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Planning for your long-term medical needs after retirement

Most people in New York face health issues as they age that could lead to an increase in their health care expenses. This is especially true for women. In fact, according to a 2016 report, health care costs women age 65 will incur while they are retired total about $314, 673. This amount is 18 percent higher than that men of the same age would pay. This means that when it comes to long-term care planning, health care expenses should be kept in mind.

For example, if a person anticipates having to spend a significant amount of money on health care in their retirement, they may want to plan ahead and start to save more before retirement. For example, one expert says aiming for a 10 to 15 percent increase in retirement savings may be a good idea.

Many people over age 65 rely on Medicare to cover their health care expenses. However, they need to keep in mind the costs associated with premiums for Medicare Part B. This is because these premiums are calculated based on the person's income in the previous year. Therefore, those who had a higher income while working could be spending quite a bit in premiums in their first year of retirement.

Finally, it can help to plan ahead for Social Security and long-term care. For example, a person may want to obtain a long-term care insurance policy as soon as possible. That is because such insurance in general is cheaper for younger, healthier individuals, such as those between 50 and 60-years-old. Moreover, if a person can delay taking Social Security, for example, by waiting until they are 70-years-old, they could see an uptick in the amount of their monthly benefits by as much as 8 percent.

Long-term care planning should include planning for expenses one may eventually incur for medical needs. Getting the right information about creating an estate plan that incorporates long-term care planning can be a good idea.

Source: U.S. News, "What Women Need to Know About Planning for Health Care in Retirement," Rebecca Lake, Jan. 31, 2017

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