(Wednesday, December 17, 2014) In a recent AARP study, more than two-thirds of Granite Staters over the age of 50 said the cost of health care is an important issue to them as they plan for retirement. Yet, findings show few have actually done the math to figure out how much money they would need to cover health care costs throughout their retirement years.
If you are planning to retire in the next few years, healthcare costs need to be figured into your budget. To help you do that, there is now an online tool called the Health Care Costs Calculator.
Nicole Duritz, expert at AARP, describes how the new resource can help.
EIGHTY-FIVE PERCENT OF NEW HAMPSHIRE RESIDENTS RESPONDING TO OUR SURVEY CITED THAT AFFORDING THE COST OF OUT-OF-POCKET HEALTH CARE EXPENSES AND PRESCRIPTION DRUGS ARE EITHER EXTREMELY IMPORTANT OR VERY IMPORTANT. SINCE THIS IS SUCH AN SIGNIFICANT ISSUE, WE WANTED TO HELP THEM IDENTIFY AND PLAN FOR COSTS THEY ARE GOING TO FACE DURING THAT PERIOD OF TIME. (:22)
WE HAVE DESIGNED AN ONLINE TOOL TO HELP PROPERLY BUDGET FOR THE FUTURE. IT TURNS OUT THAT HEALTH CARE IS A MUCH LARGER EXPENSE THAN MOST plan for. MOST OF THE STICKER SHOCK COMES FROM THE COST OF PREMIUMS, DEDUCTIBLES AND COINSURANCE REQUIREMENTS. The tool ALSO CONSIDERS COSTS ASSOCIATED WITH SPECIFIC DISEASES LIKE CANCER OR DIABETES AND THEN PROVIDES TIPS ON HOW TO MANAGE. (:20)
To find out more, visit aarp.org/work.