$377,412 For Medicare! Really?
The average 65 year old couple will need about $377,412 over their lifetime for healthcare in retirement. That amount includes deductibles for Medicare Part B & D as well as co-pays and co-insurance. If you think that you or your spouse won't need vision, dental or hearing then you can get by on just $288,400 according to a 2016 report done by Health View.
Most people have difficulty wrapping their heads around those figures. Many believe that healthcare is free in retirement once they qualify for Medicare. That thinking can be detrimental to your finances as Medicare does not cover basic needs like dental and vision. Healthcare will likely be your biggest expense in retirement, but there hasn't been a lot of discussion around how to reduce your out of pocket cost.
In this blog I discuss two of the most common options for healthcare: Medicare Supplement and Medicare Advantage plans. Further, you'll find out what these plans do and don't cover and how to qualify. While by no means a solution for under saving for retirement, by the end of the article you'll have a better understanding of what option may be right for you.
Click here to read the full blog.