Medicare costs should be included when doing financial planning

| Dec 29, 2016 | Medicare Planning

If you are approaching or have reached retirement age, you have a number of financial matters with which to contend. One of the most pressing issues that you will likely face involves both your bank account and your personal health. The fact is, as we age we are likely to need more and more medical care. As you are no doubt aware, almost every aspect of medical treatment is expensive.

But fortunately, the Medicare program exists in large part to assist seniors who are 65 years of age or older. But have you ever considered the extent to which people need the benefits provided by Medicare? Well, reportedly in 2011, 66 percent of Medicare recipients have at least three chronic medical conditions.

But while Medicare can provide substantial savings for such things as prescription drugs, hospital visits, diagnostic tests, doctor visits and other important services, you will have to pick up part of the tab yourself. The average household receiving Medicare pays $4,722 in out-of-pocket expenses annually. And health care expenses represent 14 percent of the annual budget of Medicare households.

So while Medicare is an invaluable insurance resource, you will still need to include healthcare costs as part of your budget as you get older. But you want to make sure that you can get sufficient medical care without breaking the bank to do so. As such, you may want to get in touch with an experienced elder care attorney who can help you create a sound financial plan that protects your assets while covering your healthcare needs.