An important part of financial planning is anticipating costs in retirement, including potential healthcare expenses. Medicare is one of them.
Medicare has four “parts.” Each covers certain benefits for those who are eligible, and premiums vary.
Here’s a summary of costs for 2020: https://www.medicare.gov/Pubs/pdf/11579-medicare-costs.pdf
Remember, Medicare is a federal program, but some elements, such as Medicare Advantage and Part D plans, are governed by the state. Be sure to work with an expert who understands the “nitty-gritty” of available options in your area.
Finally, plan options and associated costs change each year and possibly your personal needs, too. It’s best to review your coverage every year.
Once you know your costs for health coverage, be sure to work with your financial advisor to incorporate these costs into your annual financial plan.
Visit www.medicare.gov for the details and for resources in your state of residence. See below for additional resources.
If you have questions about your personal retirement planning needs, and how a plan can be designed around your own unique circumstances, you may schedule a complimentary initial consultation at https://calendly.com/planningforgood/complimentary-initial-consultation-website