Managing Health Care Costs in Retirement

Ask The Experts for The Family Center 

Q: As I get older, what considerations should I have regarding my health care associated costs during retirement? 

Here are 3 steps to take prior to retirement to help plan in managing your health care costs. 

  • Incorporate estimates of health care costs in your retirement financial planning. Recent projections for a 65 year old couple place total out of pocket health care costs for a 20 year retirement at $260,000. (Source: Feb.4, 2017 Barron's article titled: The Real Cost of Health Care in Retirement by Reshma Kapadia). So as you plan for your dream vacation trip to Europe, realistically you should also asses the costs and need for providing for your health care.  
  • Understand Medicare. Many people are surprised to learn, upon signing up for Medicare, that there are costs involved with the program. Even after paying into the program throughout your career, you will also face monthly premiums and cost-sharing provisions once you are enrolled. 
  • Identify Available Resources. The good news is that there are many companies, professionals, and agencies that can assist you in making informed decisions. And like most things, it is best to be prepared prior to the need, so start now. 

Save the Date

For Your Heirs: Preparing for Financial Circumstances of Aging and Disability

Presented by Senior Helpers and Patrick O'Neill at Morgan Stanley, in collaboration with The Family Center and SOC (Services for Older Citizens)

April 20, 2017 6:30PM
SOC (Services for Older Citizens), 158 Ridge Road, Grosse Pointe Farms Light refreshments provided

FREE, Register online at familycenterweb.org or call 313-432-3832

Enriching Our Community Through Stronger Families
The Family Center serves as the community's hub for information, resources and referral for both families and professionals. The Family Center is a non-profit organization founded with a mission to serve our community through programs and resources vital to today's families.

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To volunteer or contribute, visit the 'Get Involved' page, call 313-447-1374.
Email: info@familycenterweb.org or write to: The Family Center
32 Lake Shore Drive, Grosse Pointe Farms, MI 48236.