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No one can predict the changes that may happen in Medicare and the Affordable Care Act in the upcoming year. However, you may have questions about the best available supplemental insurance options. How do you choose? How much do you need to cover the gap between costs not covered by Medicare and your likely expenses?

According to Fidelity’s Retiree Health Care Cost Estimate, a 65-year-old couple retiring in 2016 will need an estimated $260,000 to cover health care costs in retirement. This estimate applies to those with traditional Medicare insurance coverage and considers premiums, co-payments, deductibles, and out-of-pocket drug costs. It assumes both spouses are 65 years old. About one-third of the total $260,000 is for a cost everyone has to pay no matter how healthy you are: premiums for Medicare Part B (doctor services and outpatient care) and Part D (prescription drugs).

The largest and most significant item that traditional Medicare doesn’t cover is long-term care. For example, if you or your spouse are diagnosed with a chronic condition that requires ongoing personal-care assistance or a move to an assisted-living facility, Medicare does not cover these costs.

At W. R. Borton & Associates, we are firm believers in buying the umbrella before it rains. Our goal is to help you understand the importance of life, disability and long-term care insurance as part of your sound, long-term financial plan – so that you’re better able to protect yourself and your family. We help create predictability about your expenses. We offer a holistic approach and solutions tailored to your individual needs.

In the meantime, we encourage you to get your copy of Medicare & You here.

When you’re ready to explore options that address the gap you may face in coverage, we’re eager to provide support and a balanced assessment. We’ll give you up-to-date information and personal accounts of how different types of supplemental insurance can enhance lives, along with financial information and trends that help you put your situation into perspective. With your input, we’ll design a plan that serves as the foundation for the future you want for you and your family.

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