Even in an affable and affluent suburban village like Barrington, a lot of people don’t really know how much it is going to cost them to maintain their current lifestyle when it comes to retirement. If the projection is too low, living expenses and other expenses — like high health care costs — that are not factored in will have a detrimental effect on a preferred lifestyle.
While no one wants to think of themselves growing older with the aches and pains that come along with it, health care costs in retirement are one of the most overlooked areas when planning for retirement. People mistakenly think that Medicare will cover all their health expenses, but unfortunately, that is not true. However, the Medicare website will tell you what is covered so you can better plan for additional costs. It also lets you screen the plans based on the coverage you want, with an estimate of the health care costs associated with a particular plan.
This can also help you determine what can be your long-term healthcare costs so you can figure out a long term plan. According to the US Department of Health, 70% of people over 65 will require care at some point in their lives. Costs associated with healthcare are continually rising, so having a plan that takes into consideration the financial drain spent on long-term care can help ease the toll on sanity and savings these types of situations invite.
If you have any questions, please call Mooney Lyons at 1-847-382-2600 or visit us at mooneylyons.com. All of our associates are here to help ease the complexity and manage the anxiety in retirement planning.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.