Plan for Health Care Costs in Retirement

It is expected that a married couple at age 65 in 2008, without employer-based retiree health benefits, will need $194,000 in savings to have a 50% chance of having enough money to cover Medigap premiums, Medicare Part B premiums, Medicare Part D premiums and median out-of pocket prescription drug expenses throughout retirement.

To have a 75% chance of having enough money to cover these expenses they would need $253,0000, and to have a 90% chance they would need $305,000.

If out-of-pocket drug costs are higher, the savings needed would increase. These savings to not include what might be needed for any long-term care expenses.

These findings were from the Employee Benefit Research Institute (EBRI).

Long-term care planning is essential to make sure there is money set aside or readily available when needed for your long-term care needs. Long-Term care insurance assure you that the money will be there when it is needed.

For free resources, information or a quote visit Long Term Care Insurance Pros