Healthcare
Planning
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Retirement Planning in a Language You Can Understand
Healthcare Planning for Retirement:
Protecting Your Health and Financial Well-Being
Healthcare is a crucial component of retirement planning and one that takes careful consideration to ensure you are financially prepared for any medical expenses which may arise. At RetireStrong Financial Advisors, we believe healthcare planning is just as important as financial planning in order to establish financial security during retirement. We will help navigate the complexities of healthcare planning, endeavoring to find the best options for your needs and budget.
What Is Healthcare Planning?
Healthcare planning involves evaluating and strategically preparing for the costs related to various types of health, dental, and vision insurance as well as medications and long-term care. Increasing healthcare costs and medical expenses can consume a large portion of your retirement funds, meaning that, without diligent planning, you could outlive your retirement savings. Healthcare planning ensures you are using the best available options to enable you to be financially prepared for the care you may need throughout retirement.
Why Healthcare Planning Matters
Medical expenses can be unpredictable and costly, so proactively planning for these eventualities in retirement is a must. Implementing intentional healthcare strategies can:
- Mitigate Rising Costs:
Healthcare costs continue to steadily increase, and long-term care expenses can greatly impact your savings. It’s essential to have a plan in place to address these expenditures before they occur. - Protect Your Assets:
Smart planning helps to safeguard your savings against unplanned medical expenses or chronic care needs. - Provide Peace of Mind:
Knowing you have a plan in place for healthcare and unexpected medical expenses can help ease your worries and better enjoy your retirement.
How RetireStrong Financial Advisors Can Help
Whether you or your spouse are retired while the other is working, or you are both entering retirement, RetireStrong Financial Advisors can help you find cost-effective options for whatever phase you’re in. We recognize changes in your healthcare can feel daunting. We provide personalized guidance that includes:
- Comprehensive Analysis:
We consider the stage of life you are in, your financial situation, and your healthcare needs before creating a tailored plan. - Cost-Effective Strategies:
For those who aren’t yet eligible for Medicare, we look at various alternatives including COBRA and private health insurance, to bridge the gaps in coverage at the best price. And while Medicare covers many healthcare costs, it doesn’t pay for everything, so we’ll also help you evaluate supplemental insurance options. - Contribution Strategies:
If you have a health savings account (HSA), it can be a powerful tool for covering qualified medical expenses tax-free leading up to and during retirement. We’ll consider whether fully funding your HSA is an option for you. - Long-Term Care Planning:
Around 70% of adults over the age of 65 will need long-term care at some point in their lives*, with women typically requiring it longer than men. We’ll guide you through the options to help you prepare for these potential expenses. - Regular Reviews:
Your financial and healthcare needs can change over time, so we regularly evaluate your healthcare plan to ensure it meets your requirements.
Secure Your Health and Your Future
Don’t delay in planning for healthcare throughout your retirement. Contact RetireStrong Financial Advisors today to schedule an introductory meeting and prepare for a healthier, more secure retirement.