Manage Your Medical Expenses
Healthcare costs can consume a large portion of your retirement income. Your financial advisor can help you plan for contingencies that include the costs of healthcare services, prescriptions and insurance coverage that may include long-term care and disability insurance.
How healthcare costs impact your household will vary based on the insurance you choose and your health. If you retire before you become eligible for Medicare, you’ll need to prepare for the extra expense of private insurance premiums. When you enroll in Medicare at age 65, there will be choices to make regarding your coverage and the costs you incur. You may choose to purchase supplemental insurance to control your healthcare expenditures.
Your RBC Wealth Management financial advisor can help you weigh the pros and cons of supplemental insurance and also help you be aware of deadlines regarding eligibility. Together you can review your available resources to fund healthcare expenses in retirement, including your retirement savings plans.
Healthcare checkup
Your financial advisor can help you take expected and unexpected healthcare costs into account as you create income streams to fund your retirement.
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Did you know?
A typical 65-year-old couple can expect to spend as much as $197,000 on healthcare during retirement. The estimated total rises to $260,000 if nursing home care is needed.
Source: Center for Retirement Research at Boston College
Protect your family
Plan for unexpected events and lessen the financial impact of life’s surprises.
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