Submitted by Anonymous on
My parents are close to retiring. They are thinking about how much money they will have and what kinds of activities they will want to do once they have more free time. What should they be thinking about when it comes to planning for health expenses?
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tom replied on Permalink
Retiree Healthcare Expenses
Fidelity Investments actually estimates that a couple retiring in 2009 needed $240,000 to cover expected health expenses during their retirement. This amount is in excess of what would be covered by insurance/Medicare.
It's a huge risk for people and is very difficult to deal with because of the amounts involved.
Long-term care insurance is certainly an important consideration.
I suppose Medicare Supplement programs are worth looking into.
The bottom line is that it is a big issue that requires much more in terms of resources than most people envision. Save, plan and buy insurance where necessary.