{"id":10492,"date":"2021-02-05T06:44:21","date_gmt":"2021-02-05T11:44:21","guid":{"rendered":"http:\/\/staging-prblog.paladinregistry.com\/blog\/?p=10492"},"modified":"2021-02-05T06:44:22","modified_gmt":"2021-02-05T11:44:22","slug":"planning-for-rising-healthcare-costs-in-retirement","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/retirement\/planning-for-rising-healthcare-costs-in-retirement\/","title":{"rendered":"Planning for Rising Healthcare Costs in Retirement"},"content":{"rendered":"\n<p>According to a recent study on retiree health\ncare cost estimates, an average retired couple of 65 years in 2020 may need\napproximately $295,000 saved (after tax) to cover health care expenses in\nretirement. Of course, this amount will depend on when and where you retire,\nhow healthy you are, and how long you live.<\/p>\n\n\n\n<p>What remains steady is that healthcare can be a\nsizable expense and might\neven be the most considerable expense for many. Therefore, when planning\nfor your retirement, it is vital to keep in mind the impact of healthcare costs\nin the future. &nbsp;Planning for retirement gets even more crucial\nwhen you know that you may not have\nemployer-sponsored retiree healthcare benefits. <\/p>\n\n\n\n<p>In this article, we will be looking at ways to\nplan for your retirement, given the rising healthcare costs.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_68_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69de6484e445e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69de6484e445e\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/planning-for-rising-healthcare-costs-in-retirement\/#How_do_I_Meet_Rising_Healthcare_Costs\" title=\"How do I Meet Rising Healthcare Costs?&nbsp;\">How do I Meet Rising Healthcare Costs?&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/planning-for-rising-healthcare-costs-in-retirement\/#How_to_Plan_Healthcare_Costs_for_Retirement\" title=\"How to Plan Healthcare Costs for Retirement\">How to Plan Healthcare Costs for Retirement<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/planning-for-rising-healthcare-costs-in-retirement\/#Setting_Up_your_Plan\" title=\"Setting Up your Plan\">Setting Up your Plan<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/planning-for-rising-healthcare-costs-in-retirement\/#How_do_I_Save_For_Rising_Healthcare_Costs_Before_Retirement\" title=\"How do I Save For Rising Healthcare Costs Before Retirement?\">How do I Save For Rising Healthcare Costs Before Retirement?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/planning-for-rising-healthcare-costs-in-retirement\/#How_do_I_Save_For_Rising_Healthcare_Costs_When_Retired_at_65\" title=\"How do I Save For Rising\nHealthcare Costs When Retired at 65?\">How do I Save For Rising\nHealthcare Costs When Retired at 65?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/planning-for-rising-healthcare-costs-in-retirement\/#How_do_I_Save_For_Rising_Healthcare_Costs_When_Employed_at_65\" title=\"How do I Save For Rising\nHealthcare Costs When Employed at 65?\">How do I Save For Rising\nHealthcare Costs When Employed at 65?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/planning-for-rising-healthcare-costs-in-retirement\/#Long-Term_Care_Insurance_for_Covering_Healthcare_Costs\" title=\"Long-Term Care Insurance for Covering Healthcare Costs\">Long-Term Care Insurance for Covering Healthcare Costs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/planning-for-rising-healthcare-costs-in-retirement\/#How_do_I_Account_for_Rising_Healthcare_Costs_in_Retirement\" title=\"How do I Account for Rising Healthcare Costs in Retirement?\">How do I Account for Rising Healthcare Costs in Retirement?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/planning-for-rising-healthcare-costs-in-retirement\/#To_sum_it_up\" title=\"To sum it up\">To sum it up<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_do_I_Meet_Rising_Healthcare_Costs\"><\/span><strong>How do I Meet Rising Healthcare Costs?&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Healthcare costs have increased at a rate that exceeds the average inflation. Inflation is the rate at which the cost of goods and services increases annually. Inflation is what made your earlier $2 coffee cost you $4 now, and it is likely that the price will increase in the future. Inflation also affects healthcare costs. Most people assume Medicare will cover their expenses when they retire, but this is not the case.