Ep #10: Retirement Risk #5: Healthcare Expenses
Unexpected healthcare costs can be one of the largest and most unpredictable expenses retirees face. Just like we can't predict our lifespan, it's impossible to know when a medical emergency might occur. In this episode of Your Retirement Planning Simplified, we’ll discuss how to financially prepare for rising medical expenses in retirement.
I’ll break down the benefits and disadvantages of health insurance and explain why it’s important to plan for healthcare spending during at least a few years of retirement. We’ll also cover which healthcare costs are currently covered by the government and which expenses you may need to pay for out of pocket.
Tune in to learn how to build a retirement plan that accounts for growing healthcare costs, ensuring your financial security no matter what health challenges arise.
What You’ll Learn In Today’s Episode:
The three phases of retirement.
Whether you should purchase private health insurance.
Investments you can make for your home to ensure your safety.
Why you can never predict how much money you need for retirement.
How to help your credit protection.
How to cover some of these costs.
Ideas Worth Sharing:
“The reason we expect these healthcare expenses to kick in later on… is you don’t know what expenses you’re going to have because we can’t predict it.” – Joe Curry
“Even if you do qualify for this funding to get some in-home care, quite often it’s not the care you need or not enough care to meet your needs.” – Joe Curry
“Obviously, one of the downsides of the insurance is that it’s an extra expense, but again, you’re sharing that risk with other insured persons.” – Joe Curry
Resources In Today’s Episode:
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