you familiar with the variety of long-term care servicesavailable? If it becomes necessary, what type of services would you prefer? How will you pay for them? Have you looked into long-term care insurance?
Advance directives: Have you communicated your medical care wishes in the event you suffer a catastrophic medical event? Have you named someone else, a spouse or other family member, to make medical decisions for you in the event you are incapacitated?
Paying for health care in retirement: Do you know what your out-of-pocket health care costs might be after you retire? Are you aware that Medicare, while it covers many health-care costs, has significant limitations? Are you familiar with the various types of insurance that can help pay health and long-term care costs not covered by Medicare?
If you would like assistance in planning for your health-care needs in retirement, contact you agent or advisor. 909-593-8923