How You Can Prepare For Healthcare Costs In Retirement
At Income For Life, we are convinced that a well-funded retirement is attainable through concentrated effort, careful retirement planning, and being prepared for what’s ready to bite you around the corner.
When it comes to factoring in healthcare costs to your retirement strategy, here are some important things for you to keep in mind right now:
Tell a family member or beneficiary what your plans are. In the case that you become incapacitated, it’s vital someone knows your wishes regarding your care.
Get in control of your health right now. Living a healthy lifestyle now will help you avoid many of the healthcare costs and issues you could experience in the future.
Get educated about how Medicare works. Speak to an expert to ensure you’re getting the most out of your Medicare benefits.
Factor in long-term care, dental, and over-the-counter medications. Long-term healthcare costs are more than premiums and out-of-pocket expenses.
Don’t underestimate the power of inflation. Medical related costs are expected to increase at a rate of 4.22% during the next few years.