Biggest Threat to Your Retirement!

Biggest Threat to Your Retirement- Call us at iHealthBrokers today at 888-410-0344. Our services are 100% Free!
★☆★ABOUT THIS VIDEO★☆★
0:00 Intro
0:44 Disclaimer
1:22 Cost Breakdown
2:12 HSA
3:24 Life Expectancy
4:32 Prescription Costs
7:35 Medigap
12:20 Medicare Advantage
15:06 Final Thoughts
According to a report from RBC Wealth Management, the projected lifetime cost of care for a healthy 65-year-old is $404,253-and that doesn’t factor in long-term care costs, which could be as high as $100,000 a year. Have you budgeted for that in your retirement fund?
Another scary number to throw at you. The average retirement fund for those age 65 currently stands at about 609,000. And then the average social security check is about $1,500. So, if we are just following the averages, over half of your savings could go to your medical spending.
If you are not yet at retirement age, you may want to consider a plan that offers an HSA. HSAs are Health Savings Accounts. They are a type of interest bearing account that may be offered as a benefit with your HDHP.
HSAs offer the triple tax advantage. Contributions are pre-tax, lowering your taxable income. Interest accrued is also not taxed. And as long as you withdraw your funds for qualified medical expenses those funds will not be taxed.
Additionally, you can invest a certain portion of your HSA and the earnings will not be taxed. Hold onto this account until retirement. You can use it as a regular retirement account, but funds will be taxed OR you can use it for those medical expenses we’ve talked about with no taxation.
In our estimation, although Part D may not be perfect, at least because it offers the catastrophic coverage phase, you would still be better served with some type of Part D plan-even if it’s one of the more meager plans.
Anway, let’s subtract $800 from our new 9K figure. $8200. Let’s also knock off our yearly Part B premiums (174.70X12) about 2100. That leaves us with $6100 for copays, deductibles and coinsurance. I’m also going to take off the $240 Part B deductible because the plans offered to new beneficiaries don’t include that. So, 5860 is the new number to beat!
Let’s talk about Medigap. This is a supplemental form of insurance designed to fill in those gaps of Original Medicare.
There are 10 plans to choose from with varying coverage and price points.
Let’s switch gears and talk about Medicare Advantage. These are an alternative to Original Medicare. So although Medigap works with Original Medicare, MA plans replace Original Medicare entirely.
None of us have a crystal ball so no one knows for certain whether they will be someone with very limited medical needs or someone with more extensive needs. You may be able to hazard a guess based on your current health, but ultimately no one knows.
Despite tremendous research, it is very difficult to find hard numbers on medical spending. So, as always we recommend working with an expert. Work with a financial advisor and a broker.
What do you think? Does it make more sense to supplement your coverage with Medigap or Part D or even replace it with Medicare Advantage. Or is it better to risk it with Original Medicare alone? Let us know your thoughts in the comments below.
If you have any further questions, please feel free to contact us here at iHealthBrokers at 888-410-0344 or ihealthbrokers.com/
👇SUBSCRIBE TO iHealthBroker's CHANNEL NOW👇
czcams.com/channels/5jc.html...
★☆★CHECK OUT OUR OTHER VIDEOS★☆★
Marketplace Insurance
• Marketplace Insurance:...
Short Term Insurance
• BEST KEPT SECRET IN HE...
COBRA
• COBRA HEALTH INSURANCE...
How to Save Money on Health Insurance
• Save MONEY on HEALTH I...
Dental Insurance
• Dental Insurance: How ...
===================================
★☆★CHECK US OUT ★☆★
WEBSITE: ihealthbrokers.com/
PHONE NUMBER: [phone]
F A C E B O O K: / ihealthbrokers
===================================
Give us a call or leave a comment below and we'll do our best to help! Make sure to "Like" and "Subscribe" today!