Health care in retirement


Are you prepared?

Expect to live longer:

Health care in retirement pie chart

consider health care costs one of their biggest retirement concerns1

- BUT -
Health care in retirement people

cannot accurately estimate how much they expect to pay for health care in retirement1

Health care is likely to be your second largest expense in retirement, though it’s often overlooked as a planned-for expense.1 Medicare will not cover all your medical expenses, so you will probably need to plan for considerable out-of-pocket costs. Here are some ways to do it:
  • Continue working
  • Delay taking Social Security
  • Work with your financial professional to make sure your withdrawal strategy is appropriate
  • Manage your investments through retirement

Thinking about early retirement?

Medicare becomes available at age 65, but you may want to retire long before then. If so, you may need to consider other options for covering health care costs. You can:
  • Explore – talk with your employer about extending your benefits in retirement
  • Research – if your spouse or domestic partner is not yet retired and you’re eligible for insurance through their employer, you may be able to join their existing health plan
  • Get a part-time job – some employers offer medical benefits to part-time employees
  • Consider private insurance – although this may be the most expensive option, it may cost less than paying an uninsured rate for services

[1] "Health Care and Long-Term Care Study," a consumer study of U.S. adults ages 50 and up, Nationwide/Harris Poll Survey (November 2016).