Health Care Costs in Retirement
How much will you spend on Health Care in Retirement? The Facts:
- Health Care is likely to be among the greatest expenses in retirement.
- Fewer employers offer retiree health insurance and benefits
- 53% of consumers are unable to estimate health care costs in retirement[1]
- 45% of consumers would like to discuss health care with a financial advisor [2]
- Only 7% of advisors see themselves as equipped to have this conversation.[3] We are part of this 7%
Your health is always important, but did you realize the cost of health care may be one of your greatest expenses in retirement? While the total figure may be daunting, the good news is that you normally do not need to pay all the cost all in one lump sum.Generally, you will pay annually on an as-needed basis.But what will that annual cost be?
To help you get a better sense of this potential cost, we offer our clients a Personal Health Care Assessment. This Assessment is based on the responses to questions about your retirement and health conditions. We'll provide you with an estimated annual health care expense for each year of your retirement. These calculations are the work of a coordinated team of professionals, including leading physicians and actuaries utilizing proprietary health and lifestyle analytical tools.
With this knowledge, we can build a plan to help give you greater confidence that you can handle this potential cost.
[1] Merrill Lynch Affluent Insights Quarterly Survey (2009)
[2] Helping Clients Plan for Healthcare Costs in Retirement, FA Strategy Guide (2010)
[3]Fidelity Advisor 2006 Survey of Investors at Retirement