<\/p>\n\n\n\n<p>The average retirement age for Americans is 62 years. This is three years before one can elect to enroll in Medicare. Also, Original Medicare, referred to as Parts A and B, has its limitations. People often do not account for expenses that are not covered by Medicare, such as dental coverage, basic vision, and over-the-counter medicines. It should be noted that Medicare Advantage plans typically do include these expenses but as private offerings. What stands out is that no part of Medicare offers coverage for long-term care. <\/p>\n\n\n\n<p>Medicare can get quite complicated and confusing. When you get started, you should give enough thought to the following questions:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Which plan gives you the best coverage to meet your health needs?<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Your employer may be required to offer you coverage, but is that your best option?<\/li><li>What is more expensive: staying in your employer\u2019s plan or joining Medicare?<\/li><li>Can your spouse or partner remain a part of your employer\u2019s plan if you decide to leave? <\/li><\/ul>\n\n\n\n<p>It is estimated that about 15 percent of\nretirees&#8217; annual expenses will be dedicated to healthcare-related costs. This\nincludes only Medicare premiums and out-of-pocket expenses. In reality, this is\na very modest assumption. However, it is subject to various factors such as how\nhealthy one is when he or she retires and the lifestyle spent. It is fairly\ncommon that people tend to underestimate healthcare expenses when planning for\nretirement. Make sure to weigh all your options before assigning a budget.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Plan_Healthcare_Costs_for_Retirement\"><\/span><strong>How to Plan Healthcare Costs for Retirement<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Setting_Up_your_Plan\"><\/span><strong>Setting Up your Plan<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There are two basic steps to get your plan in\nplace: evaluating how much money comes in and how much money is spent.&nbsp;<\/p>\n\n\n\n<p>On average, a person in their 60s is expected to\nhave an estimated median savings of $172,000. Those 65 years or older spend an\naverage of $3,800 per month. Social security can look after only 40 percent of\nthe working-life income. As such, one must make the most of the earnings and\nbudget healthcare accordingly. However, budgeting also is dependent on one&#8217;s age and overall health\nstatus. The healthier one is, the lesser money they would need to allocate. Although this might be the general\nview, healthcare is a contingency cost that requires careful deliberation. <\/p>\n\n\n\n<p>The amount needed will also factor in which\naccount you use to meet your healthcare expenditure &#8211; for example, 401(k), HSA,\nIRA, or taxable accounts.&nbsp;<\/p>\n\n\n\n<p>If you&#8217;re still employed, and your company\noffers an HSA-eligible health plan, consider signing up and contributing to the\nhealth savings account (HSA). An HSA can help you save a significant amount in\ntaxes when withdrawing money to meet health care costs during retirement. You\ncan even save pre-tax money, which has the potential to grow and be withdrawn\ntax-free for federal and state tax purposes (if used for qualified medical expenses).<\/p>\n\n\n\n<p>If you are relying on Medicare to help cover\nhealthcare expenses in retirement, then you need to plan for deductibles,\npremiums, and out-of-pocket costs in advance. Each year the Medicare premiums,\ndeductibles, and co-insurance rates are adjusted according to the Social\nSecurity Act. For 2021, the standard deductible amount for Medicare Part A is\nset at $1,484. Medicare Part A deals with inpatient hospitals, skilled nursing\nfacilities, and some home health care services. <\/p>\n\n\n\n<p>Medicare Part B covers physician services,\noutpatient hospital services, certain home health services, durable medical\nequipment, and certain other medical and health services not covered by\nMedicare Part A. The monthly premium for 2021 for Part B is set at $148.50, and\nthe annual deduction for the year has been calculated at $203. <\/p>\n\n\n\n<p>The base premium for Part D (an optional program\nthat pays for self-administered prescription drugs through prescription drug\ninsurance premiums) is fixed at $33.06 per month in 2021. Most Part D plans have\nan annual deductible of up to $445.