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Healthcare Could be Your Greatest Retirement Expense and William Schantz Shares the Best Tips to Save for It

Best Tips to Save for Your Healthcare

As you approach retirement, it’s important to start thinking about all of the potential costs you may face. William Schantz of Mid Atlantic Financial LLC says that one of the biggest potential expenses is healthcare.

Healthcare costs can vary widely, depending on your individual needs. But, in general, healthcare costs tend to increase as we get older. According to a report from the Kaiser Family Foundation, the average 65-year-old can expect to spend about $5,000 per year on healthcare costs.

There are a few ways to help offset the cost of healthcare in retirement. One option is to purchase a long-term care insurance policy. This type of policy can help cover the cost of things like nursing home care or in-home care.

Another option is to enroll in a Medicare Advantage plan. These types of plans can help cover the cost of things like doctor’s visits, hospital stays, and prescription drugs.

Finally, you may want to consider a health savings account (HSA). A health savings account is a type of savings account that you can use for paying qualified medical expenses. The money in an HSA can be used to pay for things like doctor’s visits, prescription drugs, and long-term care.

No matter what strategy you choose, it’s important to start planning for the cost of healthcare in retirement now. By doing so, you can help ensure that you have the resources you need to cover your costs down the road.

Best Tips to Save for Healthcare Costs According to William Schantz

If you’re like most people, you probably haven’t given much thought to how you’ll pay for healthcare costs in retirement. After all, you’re healthy now and hopefully will stay that way for many years to come.

But the truth is that healthcare costs can add up quickly, especially if you have a chronic condition or two. In fact, according to a recent study, the average 65-year-old couple will need $280,000 to cover healthcare costs in retirement.

So how can you make sure you have enough money to cover your healthcare costs in retirement? Here are a few tips:

1.     Save early and often

The earlier you start saving for retirement, the more time your money has to grow. So if you haven’t already, start putting away money into a retirement account like a 401(k) or IRA.

2.     Invest in health insurance

If you’re still working, take advantage of your employer’s health insurance plan. Once you retire, you’ll need to purchase your own health insurance, so it’s important to start thinking about that now.

3.     Consider long-term care insurance

Long-term care insurance can help cover the costs of a nursing home or in-home care. If you think you might need this type of coverage, start looking into policies now.

4.     Stay healthy

This one is easier said than done, of course. But the healthier you are, the less likely you are to need expensive medical care. So make sure to eat right, exercise regularly, and see your doctor for regular check-ups.

5.     Save even more

If you can swing it, try to save even more money than you think you’ll need for retirement. That way, you’ll have a cushion in case your healthcare costs turn out to be higher than expected.

According to William Schantz, follow these tips and you’ll be on your way to a healthy retirement.

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