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| *Loan,banking and credit>>>health insurance |
When preparing a retirement financial plan, any thoughts on the average cost of health insurance? |
Many financial planners seem to be missing this 'line item' when preparing a plan. For many, this may be the biggest monthly expense at the time of retirement. On Medicare you can expect to pay $95 a month for part B, and if you want an insurance supplement expect between $100 and $150 a month with no deductibles or co pays. If HMO around $78 a month with co-pays and deductibles. If you are not 65 plan on about $500 a month for private coverage until you are 65. This is virtually impossible to answer, given that you could be in great health by that time, or you could have developed a condition that is a major health challenge. Also, you may have continuous insurance from now until retirement, or you may not (especially if you change employers). If you change jobs, a chronic condition or serious health challenge could become an "exclusion" on your coverage. There are just too many variables to come up with a good answer. The best estimate (depending on your age) is to take your current cost of insurance, multiply by 1x for every 10 years until retirement, and then add a "slush" factor. It is true that health insurance could easily be the most expensive line item in your retirement plan. So, if your estimate doesn't make it the most expensive, and you want to be safe, I'd add another amount until it is the most expensive line item. financial writer for www.insuranceguide101.com |
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