After a lifetime of working, most are excited for the time when they can retire and sit back, relax and enjoy life. Saving for health care and investing in long-term care insurance before retirement can reduce the stress that many seniors now face. In Texas and other states, many seniors claim their golden years are being tarnished because of high health care expenses.
According to data released by the Nationwide Retirement Institute, health care costs are holding many seniors back from enjoying their retirement years. Roughly 80 percent of seniors who have been retired for over 10 years say they were blindsided by health issues earlier than expected. Experts say saving early and purchasing the right insurance can help ease the pain of future medical costs.
Many seniors are unaware of the cost of medical care. After age 65, the average man can expect to spend about $189,000, and for women, the cost is about $214,000, according to a medical cost-projection company. These costs do not include long-term care, which can run $267 a day for a private room. Long-term care is not covered by traditional Medicare plans.
By taking steps before retirement, some can invest in long-term care insurance with discounted premiums. Having an additional policy in place to cover medical costs could help with the out-of-pocket expenses that can quickly deplete savings. Estate planning attorneys in Texas can work with clients to determine the best coverage for their needs. Preparing now for the future will provide peace of mind and less disruption to one’s golden years.
Source: fool.com, “Will This 1 Thing Destroy Your Dream Retirement? — The Motley Fool“, Maurie Backman, May 1, 2018