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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.

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Central Maine Federal Credit Union

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

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

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

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