How Should I Budget for Healthcare Expenses?
By CJ Dixon, Oxford Advisory Group
A: Healthcare often becomes one of retirement’s biggest expenses. Planning for premiums, out-of-pocket costs, and long-term care early may help you stay better prepared and potentially protect your income.
Understanding Medicare Coverage
Medicare begins at age 65, but it doesn’t cover everything. Parts A and B handle hospital and doctor costs, but retirees often add supplemental insurance or Medicare Advantage for more comprehensive coverage.
Estimating Costs Before and After 65
If you retire before 65, bridging the gap to Medicare requires private insurance or COBRA coverage — both potentially costly. Florida retirees in Venice, Deland, Sarasota or Jacksonville may plan years ahead to manage this transition.
Building Health Costs Into Your Income Plan
At Oxford Advisory Group, we aim to help retirees design income plans that account for both expected and unexpected healthcare expenses, including rising premiums and future long-term care needs.
Key Takeaway
Healthcare planning isn’t separate from retirement planning — it’s a key part of it. Understanding coverage options and building health costs into your plan aims to help keep your income strategy strong and potentially mitigate healthcare cost risks. According to Forbes, 60% of Americans worry about healthcare costs.
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