For its February 4th feature article, The Real Cost of Healthcare in Retirement Barron’s spoke to a number of experts about retirement health care and asked HealthView Services to provide customized data to illustrate the challenges facing future retirees.
In the introduction to the article, Senior Editor, Reshma Kapedia, came up with a great way to frame the issue:
“Understanding Medicare is like learning about the birds and the bees: Until they experience it themselves, most people base their assumptions on anecdotes and misinformation, which means there can be some uncomfortable surprises ahead.”
The article highlights the following realities:
- The majority of Americans do not understand Medicare or the cost of health care in retirement.
- Costs are much higher than most imagine. The Barron’s article shares basic lifetime premium costs and does a great job at highlighting specific costs associated with dental, eyecare, and premium drugs.
- It reveals the potential impact of surcharges for individuals with retirement income above $85,000.
- As importantly, it notes with careful planning, retirement health care concerns can be taken off the table with a fairly modest savings program.
HealthView provides data to companies and advisors to help their clients avoid future surprises. I encourage you to read the Barron’s article and revisit our 2016 Retirement Health Care Cost Data and Women & Retirement Health Care reports.