Working from Fort Myers, Florida, Brad Liebe is the owner of KK and B Financial Services for Seniors. Here, Brad Liebe helps seniors plan financially for retirement. This includes planning for their health care spending.
Health care should be an important part of your retirement planning. Even though you qualify for Medicare once you reach 65, you will still have to pay a significant part of your health care expenses after that point. For example, you’ll have to pay for Medicare Part B premiums and any other supplemental insurance plans such as Medigap. You’ll also have to pay for over-the-counter medication and long term care.
A 2017 Fidelity study revealed that a healthy couple retiring at age 65 will pay $275,000 in health care costs over the course of their retirement. The 2016 figure was $260,000. Fidelity projects these costs will continue to rise due to price increases of pharmaceuticals and longer individual life spans. Medicaid will only meet an estimated 60 percent of your total health care spending after retirement. This is why it is absolutely important to factor health care into your retirement planning. Talk to a financial planner about how you can do that.
