February is American Heart Health Month. According to the American Heart Association, heart disease is the leading cause of death of both men & women in the United States. However, heart disease is only one of a myriad of health problems that develop as we get older, i.e. diabetes, arthritis, etc.
We are all busy in our day to day lives and often do not think about the consequences and costs of health problems when something does happen. Many of us think that when we reach retirement age, Medicare will cover our health care costs. However, Medicare does not cover many of the costs of health care, even after the age of 65.
For most of us, our main concern in retirement is: Will I have enough income to live comfortably and do the things I want to do? There are many unanticipated challenges that could derail our plans. One is the cost of health care. At 65 you can sign up for Medicare, but even with Medicare and a Medicare Supplement, there will be other medical out of pocket costs. This is especially true with medications.
There are also many reasons why you would not be eligible for Medicare, such as forced early retirement. This means that you would most likely have to purchase your own insurance. This is also true if one spouse is younger than the other and is not eligible for Medicare.
We can help you start planning for these unknown events that could derail your lifestyle in retirement. A financial professional has the expertise to show you how to plan for the unknown. Advanced planning is always valuable in any situation, but especially for the unknowns in retirement.
Although any health problems can be mitigated or even prevented by making healthy choices, many are inevitable, thus the value of advanced planning.