Managing Health Care & Retirement Costs

When it comes to retirement planning, many of us think about how we will afford common expenses like food, shelter and travel. There may be credit card bills and small home repair expenses that factor into the equation but overall, you think you will be covered in retirement.

Yet, have you thought about a potential medical emergency? In this instance, you could need money fast to pay for a hospital stay and ongoing care.

How can you factor emergency medical costs into your long-term retirement plans?

Start an Emergency Fund

Financial experts recommend having three to six months’ worth of expenses saved in the event of job loss, serious illness or another surprise cost such as vehicle repairs.

With an emergency fund in place, you should not have to borrow against your retirement fund or another savings account in the event something unexpected occurs.

Research Costs Wisely

If you are close to retirement age and know you will need professional care in the near future, be sure to research and weigh the costs of at-home versus nursing home care.

Depending on your medical needs, a skilled nursing facility may be your best option for overall safety and quality of life. West Hartford Health & Rehabilitation Center specializes in short-term rehab, long-term care, dementia care and more in a comfortable setting!

Strategize For the Unexpected

Beyond an emergency fund, there are further steps you can take to plan for unseen financial circumstances. Legacy or estate plans are not limited to your death. You can develop a legacy or estate plan to protect your assets in the event of a serious medical condition or another unexpected occurrence. In turn, the responsibility of handling your financial affairs can be given to someone in better health.

Have a Backup Plan

Many people enjoy health care benefits through their employment, including eye and dental insurance. If you wear glasses, have hearing aids or use a mobility aid for which the costs are partially or fully covered by an employer-sponsored health plan, you will become responsible for these expenses in retirement. Be sure to plan ahead for these changes now, so you have the money to cover all medical needs.

Talk to Other Retirees

If your parents, neighbors or former coworkers are already retired, ask about their costs, insurance coverage and other expenses you may have overlooked. While it’s likely that costs will change when you reach retirement age, the insight of current retirees provides a benchmark to help you plan for the future!
 
West Hartford Health & Rehabilitation Center is your local resource for questions on aging and senior health. To learn more about our services, contact us today!