RETIREES FACE FINANCIAL STRAIN DUE TO MEDICAL CARE- Retirees spend a significant portion of their income on health care. According to MoneyTalksNews, U.S. households led by someone aged 65 or older spend an average of $7,540 annually on health care.
This amounts to about 13% of their total yearly expenses ($57,818). This is the third-largest category that older Americans face, after housing and transportation. The average healthcare spending for all U.S. households is $5,850 per year. Once you retire, you can expect your medical expenses to increase by over a third.
The elderly face numerous extra healthcare expenses. While they may have good health insurance, insurance factors in their care needs and increases their premiums. Some of the major healthcare expenses for retirees include:
Health insurance is the most substantial healthcare expense for retirees. On average, senior households spend $5,277 per year on insurance, which translates to around $440 monthly. This expense includes various types of insurance, such as traditional fee-for-service plans, HMOs, and supplemental Medicare plans.
Retirees also spend a significant amount on medical services. These include hospital stays, eye and dental care, lab tests, X-rays and services from physicians and other health professionals. On average, households led by someone aged 65 or older spend $1,142 per year on medical services.
Prescription drugs are another major expense for retirees. On average, senior households spend $843 per year on medications, including vitamins, prescription drugs and nonprescription drugs.
Retirees also need to budget for medical supplies. This category includes items like dressings, bandages, first aid kits, syringes, thermometers and medical appliances, such as braces, canes, eyeglasses and hearing aids. The elderly spend an average of $278 per year on these medical expenses.
The high medical expenses retirees face makes estate planning even more essential. While most people think of estate planning as dealing with inheritance, it has an important role during retirement. An effective estate plan can help manage and mitigate growing healthcare costs, ensuring that retirees have the resources they need to maintain their health and quality of life.
RETIREES FACE FINANCIAL STRAIN DUE TO MEDICAL CARE
An estate planning attorney helps retirees navigate the complexities of planning for health care and long-term care expenses. They assist in setting up various legal tools and coverage options, such as:
Don't let unexpected healthcare costs jeopardize your financial future. Contact our estate planning law firm today to schedule a consultation. Our experienced estate planning team can help you create a plan to protect you and your loved ones. Start planning now to secure your peace of mind and financial stability in retirement.
Schedule your phone consultation: THE LAW OFFICES OF CLAUDE S. SMITH, III
RETIREES FACE FINANCIAL STRAIN DUE TO MEDICAL CARE
Reference: MoneyTalksNews (Sept. 20,2023) “This Is How Much Retirees Really Spend on Health Care”
Legal problems are extremely stressful, especially when your family, your health, or your freedom are at stake. At this point in time, you may not even be sure what kinds of questions you need to ask a lawyer, but that’s entirely normal. Whether your situation involves family law, estate planning, elder law, a criminal charge, or a personal injury, we will start by giving you all the information you need.
The way we see it, you deserve to get this information directly from an expert. That’s why we make it easy for you to get in touch with your lawyer, and we never ask you to sit down with a paralegal or assistant instead.
As our relationship continues, we will keep you updated about the status of your case every step of the way. Your lawyer will reach out regularly to tell you about any new developments, and he will also be happy to answer any questions you have throughout the process.