Elder Law: Watching the Dangers of High Health Costs
January 4, 2016
Fidelity Investments has conducted an annual survey for the 7th straight year and 62% of those
individuals asked in the survey reported unexpected expenses as the key concern for 2016.
47% of those individuals cited healthcare costs as a primary concern for them and the survey
reported that a couple of age 65 entering retirement could expect to pay around $245,000
during retirement.
This is an increase from $220,000 last year. A disconcerting note was the United Healthcare CEO indicating that the nation’s largest health insurer may pull out of the Affordable Care Act by 2016. The need to self-control cost where possible was further evidenced by a doubling from last year of the resolve in 2016 to pay down outstanding credit.
Both health insurance companies and elderly individuals are concerned about the rising costs of healthcare in the coming years. Paying attention to your finances and your plans for retirement should always incorporate how you’re protecting yourself against the financial implications of a serious healthcare concern.
