Protect Your Retirement From Financial Surprises

Protect your retirement from financial surprises, like higher health care costs.

Even the most financially prepared retirees can still find themselves caught off guard by a major medical event or even a series of smaller ones. Once aspect of financial planning in retirement is the right Medicare Supplemental coverage.

retirementOne adviser tells a story of his client who needed bypass surgery at the same time his wife was being treated for cancer. Another client’s spouse had temporary prescription costs that were over $4,000 per month. Do you need major dental work? Well, don’t be surprised when you get a huge bill. Why? Just one more thing that is not covered by Medicare.

The Administration on Aging said that between 2000 and 2010, older consumers’ out-of-pocket health care costs increased by 49%. The Employee Benefits Research institute estimates that a married couple who retired at 65 in 2010 would need nearly $376,000 to cover expenses not paid by Medicare, given the present value of Medicare benefits. These costs would most likely include premiums, prescriptions, deductibles, co-insurance and more. Even if you buy the best Medicare Supplement plan or enroll in a Medicare Advantage plan, that $376,000 number doesn’t even include expenses associated with a prolonged illness that requires nursing home care.

Older Americans spend on average double or 13.2% of their total expenditures on health than by all consumers. It’s so important to work with an adviser that you trust and that can guide you towards the best decision for your situation.

One key financial protection tool for those on Medicare is a Medigap or Medicare Supplement insurance plan. These plans will generally cover the 20% plus any deductibles that you would be responsible for as a Medicare beneficiary.

We specialize in Medigap insurance plans as well as other supplemental insurance products for seniors. If you’re on Medicare and you want to make sure you have the best Medicare Supplemental insurance for your situation, then please contact us.

To find out more on what plan is right for your situation, please go the contact us page or call (888) 901-4870. Thank you.