Insights Live: Preparing For Health Care In Retirement | Fidelity Investments

Health care consistently ranks as of the largest expenses people face in retirement. So, it's crucial that you both save and plan for these continually rising costs—including long term care, which isn’t covered by Medicare. Join the Insights from Fidelity Wealth Management℠ team as we discuss how you can build a comprehensive approach to help you navigate health care costs in retirement.

Specific topics we’ll cover include:

The benefits of health savings accounts, how to qualify for them, and how to best use them
Strategies to help cover your health care costs before Medicare eligibility kicks in
Medicare options, integrating different plans, and ideas for reducing out of-pocket expenses
Creating a plan to help pay for long-term care, with thoughts on long-term care insurance
How to ensure that your family understands both your wishes and your financial situation
Ideas for caregivers to help ease the emotional strain of looking after a loved one

00:00 Panelist Introductions
02:11 How do you plan for healthcare costs as a part of working with clients every day to help them create retirement plans?
04:28 How can someone go about estimating the costs of healthcare throughout retirement years?
06:58 What should people know about long-term care costs?
08:45 The basics of Medicare coverage
11:38 Options to get more complete coverage with Medicare
13:26 What can you expect to pay for your Medicare plan?
16:37 Assuming you don’t have a life-changing event, are there any strategies to help avoid IRMAA?
20:01 Factors to consider when choosing a Medicare plan
24:01 If you retire before Medicare age and are no longer eligible for employer health care coverage, what are your options?
26:42 How a Health Savings Account can help
28:13 What do clients need to know about Health Savings Account eligibility
29:58 What are strategies to make the best use of your Health Savings Account in retirement?
33:22 What are the options for covering the cost of long-term care insurance?
36:31 For clients interested in the long-term care insurance option, when should that process start?
38:28 What factors can influence the cost of a long-term care insurance policy?
40:28 What else should people know about caregiving?
43:01 What do you and your family members need to do to ensure your loved ones understand and can execute your wishes later in life?
46:23 Key takeaways and conclusions

Questions? Drop them below 👇 and we’ll reply right in the comments.

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