Healthcare is one of those things that looks like it isn’t getting any better anytime soon. Sure we can always hope for affordable healthcare, but we should plan for the worst case scenario, shouldn’t we?
The issues and concerns surrounding healthcare in the future will be as great if not greater than the retirement issues facing everyone today. That being said, have you even factored the cost of healthcare into your retirement?
You’d be floored just looking at the latest numbers and seeing just how much the average person pays for healthcare in their retirement years.
The total projected lifetime healthcare premiums for a HEALTHY 65 year old couple for 2018 are expected to be $321,994 in today’s dollars. That’s not counting for inflation. If you add in deductibles, co-pays, hearing, vision, and dental that number jumps up to $404,253! Who has that kind of change lying around?
Healthcare will be one of the most significant retirement expenditures; however the savings required to cover this expense may be a little more modest by optimizing retirement portfolios to address healthcare needs.
According to the latest data, a 65 year old couple will pay that $404k for their entire lifetime. Sure, when you’re in the workforce and paying only 25% of group plan premiums it doesn’t affect you much. But those in retirement suddenly find themselves responsible for 100% of their healthcare expenses, including premiums, co-pays, deductibles and all that other nasty stuff.
In ten years a now 55 year old couple will pay 25% more for the exact same coverage. The now 45 year old couple can be expected to pay over $600k!
Seems catastrophic when you take it in. But there is a silver lining. It’s called saving and preparing for the future. If you’re young, you’ve got plenty of time to save accordingly. Whether you’re young or old, there is still plenty of time to prepare it you learn the simple techniques of saving and leveraging. It all depends on how well you make your money work for you, and where you choose to save it.
Healthcare issues and expenses in the future will be as great if not greater than the retirement issues facing everyone today.
But educational sessions and free information is available for those who want to learn more about and how to be better prepared for this important issue!