Ep #10: Retirement Risk #5: Healthcare Expenses
Unexpected healthcare costs can be one of the biggest expenses a retiree can face. Similar to how we cannot predict how long we are going to live, we cannot predict when an accident is going to happen. So, how do we prepare financially for the risk of healthcare expenses? In this episode, I will be sharing how to understand and plan for potentially growing medical costs.
Listen in as I explain the benefits and disadvantages of purchasing health insurance, as well as why you should plan to spend money on care at least for a few years within retirement. You will learn which healthcare costs are currently covered by the government and which you will have to pay for out of pocket.
What You’ll Learn In Today’s Episode:
The three phases of retirement.
Whether you should purchase private health insurance.
Investments you can make for your home to ensure your safety.
Why you can never predict how much money you need for retirement.
How to help your credit protection.
How to cover some of these costs.
Ideas Worth Sharing:
“The reason we expect these healthcare expenses to kick in later on… is you don’t know what expenses you’re going to have because we can’t predict it.” – Joe Curry
“Even if you do qualify for this funding to get some in-home care, quite often it’s not the care you need or not enough care to meet your needs.” – Joe Curry
“Obviously, one of the downsides of the insurance is that it’s an extra expense, but again, you’re sharing that risk with other insured persons.” – Joe Curry
Resources In Today’s Episode:
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