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- ARI | 01-28-25 PM: Manage Rising Healthcare Costs
ARI | 01-28-25 PM: Manage Rising Healthcare Costs
Today’s Story
With healthcare costs on the rise, retirees face the challenge of managing medical expenses without depleting their savings. A recent study indicates that many investors, fearing unaffordable healthcare, may consider spending down their assets to cover these costs.
To mitigate this risk, retirees can explore several strategies:
Health Savings Accounts (HSAs): If eligible, contribute to an HSA during your working years. HSAs offer triple tax advantages: contributions are tax-deductible, growth is tax-free, and withdrawals for qualified medical expenses are tax-exempt.
Long-Term Care Insurance: Consider purchasing insurance to cover potential long-term care needs, which can be a significant financial burden if unplanned.
Medicare Planning: Understand the different parts of Medicare and choose plans that best fit your anticipated healthcare needs. Reviewing options annually can lead to cost savings.
Healthy Lifestyle Choices: Investing in your health through regular exercise, a balanced diet, and preventive care can reduce future medical expenses.
By proactively addressing healthcare costs, retirees can better preserve their assets and maintain financial stability throughout retirement.
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Tip of The Day
Regularly review and adjust your retirement plan to account for changing healthcare costs and personal health circumstances.