Our whole lives, we plan for retirement.
We think about things like how to invest, how to have fixed assets versus equity, and how to finance or pay off our mortgage.
However, one of the biggest decisions in retirement that people overlook is their healthcare costs. Even financial advisors miss this important piece of the puzzle when planning for their clients.
One of the main reasons why people file for bankruptcy is because of healthcare costs and lack of planning.
Planning for Medicare, and the costs and benefits is no different.
A lot of people don’t think about Medicare when they begin financial planning for retirement, which is a huge mistake.
I was working with a client named Jan a few weeks ago. When she retired from her company, they offered her health insurance and she took it. Then she got a $45,000 medical bill from her doctor.
She had no idea what happened, why she wasn’t covered, or how she could fix it.
Come to find out, her employer plan did not meet Medicare rules. So, as a result, she’s getting charged for a large percentage of all of her health care costs. To make matters worse, she had scheduled her hip replacement surgery, but she had to cancel it because she couldn’t get on Medicare for another eight months and couldn’t afford the cost out-of-pocket. She now has to put her health and livelihood on hold.
My point is this. You’ve worked hard your entire life for your retirement. You’ve put in the work. You’ve set money aside. You’ve planned.
Don’t jeopardize your retirement with a simple Medicare mistake.
One Medicare mistake can destroy your retirement plan, which affects your future plans and impacts your family.
