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Healthcare is an important element of financial planning. This is an especially significant consideration when you retire. Whether you are retiring soon or not, being prepared for handling health-related expenses is important.
In the United States, healthcare is typically covered by insurance and/or a government program such as Medicare. As you plan your finances for retirement, take a look at what you can expect to be covered by Medicare.
You should customize your coverage to match your utilization at all stages of your life. Of course, remember that you are likely to have more health concerns to address in your older years. If you don’t currently have chronic health issues, that is good news for your potential utilization.
Prescription drugs and other regular costs can have a major impact on your healthcare cost. Analyze the prescriptions you take and how you pay for them. Supplemental prescription coverage may help you manage these costs. Additionally, regularly reviewing your costs and insurance coverage and utilization can help you avoid unnecessary expenses.
Healthcare cost planning can be challenging as there are many variables and unknowns to consider. At Affinity Advantage Financial Solutions, we can help you manage your costs. Contact us today.