<\/p>\n\n\n\n<p>The Medicare Advantage plan\nis another plan that a would-be retiree can subscribe\nto. It is, however, not offered by the federal\ngovernment but through private insurers, who fix the premiums, with Parts A, B,\nand D.&nbsp; Based on the insurer and what the\npolicy covers, the payments for a Medicare Advantage plan could differ. These\nplans typically cover the same costs as that of original Medicare, along with\nPart D prescription drug coverage. Some plans may also cover vision, dental,\nand hearing expenses.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_do_I_Save_For_Rising_Healthcare_Costs_Before_Retirement\"><\/span><strong>How do I Save For Rising Healthcare Costs Before Retirement?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The ever-increasing healthcare costs don&#8217;t mean\nyou need to put away all your earnings to cover healthcare. There are ways that\nhelp pre and early retirees build a safety net for themselves. With retirement\nnearing, there will be several important decisions to make, which could\ninclude: when to stop being a part of the workforce, when to start with Social\nSecurity, how to take care of the medical expense, and how to keep a steady\ncash flow for your retirement. These decisions rely on each other and could\nmake a huge difference in your lifestyle.<\/p>\n\n\n\n<p>We&#8217;ve already talked about health savings\naccounts (HSA). These are available with high-deductible health plans called\nHDHP and offer some great tax advantages.<\/p>\n\n\n\n<p>About one-third of &#8220;early retirees&#8221;\nwho claim Social Security at age 62 do so intending to meet the healthcare\nexpenses until they can enroll for Medicare coverage at age 65. But if you can\npostpone retirement or save enough for healthcare expenses until 65 years of\nage, then you may be able to defer your Social Security benefits. In general,\nthe longer you wait until age 70 to take Social Security benefits, the more you\ncan accumulate.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_do_I_Save_For_Rising_Healthcare_Costs_When_Retired_at_65\"><\/span><strong>How do I Save For Rising\nHealthcare Costs When Retired at 65?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you&#8217;re close to 65 years, spend time and\neffort to know and learn about Medicare. Review all your Medicare options. When\nyou turn 65 years old, you should remember to enroll within your seven-month\ninitial signing up period, which starts three months before you turn 65.<\/p>\n\n\n\n<p>Read up and understand everything about Medicare and how it works, the Medicare components, that is, Parts A, B, and D, including Medicare Advantage and other insurance policies.<\/p>\n\n\n\n<p><strong>A Brief outline of Medicare in the United States:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Part A <\/strong>covers hospital expenses after you meet a deductible.&nbsp;<\/li><li><strong>Part B<\/strong> is optional coverage for medical expenses, and it requires an annual premium. <\/li><li><strong>Part D<\/strong> is meant for prescription drug coverage.<\/li><li><strong>Medicare Advantage plans<\/strong> are the one-stop managed care plans providing the services covered under Parts A and B, and Medicare Advantage may also cover other services that are excluded under Parts A and B, including Part D prescription drug coverage.<\/li><li><strong>Medigap policies <\/strong>are additional policies offered by private insurance companies to supplement expenses that Medicare Parts A and B do not cover. <\/li><\/ul>\n\n\n\n<p>While you could pay a higher premium for\nyour Medicare policies, it is advisable to not pay too much out-of-pocket at your annual visits to the\nhospital. Consider the costs of the annual premiums and copays (Copayment is a flat fee that you pay on the spot each\ntime you go to your doctor or fill a prescription) at various levels of the\nsupplemental insurance. Compare this with the number of visits and the co-pays\nor co-insurance you pay up every visit. This\nis one way to try to offset or minimize the out-of-pocket expenses to the\nmaximum extent possible. <\/p>\n\n\n\n<p>You can even switch Medicare plans as you don\u2019t have to commit to a plan\nforever. You can make a change according to your age and your situation. It\ngenerally is wise to enroll in Medicare Parts A, B, and D initially because\nthere is a late enrollment penalty levied.