How Much Will I Pay For Health Insurance In Retirement?

By Robert Fredricks Posted in Health Insurance News

An average couple in America will need to save up over $300,000 to have in reserve to be assured they could cover their medical expenses as they age. This figure is based on research by the Employee Benefit Research Institute and does not cover such possibilities as long-term care, acute care or prescription drug expenses not covered by Medicare. Most people retiring in America plan to retire prior to the age of 65, the age at which they become eligible for Medicare. By leaving their jobs prior to Medicare benefits becoming active retirees can be forced to purchase expensive health insurance policies from private providers.

Increasing Health Care Expenses

As aging adults near the end of their lives, the possibility of catastrophic illness looms over any type of savings that have been collected prior to retirement. Any severe, terminal or long term illness that strikes a retiree can drain their bank account and leave them without a means to live. The current atmosphere of health care reform is not intended to address the concerns of retirees. Unfortunately, Medicare reform is not part of the proposals now being battled in the House and Senate. Though steps to alter Medicare coverage may take place in the near future, they may not make retirees any more secure with their health care costs.

Plan Ahead

Though most teenagers and young adults do not give thought to their golden years, Americans entering the work force now should seriously consider their retirement years. Lack of saving for health insurance in one of most often cited causes for delaying retirement. College students who are entering into careers where they plan to work until they retire should start a health care savings account. Workers currently planning their retirement should start pricing private health insurance or Medicare supplement policies and start saving for those policies now.

Related posts:

  1. How Do The Primary And Secondary Parts Of My Health Insurance Work?
  2. How Do Retired People find Low Cost Health Insurance?
  3. Do Health Savings Accounts Really Save Money?
  4. What Is A Health Savings Account For Health Insurance Coverage?
  5. What Does The Term Out Of Plan Mean For Low Cost Health Insurance?

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