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Health care in retirement that you need to know

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health care in retirement that you need to know - Regarding retirement, there is much discussion about saving enough money to continue your lifestyle after retirement. What is not often talked about is how much some basic needs cost you retire, like health care. Did you know that a couple of 65 years who retired in 2012 needs about $ 240,000 to cover medical expenses throughout retirement, according to Fidelity Investments ( "2012 Healthcare Cost Estimate pensioners" ). And that's an increase of 50% compared to the $ 0,000 first estimate for those who retire at age 65 in 02. The rising cost of health care in the United States became one of the main risks to retirement financial security. With the cost of health care should continue to rise faster than inflation, the time to plan your future health care needs now before retiring. You will need to think or plan for: long-term care: Are you familiar with the variety of long term care services available? If it becomes necessary, this type of long term care services do you prefer? How will you pay for long term care services needed? Do you have long term care insurance Advance directives :? Have you contacted your medical care wishes in the event you suffer a catastrophic medical event? Have you appointed someone else, another family member or spouse to make medical decisions for you in case you are incapacitated Paying for retirement health care: Do you know what your out-of-pocket costs for health care could be after you retire? Did you know that Medicare while covering many of the costs of health care, has important limitations? Are you familiar with the different types of insurance that can help pay the costs of health and long-term care is not covered by Medicare Did you know: ? In 2011, males aged 65 have a life expectancy average additional 17.3 years, while women age 65 could expect to live 20.0 years on average. (Source: "A Profile of Older Americans: 2010," US Department of Health and Human Services, February 2012)About a third of people who have turned 65 in 2010 will need at least three months nursing home care, 24% will need more than a year, and 9% more than five years. (Source: "What is the life of the distribution of health care costs 65?" Center for Retirement Research Boston College, March 2010)the average daily rate in 2012 for a private room in a nursing home was $ 248, an increase of 3.8% compared to 2011. (Source: "2012 MetLife Market Survey of nursing home, Assisted living, Adult day services, and the costs of home care ")the average length of stay in the nursing home is 835 days. (Source: "CDC Vital and Health Statistics, Series 13, No. 167," June 09).At an average daily rate of $ 248, an average stay of 835 days of nursing home now costs more than $ 207,000If you are planning for your retirement, now is the time to sit down with your advisor to discuss your plans and get advice.

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