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_do_I_Save_For_Rising_Healthcare_Costs_When_Employed_at_65\"><\/span><strong>How do I Save For Rising\nHealthcare Costs When Employed at 65? <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you&#8217;re 65 years old and still working, and\nyou are eligible for health insurance through your employer or your spouse\u2019s\nemployer, you will have the option to sign up for Medicare when you leave your\nemployer\u2019s plan through a Special Enrollment Period.<\/p>\n\n\n\n<p>Apart from the Medicare options to consider, if\nyour spouse or partner continues to be employed, they may be able to cover you\nthrough their healthcare plan. Contact your HR department to help you evaluate\nall your options and costs, with special attention to any restrictions that may\nimpede your plans.&nbsp;<\/p>\n\n\n\n<p>It would be best if you kept in mind that the\nOriginal Medicare (Parts A and B) provided by the Federal government does not\noffer complete coverage, and an assessment of what more you require is\nimperative. It is in your best interest to avoid any gaps in coverage.<\/p>\n\n\n\n<p><em>A\nqualified financial advisor will be able to help you find the right mix of\ninsurance policies that suit your financial situation apart from helping you\nmake up for the gaps in Medicare. To get in touch with a financial advisor, simply answer a few questions on <\/em><a href=\"https:\/\/www.paladinregistry.com\/landing\/find-financial-advisors?cta=match\"><em>Paladin<\/em><\/a><a href=\"https:\/\/www.paladinregistry.com\/landing\/find-financial-advisors?cta=match\"><em>\u2019s free Match<\/em><\/a><a href=\"https:\/\/www.paladinregistry.com\/landing\/find-financial-advisors?cta=match\"><em> Tool<\/em><\/a><em> and get connected\nwith the right financial advisor for your needs.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Long-Term_Care_Insurance_for_Covering_Healthcare_Costs\"><\/span><strong>Long-Term Care Insurance for Covering <\/strong><strong>Healthcare Costs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Due to the gaps left open by the federal\nMedicare system, subscribing to long-term care insurance offered by private\nfirms can prove to be a blessing in disguise. As people age, many may require\nhelp with everyday activities of daily living such as dressing, bathing,\neating, toileting, transferring (getting in and out of a bed or chair),\nwalking, etc. In some unfortunate situations, some form of cognitive impairment\nmay lead to people requiring supervision from a very young age. These are\ncontingencies that families need to prepare for, as it is difficult to find\ninsurance after the onset of the health issues. It is estimated that nearly 70%\nof individuals above 65 years of age will require some kind of long-term care\nservices during their lifetime. Currently, 40% of those receiving long-term\ncare services in America are between 18 and 64 years of age. Such services are\nobviously not cheap. Long-term care insurance could be the solution to this.<\/p>\n\n\n\n<p>Long-term care insurance (LTC) is an insurance\nproduct that helps pay for the costs associated with long-term care that are generally not covered by health\ninsurance or Medicare.&nbsp;A policy of this type can pay a monthly benefit\nwhich will be contributed towards long-term care for a two or three-year\nperiod.&nbsp;<\/p>\n\n\n\n<p>However, note that such long-term policies\nmay not be affordable for everyone. Long-term care policies have quite\nexpensive premium costs, making them unappealing to Medicaid qualifying\nindividuals (who may have a subsidized cost of care). <\/p>\n\n\n\n<p>The wealthy, on the other hand, may find\nlong-term care insurance financially inefficient. One workaround for them may\nbe to buy a life insurance policy that has the option of including a long-term\ncare insurance provision.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_do_I_Account_for_Rising_Healthcare_Costs_in_Retirement\"><\/span><strong>How do I Account for Rising Healthcare Costs in Retirement?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As you plan for health care\nexpenses throughout your retirement\u2014however far off the retirement age might\nbe\u2014 you should understand how budgeting and making payments for anticipated\nhealthcare expenses fit into your overall retirement income plan, as dependence\non healthcare tends to increase as one age.