But also, that $295,000 doesn't account for all of your costs. While it includes Medicare premiums, copayments, and deductibles, it does not include most dental services and long-term care. As such, your total tab could actually be much higher, and that's something you'll need to prepare for.<\/p>\n
If the idea of having to spend $295,000 -- or more -- on healthcare in retirement is throwing you for a serious loop, there are a few things you can do to prepare. First, boost your retirement savings. If you're 50 or older, you can contribute up to $26,000 a year to a 401(k), or up to $7,000 a year to an IRA. Save another $200 a month for the next 15 years on top of your current savings rate, and you'll add $60,000 to your retirement plan balance, assume you invest your 401(k) or IRA at an average annual 7% return, which is just below the stock market's average.<\/p>\n
Another option is to fund a health savings account, or HSA. Not everyone is eligible for one of these accounts, but if you're enrolled in a high-deductible health insurance plan -- defined in 2020 as a deductible of $1,400 or more for self-only coverage, or $2,800 or more for family coverage -- then you may have the option to contribute.<\/p>\n
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What Will Healthcare in Retirement Cost You? Try $295000. - Independent Tribune<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" But also, that $295,000 doesn't account for all of your costs. While it includes Medicare premiums, copayments, and deductibles, it does not include most dental services and long-term care. As such, your total tab could actually be much higher, and that's something you'll need to prepare for Continue reading