What will you pay for health care in retirement?
In Part One of this series, I shared that Fidelity research suggests that a 65-year old couple retiring in 2016 will need an estimated $260,000 to cover their retirement health care costs. Please reference the entire blog dated Nov. 2nd.
In addition to your own genetics and health history, five factors will have a significant influence on your overall costs for care.
In this blog, I cover the first two factors:
Where You Live:
While Medigap and Medicare Advantage plans are offered in each state, the premiums can vary by as much as 30%. (Source: HealthView Services.)
Here is their research on the 10 states with the highest cost for Part B, Part D and supplemental insurance for a 65 year-old person.
|State||First Year||Total Over 20 Years|
|7. New Jersey||$3,683||$148,865|
Source: FA Magazine
If you want to check out rates for where you live, go to the Medicare Plan Finder and enter your information.
Here is the next factor that will influence your retirement health care expenses:Read More