TELL ME SOMETHING GOOD! Planning for Post-Retirement Medical Expenses with 401(h) Plans

Gerald Nowotny
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Barron’s recently reported in an article called The Real Cost of Healthcare in Retirement. The article suggests that seniors with adequate Medicare coverage will spend on average $260,000 per couple on healthcare from age 65 on. Only a third of this cost can be attributed to premiums for Medicare and supplemental insurance with the balance of the costs attributed to actual medical expenses. Healthcare Services, a firm that analyzes medical expense statistics, provided Barron’s with an estimate of post-retirement, and estimated post-retirement medical expenses for high net worth couples at $565,140 in today's dollars. A senior can spend as much as $100,000 on dental care alone.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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