Ryan takes some time out of his busy day to address some of the questions that he’s been receiving from his viewers regarding healthcare and healthcare related expenses in retirement.
As people head into retirement, one of if not their biggest concern in many cases is healthcare expenses and the quality of life that they will have.
Everyone in the United States, once they reach the age of 65, will be eligible for Medicare. Whether or not they decide to enroll in Medicare at that time is their decision. Some people might still be employed in their employers could be offering a generous health insurance option. However, those that do enroll in Medicare will have some options. There are different plans and different supplements that are all part of the Medicare platform. It is very important to work with a professional who can guide you through the different options, and make specific recommendations based off your projected healthcare needs; Like prescription drugs or any potential surgeries that may have to happen.
A key component to healthcare costs is your Medicare premiums. As you increase your income in retirement, your Medicare premiums will increase as well. Therefore, it is so important to work with a tax and retirement specialist to create a strategy to enable you to reduce your Medicare premiums or keep them as low as possible.
Another key component to healthcare in retirement is staying on top of preventative care services. The services were neglected and, in many cases, eliminated during Covid so we will see a spike in healthcare cost due to the preventative measures being what they were.