By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Health Works CollectiveHealth Works CollectiveHealth Works Collective
  • Health
    • Mental Health
    Health
    Healthcare organizations are operating on slimmer profit margins than ever. One report in August showed that they are even lower than the beginning of the…
    Show More
    Top News
    stress management for healthcare workers
    3 Tips For Healthcare Professionals: How To Stay Beautiful, Healthy, and Happy
    November 2, 2021
    importance of relaxing on the weekend for your health
    Importance of Relaxing During the Weekend for Optimal Health
    March 25, 2022
    LASIK Eye Surgery
    What Is LASIK Eye Surgery?
    May 16, 2022
    Latest News
    Grounded Healing: A Natural Ally for Sustainable Healthcare Systems
    May 16, 2025
    Learn how to Renew your Medical Card in West Virginia
    May 16, 2025
    Choosing the Right Supplement Manufacturer for Your Brand
    May 1, 2025
    Engineering Temporary Hospitals for Extreme Weather
    April 24, 2025
  • Policy and Law
    • Global Healthcare
    • Medical Ethics
    Policy and Law
    Get the latest updates about Insurance policies and Laws in the Healthcare industry for different geographical locations.
    Show More
    Top News
    Ebola Chat
    The Healthcare Hashtag Project: #Ebola
    October 23, 2014
    Reframing Gun Control as a Public Health Issue
    January 12, 2013
    Healthy Hospitality — Smarter, Safer Dining Options
    February 6, 2015
    Latest News
    Building Smarter Care Teams: Aligning Roles, Structure, and Clinical Expertise
    May 18, 2025
    The Critical Role of Healthcare in Personal Injury Recovery: A Comprehensive Guide for Victims
    May 14, 2025
    The Backbone of Successful Trials: Clinical Data Management
    April 28, 2025
    Advancing Your Healthcare Career through Education and Specialization
    April 16, 2025
  • Medical Innovations
  • News
  • Wellness
  • Tech
Search
© 2023 HealthWorks Collective. All Rights Reserved.
Reading: Why Health Care Needs To Be a Big Part of Your Retirement Planning
Share
Notification Show More
Font ResizerAa
Health Works CollectiveHealth Works Collective
Font ResizerAa
Search
Follow US
  • About
  • Contact
  • Privacy
© 2023 HealthWorks Collective. All Rights Reserved.
Health Works Collective > Policy & Law > Health care > Why Health Care Needs To Be a Big Part of Your Retirement Planning
Health carePublic HealthWellness

Why Health Care Needs To Be a Big Part of Your Retirement Planning

Ryan Kh
Last updated: February 5, 2021 9:33 am
Ryan Kh
Share
4 Min Read
SHARE

  In case you haven?t noticed, health care is expensive. According to the Henry J. Kaiser Family Foundation, U.S. health care costs rose anywhere from 4.2% to 6.6% between 1991 and 2014, depending on the state surveyed. Moreover, older Americans generally have higher healthcare costs than younger Americans. This is an inevitable fact of life: Older folks are more likely to develop costly health conditions, such as diabetes, cardiovascular disease, and cancer.

Contents
Don?t Rely on Social Security AloneHow Much Does Medicare Cover?How To Account for Health Care Costs in RetirementJust One Piece of the Puzzle

Don?t Rely on Social Security Alone

Social Security is a valuable backstop for retirees who?ve worked long enough to qualify for benefits, but it?s not sufficient to cover the average retiree?s living expenses for 20 to 30 years. ?When using Social Security alone to pay these costs, [a typical retired couple] would need to devote 59% of their total Social Security proceeds during retirement to health care,? writes Gail MarksJarvis, Chicago Tribune columnist. According to retirement planning professionals, relying on Social Security alone to fund one?s golden years isn?t a sound strategy in the best of times. To help you remain solvent and comfortable no matter what happens during your retirement, you need a diversified retirement investing strategy that accounts for a range of health scenarios.

How Much Does Medicare Cover?

