Health Care Strategies
Make the Plan to Pay for Healthcare in Retirement
Your financial professional can use strategies including annuities that can help you cover your healthcare cost. If you start planning today you can face the future with more confidence.
Have you accounted for healthcare in your retirement plan? Healthcare is one of the largest expenses you'll need to plan for during retirement. Yet many people don't take the time to consider these expenses when putting together a retirement plan. That could be because of a common misconception that Medicare will cover all your health care expenses. Also, with life expectancy on the rise, you most likely need to account for healthcare expenses for a long period of time.
Medicare & Social Security
Medicare Part A provides hospital insurance coverage.
Medicare Part B covers doctors’ services, outpatient hospital care, and other medical services.
Medicare Part C, also known as Medicare Advantage, covers the same services as Parts A and B through private health insurance plans.
Medicare Part D, provides prescription drug coverage.
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Most Americans will become eligble for Medicare at age 65. If you are already receiving Social Security benefits at age 65, you will automatically be enrolled in Medicare. To enroll in Medicare, you must sign yp during a seven-month period that spans the three months prior to the month of your 65th birthday, the month of your birthday, and the three months following your birthday month.
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It is possible that your Social Security benefits check will lower than you had expected because of the deductions for Medicare premiums.
When you sign up for Medicare and you have already started to receive Social Security benefits, the premiums for Medicare Part B will automatically be deducted from your monthly Social Security check.
You may also elect to have your Part D premiums deducted from your monthly Social Security check.
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Your Medicare Part B premium for a given year is determined baesd on your reported income from two years prior. If your income exceeds a defined threshold, your premium will be increased.
According to Wife.org :
“Only 28% of people are “very confident” that they will have enough money to take care of medical expenses in retirement.”
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Income products can help you cover health care costs
Annuities that provide growth potential and protection can be part of your strategy to meet the challenges of healthcare costs in your retirement. Your financial professional can help you decide if an annuity is right for your situation.
We offer a variety of strategies that can help you cover healthcare cost periods new paragraph our annuities can:Help protect your retirement during market downturns
Offer the opportunity for growth provide tax deferral advantages
Give you the flexibility to access your account value if needed (subject to terms)
What is an Annuity?
An annuity is a long-term investment designed to create lifetime and come and retirement with some annuities the money is located to professionally managed investment portfolios where it accumulates tax deferred. When you retire, your savings can be used to generate a system of regular income payments that are guaranteed for as long as you live. Investment returns and the principal value of an investment will fluctuate so that an investors units, when redeemed, maybe worth more or less than the original investment. In addition, variable annuities provide a guaranteed death benefit to your beneficiaries.