Today’s Hack
The future of retiree health care costs is on the rise. In fact, the Employee Benefit Research Institute released numbers for 2023 showing an 8% increase in retiree healthcare costs for the year. Stay tuned as Phil and Marc unpack these latest figures, which suggest that a typical U.S. couple may need upwards of $413,000 to cover their healthcare expenses in retirement.
Throughout the episode, Phil dives deep into the world of Medicare and Medigap plans, explaining the nuances and necessary considerations for retirees. He stresses the importance of planning for healthcare expenses, which often grow at a rate outpacing traditional inflation. He also discusses the implications of recent healthcare legislation, including the Inflation Reduction Act, and how it may offer some relief to retirees.
Here’s what we discuss in this episode:
1:20 – The 8% increase in healthcare costs in the U.S.
4:56 – Pros and cons of Medigap and Advantage plans
8:37 – How Phil’s office helps clients with healthcare
11:17 – Understanding the costs and complexities of Medicare and Medicaid
Resources for this episode:
https://www.fa-mag.com/news/retiree-healthcare-costs-increased-8–in-2023-76822.html
If you have any questions about what we discussed in this episode, reach out and we’ll be happy to set up a time to talk.