Many retirees and soon-to-be retirees assume that Medicare will cover the bulk of their health care costs in retirement. While there?s a grain of truth to this assumption, it?s not the whole story. Medicare Part A, the most generous piece of the entitlement, does provide a slew of benefits without any out-of-pocket cost to users. However, Medicare?s other elements aren?t completely free. Medicare Part B cost approximately $120 per month in 2016, with higher premiums for retirees with higher incomes. Further, retirees seeking benefits beyond what?s covered by ?basic? Medicare need to purchase Medicare Advantage or Medigap coverage plans, also known as Medicare Part C. As you?ll see in this Medicare costs page, Part C premiums vary widely, as do coverages and out-of-pocket expenses (such as coinsurance). If you have a pre-existing condition, or if you?re looking for a Medigap or Medicare Advantage Plan with dental and vision benefits, your Part C premiums and/or out-of-pocket care expenses are likely to be quite high.

How To Account for Health Care Costs in Retirement

Fortune favors the prepared. Just as it?s never too early to begin saving and investing for retirement, it?s never too early to start budgeting for post-retirement health care needs?even if you?re in good health today. Your strategy might include:

More Read

preventative care
Person-Centered HealthCare: Prevention Starts in Kindergarten
Family Caregivers Live Longer Than Non-Caregivers: Mortality Rates 18% Lower
Keep in Great Shape This Winter by Staying Motivated to Run
Alzheimer’s Preventable with Lifestyle Changes
Try These Important Tips To Improve Your Quality Of Sleep
  • Contributing to health savings accounts (HSAs) that you can tap after retirement
  • Taking advantage of IRS health care expense deductions to offset the tax consequences of required retirement plan distributions
  • Convert part of your traditional IRA to a Roth before age 65
  • Invest in preventive care and make healthy lifestyle changes to reduce long-term health expenses

Just One Piece of the Puzzle

Health care is a major piece of the retirement planning puzzle, but it?s far from the only consideration you need to make as you look ahead to your golden years. If you?re not planning to downsize, you?ll need to budget for home and lifestyle maintenance. You?ll need to account for expenses related to travel and any new hobbies you might take up. If resources allow, you?ll want to explore the possibility of leaving a lasting legacy?whether that means an inheritance for your children or a generous philanthropic gift for an institution that made a difference in your life.

TAGGED:healthcare costsMedicare
Share This Article
Facebook Copy Link Print
Share
By Ryan Kh
Follow:
Ryan Kh is an experienced blogger, digital content & social marketer. Founder of Catalyst For Business and contributor to search giants like Yahoo Finance, MSN. He is passionate about covering topics like big data, business intelligence, startups & entrepreneurship. Email: ryankh14@icloud.com

Stay Connected

1.5kFollowersLike
4.5kFollowersFollow
2.8kFollowersPin
136kSubscribersSubscribe

Latest News

Clinical Expertise
Building Smarter Care Teams: Aligning Roles, Structure, and Clinical Expertise
Health care
May 18, 2025
Grounded Healing: A Natural Ally for Sustainable Healthcare Systems
Grounded Healing: A Natural Ally for Sustainable Healthcare Systems
Health
May 15, 2025
Learn how to Renew your Medical Card in West Virginia
Learn how to Renew your Medical Card in West Virginia
Health
May 15, 2025
Dr. Klaus Rentrop Shares Acute Myocardial Infarction heart treatment
Dr. Klaus Rentrop Shares Acute Myocardial Infarction
Cardiology
May 13, 2025

You Might also Like

SpecialtiesTechnologyWellness

Fighting Addiction: Neuro Rehabilitative Treatment Offers New Hope with Better Diagnostics

July 3, 2017
Effortless Weight Loss Strategies
Weight Loss

Effortless Weight Loss Strategies

January 11, 2024
ACOs expanding
BusinessFinanceHealth ReformPolicy & LawPublic Health

ACOs Rapidly Expanding Across States

May 2, 2014
Facial Trauma Reconstruction Surgery and Its Impact On Emotional Well-Being
HealthWellness

Facial Trauma Reconstruction Surgery and Its Impact On Emotional Well-Being 

June 27, 2023
Subscribe
Subscribe to our newsletter to get our newest articles instantly!
Follow US
© 2008-2025 HealthWorks Collective. All Rights Reserved.
  • About
  • Contact
  • Privacy
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?