Question : When preparing a retirement financial plan, any thoughts on the average cost of health insurance?
Many financial planners seem to be missing this 'line item' when preparing a plan. For many, this may be the biggest monthly expense at the time of retirement.
- asked by cynrae2000
All Answers:
Answer #1
This is virtually impossible to answer, given thatyou could be in great health by that time, or youcould have developed a condition that is a majorhealth challenge. Also, you may have continuousinsurance from now until retirement, or you maynot (especially if you change employers). If youchange jobs, a chronic condition or serious healthchallenge could become an "exclusion" on yourcoverage.There are just too many variables to comeup with a good answer. The best estimate(depending on your age) is to take your currentcost of insurance, multiply by 1x for every 10years until retirement, and then add a "slush"factor. It is true that health insurance couldeasily be the most expensive line item in yourretirement plan. So, if your estimate doesn't makeit the most expensive, and you want to be safe,I'd add another amount until it is the mostexpensive line item.
- answered by Monique L. Attinger
Answer #2
On Medicare you can expect to pay $95 a month forpart B, and if you want an insurance supplementexpect between $100 and $150 a month with nodeductibles or co pays. If HMO around $78 a monthwith co-pays and deductibles. If you are not 65plan on about $500 a month for private coverageuntil you are 65.
- answered by Susan C
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measure and fulfill your financial needs
