How will Health Care impact
So what does this even mean “Healthcare costs in retirement”? I have healthcare now and I have Medicare when I retire. I am all set, right?
Yes and no. When you retire and if you enroll in Medicare, you get the benefit of an amazing healthcare safety net.
However with that safety net comes costs that you may not have been shown how they are calculated or how they impact your retirement and your Social Security Check.
Ok, a Little More information.
When you choose to receive your Social Security Check, you will also elect to enroll into Medicare, which includes Parts A, B and may include Part D.
Those elections are pretty standard, what is not standard information is how you pay for Medicare let alone how the cost is calculated and collected.
How it is Paid For
Medicare is paid for by a direct and mandatory deduction from your Social Security Check. This makes things simple, but also dangerous as the rate in which Medicare is inflating is double the Cost of Living adjustments granted to Social Security checks on a yearly basis.
Below is a quick 20 year break down of Medicare inflation rates and Social Security Cost of Living Adjustments
|Medicare Inflation||Social Security COLA|
How Much Will it Cost You and How Long Will Your Social Security Benefit Last?
Do you want more information?
Run Your Own Quick Analysis Below:
Try the Healthcare Cost Analysis Tool On This Page:
- Ability to add in your own information
- High level healthcare cost information based on your retirement scenario
- Downloadable PDF, which includes detailed information as well as excerpts from your personalized retirement information