News Resources for Seniors

Financial planning for health after retirement

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According to an Employee Benefits Research Institute study cited in the Milwaukee Sentinel Journal, approximately half of Americans nearing retirement are not properly financially prepared to face the medical expenses they are likely to incur over the course of their retirement years.

Just as many Americans are supplementing traditional forms of financial assurance like social security and pensions with additional products like annuities and life insurance policies, proper health care assessments are crucial to ensuring adequate health coverage later in life, according to the source.

"As you prepare for the future, whether that involves planning an early retirement, leveraging your skills to launch a new business or making sure your family is protected in uncertain economic times, it's important to have access to health insurance that helps you live the life you want without putting your future health and insurability at risk," Richard A. Collins, CEO of UnitedHealthcare's Golden Rule Insurance Company, told the source.

When it comes to actually assessing the amount of money required for healthcare as one ages, it's a good idea to consider costs honestly. Drawing up a budget that includes doctors visit costs, prescription costs and an emergency fund for hospital visits is a good place to start.

According to the National Center on Caregiving, about 10 million Americans required some form of long term care in 2000, a number that is expected to continue to rise.

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