Here’s something to think about: The average retired couple may need $10,000 to $12,000 per year for health care costs, not including long-term care. So how can you prepare for these expenses?
First, take full advantage of your health savings account, if one is offered by your employer. This account lets you save money that can be withdrawn tax-free for qualified medical expenses.
Also, make sure you budget for health care expenses as part of your overall retirement strategy.
And when you are nearing 65, learn what to expect from Medicare and what options are available.
You might also want to consult with a financial advisor about protecting yourself, and your finances, from the costs of long-term care, such as an extended nursing home stay.
Just as important, maintain your health through exercise and a proper diet. You’ll feel better and you may even reduce the likelihood of developing some serious illnesses.
By making the right financial moves and taking care of yourself, you can go a long way toward managing your health care costs in retirement – and enjoying many happy and rewarding years.
This content was provided by Edward Jones for use by Daniel Pellerin, your Edward Jones financial advisor at 189 East Main Street Suite G, in Newport, (802) 334-6261.