Budget Planning for Healthcare post Retirement

Americans generally presume that Medicare, the government-backed health-insurance program, will take care of most of their heath care costs after their retirement.

According to recent report from Fidelity, a 65-year-old couple planning to retire in 2012 needs an extra $240,000 to cover out-of-pocket costs not included in Medicare Plan. This amount improved 4 percent from last year’s estimate of $230,000, but it’s still below the 2010 estimate of $250,000.

At present in the United States, the early retirement age is 62, while the full retirement age is 67. A recent data reveals that many Americans are working even after crossing that age. A New York Times report recently held that 18 percent of Americans over 65 are at present part of the workforce, up from 13 percent 10 years ago.

This increase is a resultant of the poor economy. A good thing is that workers are able to stay on employer health insurance longer while they are still able to save for retirement. Costs also come from supplemental plans required to support basic Medicare Advantage Plan. Insurance companies sell these plans, which are accepted by the federal government, to retirees to expand coverage to doctor’s visits, prescription drugs, and other costs not related to basic hospital visits.

For more information please visit us @ www.medigap4seniors.com, , or call us at 888-502-5553 to speak with one of our Medicare experts.

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