Excerpt from: North Bay Business Journal (click for full article)
A common financial planning “hot button” is worry over the cost of healthcare on a fixed income in retirement. While we cannot predict how much care a retiree will need or his/her actual life expectancy, health care risks can be mitigated by maintaining good health, understanding Medicare and by informed financial planning.
Not only is it difficult for retirees to predict healthcare needs, but a 2012 study by “Center for a Secure Retirement” shows there are gaps in retirees’ basic understanding of Medicare coverage and the associated cost, that result in financial surprises. Not surprisingly 80 percent of Americans surveyed were concerned about uncovered healthcare expenses and 74 percent about becoming ill (with Alzheimer’s topping the list).
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