Archives for Healthcare Costs

Annual Medicare Open Enrollment Begins October 15 and Runs Through December 7

If you’re already enrolled in Medicare it may be time to evaluate your current coverage, make changes or switch plans during the open enrollment period from October 15 through December 7. If you have a Medicare Prescription Drug Plan, and are considering making changes from Original Medicare (Parts A and B) to a Medicare Advantage Plan, or vice versa, now is your chance to make changes or enroll. Medicare health and drug plans are allowed to make changes to their offerings each year, including changes to costs, coverage, and what pharmacies and providers are in their network. If they no
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Categories: Healthcare Costs and Medicare.

Make Room for Rising Healthcare Costs as Part of Your Retirement Planning

Does your retirement plan include strategies to plan for, manage, and even reduce healthcare costs in retirement? It is projected that an average healthy 65-year-old couple retiring this year will incur total lifetime healthcare costs of $387,644 in today’s dollars, according to research by HealthView Services, a provider of retirement healthcare, long-term care and Social Security optimization tools for the financial services industry. The figures were released in early July. To no surprise, as the couple ages, costs will be significantly higher later in retirement than at the beginning. In the first year of retirement, the couple’s total annual premium
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Categories: Healthcare Costs and Retirement.

Healthcare Costs for Retirees Are Growing

One of the biggest expenses for retirees is healthcare–and it’s getting more expensive. A recent analysis from Fidelity Investments shows that a healthy, 65-year-old couple retiring this year will need $275,000 to cover their healthcare costs during retirement. That’s up six percent from 2016. 1 Fidelity’s calculations include premiums and out-of-pocket costs associated with Medicare parts A, B and D. The numbers don’t, however, include over-the-counter medications, dental services or long-term care. HSA Even faced with these staggering amounts, pre-retirees do have choices to help reduce healthcare costs in retirement. One option, a health savings account (HSA), offers some attractive
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Categories: Healthcare Costs, Retirement, and Uncategorized.