Rates   |   Forms & Applications   |   Online Calculators   |   Contact Us   |   Home
About Us
Employment Opportunities
Who Can Join?
Locations & Hours
Holiday Closings and Upcoming Events
Newsletters
News
Community Commitment
Privacy Disclosure
print this page
tell a friend

Health Care Costs in Retirement

According to the Huffington Post, healthcare costs in retirement have increased an average of 6% a year in the past decade.

In a recent study, Fidelity Investments estimates that over an average retirement lifetime of 20 years, a 65-year-old couple can expect to pay $240,000 for medical costs not covered by Medicare. This estimated amount includes Medicare premiums, out-of-pocket costs for prescription drugs, Medicare supplemental insurance, and expenses like co-pays, co-insurance, and deductibles.

Take these steps to make sure you can pay for your health care costs in retirement:

  • If you are employed: Start investing now or increase your investments into retirement accounts. If your employer offers a match, contribute enough to obtain it and speak with your investment adviser about how best to distribute additional funds.
  • If you are not employed: If you are able to take care of your necessities, speak to an independent financial adviser about starting a retirement account. A small investment on a regular schedule will make a big difference.
  • Be as healthy as possible. Invest time in your health. Check reputable websites like the Mayo Clinic's and ask your physician for help improving your lifestyle.
  • Stay in the workforce longer. In addition to earning more money, you might become eligible for medical coverage as an active employee, and your increased social engagement could improve your health.
         If you're eligible, consider opening a health savings account (HSA). Find out if your employer offers a high-deductible health plan, or look into buying one on your own. A high-deductible plan with a health savings account could save you a lot of money if you're single and rarely go to the doctor.

          You donít need lots of money to start saving for retirement.  Central Maine Credit Union offers the Easy IRA.  Open the Easy IRA with as little as a $1 deposit and use direct deposit to add small amounts to your IRA each time you get paid.  Start out by depositing $5 each pay period and each time you receive a pay increase, increase your weekly deposit by $5.  Donít be overwhelmed by the amount experts say youíll need in retirement and think you canít possibly save enough, so why bother.  Itís not too late to start and your credit union makes it easy.





Tuesday, August 15
Abandoned Property Notice

Tuesday, August 8
Win PATRIOTS Tickets!

Tuesday, August 1
Need Insurance?

Tuesday, July 25
Raffle to End Hunger

Tuesday, July 18
Donation Boys and Girls Club

Tuesday, July 11
NOTICE: Saturday Hours

Wednesday, July 5
Summer 2017 Newsletter

Tuesday, June 27
New Beginnings Donation

Tuesday, June 20
Summer Reading grant

Monday, June 12
Bake Sale

Monday, June 5
Stay on top of your Credit Report

Tuesday, May 30
Digital Wallets

Tuesday, May 16
2017 Scholarship winner

Tuesday, May 9
Birdhouse Contest Winner

Tuesday, May 2
Apple Pay

Tuesday, April 18
Mobile Deposit is here!

Tuesday, April 11
Mobile Banking

Tuesday, April 4
Bill Pay Advantages

Tuesday, March 28
Monty Newsletter

Tuesday, March 14
Private Student Loans

Tuesday, March 7
2017 Scholarship Application

Tuesday, February 21
Easy IRA

Tuesday, February 14
Current Scams

Tuesday, January 31
Direct Deposit Your Tax Refund

Friday, January 6
Requirement Changes for Online Banking Access

Thursday, December 29
Winter 2017 Newsletter

Wednesday, December 28
Cookie Challenge Winner

Tuesday, December 20
Visa Gift Cards

Tuesday, December 13
It’s A Cookie Challenge!

Tuesday, November 29
The Amazing Music of Mainers 2 CDs

Tuesday, November 22
Holiday Hours

Tuesday, November 15
Letter from Santa

Tuesday, November 1
2017 Christmas Club

Tuesday, October 25
50/50 RAFFLE!

Thursday, October 13
Job Openings

Tuesday, October 11
Community Commitment

Tuesday, September 20
Shield Your PIN

Tuesday, September 13
Notice to Consumer of Right to Cancel

Tuesday, September 6
Annual Credit Report

Tuesday, August 30
Saturday Drive-up Hours

Tuesday, August 9
Visa Gift Card notice

Tuesday, July 26
Donation to Special Olympics

Tuesday, July 12
Health Care Costs in Retirement

Tuesday, June 28
Summer Reading grant awarded

Tuesday, June 21
Reader of the Year Award

Tuesday, June 14
Members save more on insurance!

Tuesday, May 10
Go fee-FREE with SURF

Tuesday, April 12
Direct Deposit/ Payroll Deduction

Tuesday, March 8
New VISA Credit Card!

Tuesday, February 23
Mobile Banking

Tuesday, January 19
TruStage Insurance Products

Monday, December 21
$1.00 ATM Fee dropped

Tuesday, October 20
New Security Feature!

Tuesday, August 25
Shared Branching

Tuesday, August 18
Verified by Visa

Tuesday, July 21
Debit Card Holds

Tuesday, May 5
Pet Insurance

Tuesday, February 3
5% Down Payment Mortgage

Tuesday, January 13
Ever wonder if there’s a better way to buy a new car?

Tuesday, September 2
Credit Union Auto Club

Tuesday, October 29
Satisfy Your Snack Attack

Wednesday, August 7
We have more branches than any bank in Maine!

Tuesday, July 16
How to Buy a Car


Central Maine Federal Credit Union

1-207-783-1475
1000 Lisbon Street
Lewiston, ME 04240
Fax: 1-207-777-1914

1-207-783-1475
836 Center Street
Auburn, ME 04210
Fax: 1-207-440-2100

Mailing Address:
P.O. Box 1746
Lewiston, ME 04241-1746

Contact Us    |    Site Map    |    Privacy Disclosure    |    Home

© 2017 Central Maine Federal Credit Union. All rights reserved.
Web Design & CMS by Cambium Group, LLC

Unauthorized access or use of the Website
is not permitted and may constitute a crime
punishable by law.
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.  National Credit Union Administration, a U.S. Government Agency.