How To Plan Now For Healthcare Costs Later

No matter when you plan on retiring, health care costs impact your budget at every stage of life. Some things to consider are:

40s

·       Maximize employer benefits

·       Maximize health savings account (HSA) contributions for retirement saving

·       Evaluate health care needs

50s 

·      Make catch-up HSA contributions starting at age 55 

·      Evaluate early retirement health care needs

·      Evaluate health care needs 

·      Maximize HSA contributions

60s 

·      Continue HSA catch-up contributions until age 65

·      Evaluate early retirement health care needs

·      Use HSA savings to pay for long-term care or COBRA premiums

65+ 

·      Choose a Medicare plan

·      Sign up for Medicare Part D prescription drug coveraqe

·      Understand retiree coverage from employer

·      Use HSA savings to pay for Medicare premiums and out-of-pocket expenses

How will health care costs affect your retirement savings? Now is the time to find out. Call me today to make plans for a healthy financial future.