Planning Newsletter - Oct 2019

Healthcare Costs

It is a well-known fact that healthcare costs are on the rise. In this newsletter we will outline the extent as well as the tangible impact that these increases are likely to have on our population.

Takeaways

• The estimated cost for healthcare in retirement is upwards of $285,000 for a couple.

• Costs for women are expected to be higher then men.

• Much of the costs are from Medicare Part B and D premiums, as well as out of pocket co-pays and deductibles.

• Consider funding a Health Savings Account (“HSA") before retirement.

• Include your anticipated needs and prescription drug use when evaluating your Medicare options.

• Manage your income where possible to avoid costly surcharges on top of the base Medicare premiums.