<\/p>\n\n\n\n<p>In a report by the Kaiser\nFamily Foundation, the percentage of household budgets spent on healthcare is\nalmost thrice as that for retirees on Medicare as for working households (14%\nversus 5%).<\/p>\n\n\n\n<p>A word of advice that holds,\nno matter how much the healthcare costs rise, is to plan in accordance with\nyour lifestyle, considering your age, your earnings, access to benefits, and\nyour savings, and to gauge your financial situation\nand weigh all your options accordingly.&nbsp;<\/p>\n\n\n\n<p>Let&#8217;s go through a couple of\nshort examples to illustrate this point. Say you are 50 years or older, you may\nmake up for a savings shortfall with additional contributions to your 401(k) or\nIRA. Similarly, if you are 55 years or older, you can contribute an additional\n$1,000 annually to your health savings account. This way, you can plan and\nimplement your healthcare budget without being burdened by the thought of\nhaving to save and set aside savings for medical expenses.<\/p>\n\n\n\n<p>Preplanning and preallocation of funds are like a \u201cstitch in time to save nine\u201d&#8217;. As you age, not only does your cost of healthcare increase, your insurance costs increase too. Therefore, the earlier, the better.<\/p>\n\n\n\n<p>Create a strategic plan with\na structured and wise approach that will help you accumulate enough to cover\nyour healthcare expenses. In an ideal situation, it is highly recommended that\nyou should first connect with an advisor &#8211; someone who can help you sort the\nplan, the budget, set aside money for healthcare and other expenses, and help\nyou save. This will give you an idea if your savings are on track, i.e., if you&#8217;re saving enough to suit your lifestyle choices. <\/p>\n\n\n\n<p>Another way you can save is\nto learn how to be more practical and cut expenditure on prescription drugs.\nYou can do so by understanding the basics of the plan you opt for.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"To_sum_it_up\"><\/span><strong>To sum it up<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>One can be easily overwhelmed\nby healthcare spending and understandably so. Healthcare is a major component of the\nbudget for retirement, and it takes a great deal of effort and quite a sum of\nmoney to have an intact medical plan. This can be taken care of to a large\nextent if you estimate the costs, learn and understand the basics, and direct\nand strategize your plan towards drafting an efficient strategy.&nbsp;<\/p>\n\n\n\n<p>An easier way to approach\nthis task is to seek advice from a financial professional. Get in touch with a\nqualified advisor who can help you estimate the costs &#8211; of your current\nlifestyle, of your requirement ahead, and of your allocation for retirement,\ninclusive of healthcare expenses.<\/p>\n\n\n\n<p><em>Match with a financial fiduciary from your own area on <\/em><a href=\"https:\/\/www.paladinregistry.com\/landing\/find-financial-advisors?cta=match\"><em>Paladin Registry\u2019s Search Tool<\/em><\/a><em> with a few simple clicks. Interview the advisors before engaging them to find your partner to help you get started on your journey to a comfortable retired living.&nbsp;<\/em><\/p>\n\n\n\n<p> To learn more about the author&nbsp;William&nbsp;Hayslett view his <a href=\"https:\/\/www.paladinregistry.com\/blog\/author\/william-hayslett\/\">short bio<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to a recent study on retiree health care cost estimates, an average retired couple of 65 years in 2020 may need approximately $295,000 saved (after tax) to cover health care expenses in retirement. Of course, this amount will depend on when and where you retire, how healthy you are, and how long you live. What remains steady is that healthcare can be a sizable expense and might even be<\/p>\n","protected":false},"author":122,"featured_media":10503,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[],"class_list":["post-10492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Planning for Rising Healthcare Costs in Retirement - Paladin Registry<\/title>\n<meta name=\"description\" content=\"Healthcare is a major component of the budget for retirement, and it takes a great deal of effort and quite a sum of money to have an intact medical plan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/planning-for-rising-healthcare-costs-in-retirement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Planning for Rising Healthcare Costs in Retirement - 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