Health Care Needs
Health care costs for retirees are a major expense, and one that many people nearing retirement dramatically underestimate. The transition from pre-retiree medical insurance plans with a relatively straightforward cost structure to a retiree health plan or Medicare may be anything but seamless. In addition, people nearing retirement are asked to make many important, sometimes irrevocable, decisions surrounding their future health care.
Good planning can remove some of the guesswork surrounding topics such as budgeting for retiree medical costs, when to enroll in Medicare, how to evaluate retiree medical plans and how they integrate with Medicare, obtaining health insurance while traveling or residing outside of the United States, selecting a Medicare Supplement or Advantage plan, and managing prescription drug plans.
Special consideration should also be given to developing a plan for long-term care, critical illness or serious disability and end-of- life care.