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"Good health is real wealth,
not gold and silver"
- M. Ghandi
HEALTHCARE
By Financial Advisor, Kyle Cooper,
CFP ®, ChFC®, CDAA
When it comes to retirement, there are a litany of questions
that need to be answered before we reach the conclusion
that retirement is a real possibility for individuals and families.
This chapter is dedicated to answering some of the questions
a retiree may have regarding health insurance.
Healthcare is becoming much more of a factor than it was
in years past. According to the Fidelity Retiree Health Care
Cost Estimate, a single person aged 65 in 2023 would need
approximately $157,500 saved (after tax) to cover healthcare
expenses in retirement. For married couples, that cost rises
to $315,000. As you can imagine, with the ever-changing
legislative landscape, advances in the medical field, and the
unknowns surrounding healthcare costs and health insurance,
a need for financial reserves above and beyond the necessary
income in retirement is warranted to prepare for that
unknown.
If you are one of the lucky ones who have healthcare through
your employer as part of your retirement benefits package,
you have an advantage over everyone else. However, if you
do not, here are the ways in which health insurance can be
obtained in retirement.
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