As healthcare costs and life expectancy ages continue to rise, covering the costs of healthcare as one approaches retirement age can cause an enormous amount of stress, not only for the individual, but sometimes for their family caregivers as well. Some assume that Medicare will be able to cover the costs, but the reality is Medicare often cannot cover everything an individual might need, especially if in-home health care is needed. The best way to combat this stress is to start now to create a strategy to save and manage your healthcare in retirement.
Some tips you can do now to help ensure your healthcare costs will be covered in retirement:
- Use online tools to estimate how much money you'll need in retirement (AARP, Charles Schwab, CNN Money)
- Put a percentage of each paycheck into a savings account specifically for retirement needs and don't touch that account
- Invest in secure stocks, bonds, mutual funds
- Ensure you have the best health care policy that meets your needs, including perscriptions, emergency room visits, etc.
- Visit a Financial Advisor who specializes in retirement and healthcare needs to help you sort through the confusing language of health care plans (including Medicare) and to use your money wisely to know what your options are
- Schedule a consultation with us to better understand what costs are involved with in-home health care, placement services, etc. and how to set up a plan to use these services when you're ready.
Retirement is supposed to be a time of relaxing and fun, not a time to worry about healthcare costs. Our mission is to provide expert caregivers who are trained and supervised by a Registered Nurse to administer quality care with a personal touch to those who need personalized home care services. Please contact us today to learn how we can help you and your family. Phone: (858) 529-1886 or fill out our Contact Form and we'll reply as soon as possible.