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Most people take their health for granted because they think they’re still too young to get infected with deadly diseases. They think they still have many years to live before their body gets frail and weak. So they tend to postpone any advanced planning for their healthcare. But according to health experts, a working adult should prepare their healthcare plan before they approach the age of retirement.
Otherwise, they may end up depleting their retirement funds by paying expensive healthcare costs. Not only is it beneficial to your finances, but it also gives you peace of mind knowing you’re not only taking care of your health by having a healthy lifestyle, but you’re also prepared for the worst-case scenario. The experts recommend you take these into consideration as you prepare your healthcare plan.

Life Expectancy

As you talk with your financial advisor, make sure to consider your projected life expectancy as you avail of your healthcare plan. According to Social Security, men are expected to live until the age of 84 years old while women reach 87 years old. Aside from that, every four people who are turning 65-years old today is expected to live from 90-95 years old.

Make sure your healthcare plan can cater to your healthcare costs and expenses as you get older.

Based on this projection, the average healthcare premiums today can cover up to $345,000 for clients with good health. While a man with poor health can only avail of $246,000. Do you think it’s enough to cover your costs until you reach 80-90 years old? If you don’t think so, you may have to up your premium plan to make sure it can still cover your costs as you get older.

Higher Healthcare Costs

We all know longer life expectancy equates to higher medical costs. However, the health experts recommend you also take into consideration the inflation rate. According to them the estimated costs you computed right now may not be enough a few years later. According to Blue Cross and Blue Shield’s latest report (as of November 2018), the healthcare spending in the country ballooned into an astounding $3 trillion. This puts a huge strain not only on families but also on businesses. The medical expenses to treat chronic diseases like diabetes, high blood pressure, heart attack, stroke, etc keeps on increasing as modern medicines and technologies arise. Make sure to invest in a healthcare plan that allows higher potential returns to beat inflation.

Medicare‘s Limitations

The experts recommend you have your own separate insurance plan as part of your healthcare fund.

Many people solely rely on their Medicare plan to help cover their medical expenses when they retire. However, the health experts warn against it. According to them, your Medicare can only pay for the costs during the first few days of your confinement. It cannot cover everything from check-ups, major surgeries, and even your prescribed medicine. They recommend you get a separate health insurance plan to cover up your medical costs.

Create a Retirement Income Strategy.

To prepare a solid financial plan, you need to consult with your financial advisor to determine the best plan and investment tools you need to avail of as you prepare for your retirement. This includes assessing your projected retirement income and comparing it to your expenses. Once you’ve determined the projected savings rate, you need to save a portion of your money for your healthcare.

Discuss with your financial advisor on what plans to get to increase your funds and maximize your health insurance plan.

The health experts also recommend postponing your retirement year until you reach 65-68 years old. According to them, not only will you get your premium pension rate without any deductions, but your retirement savings also grow thanks to the power of compounding interest.

As soon as your health still permits, try to work longer to earn more money before you officially retire. If not, you can create a passive income like having a business, job, or investing to increase your cash flow without rendering too much work. In this way, you’ll be at peace knowing your health and well-being is well taken care of.

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