How to pay for rising healthcare costs in retirement

Retirement

How to pay for rising healthcare costs in retirement

Wednesday, October 01, 2014 - 02:26

From Medicare to long-term care to health savings accounts, we explore the options - and the possibilities.

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As one of my friends say you wake up in the morning and you praise and thank god for Medicare. Percent year on Manny again Medicare is a core part of his health care plan for retirement. It is only a piece of the puzzle as medical costs rise it takes a comprehensive approach to meet all of your potential needs. The costs are changing sold months and so drastically. That. It can be scary it's -- planning for a constitution. In terms of Medicare depending on your income you may still paying a lot out of pocket. I pay more for Medicare. They'll out of Social Security than I paid really matched blamed poor health poor. Long term care insurance can help me significant cost when you can't help yourself as much as you would like. But premiums are steep so it's not right for everyone. I recommend it to clients. Who have. A million to two million dollars. Because of the fact. I see what the costs are -- -- -- 100000 dollars a year. -- 20% are going to be and when these facilities for five years or longer and if that person can't pay for it. I'll talk to the kids because what are you doing in that situation here protecting me state. Many take at long term care insurance and he's not sure he did the right thing or economics are good enough that we pay for the health care. But I still have it. Another way to deal with health care health savings accounts which are often available when you have a high deductible health plan. Contribution to remain in your account to use them. Interest or other earnings and the assets in the account grow tax free. Speech SA has portables staying with you if you change employers or leave the work. -- they are great tools because use. Con continued to lead before taxes. And then you can use it for medical expenses healthcare related expenses but if there's money left toolbar that can be treated as -- time an -- -- -- So it is another good week for people who had the means to be able to save liar. Then they would just in there traditional retirement and accounts of what. When you get out of all this planning peace of mind and hopefully a healthier bank account. Lauren young writers.

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