The Harsh Reality of Healthcare Costs in Retirement

Healthcare Costs in Retirement Average $280,000 Per Couple

A couple who retired in 2017 can expect to spend an average of $280,000 for health care costs throughout retirement, according to recent data from Fidelity Investments. That figure is likely to increase in 2018 and continue to rise during the following years. Moeller stresses the importance to not be passive about healthcare:

1. Your Health

Moeller stresses to pay attention to what you put in your body as developing behaviors that are consistent with good health are hard to develop and will help you be more successful later in life. If you are diligent about taking care of your health by getting enough sleep, eating a healthy, well-balanced diet, managing stress and getting the right social and mental stimulation, you are creating good habits for a healthier life. Moeller discusses that when a person reaches their early 50s, it’s important to have good behaviors that are consistent with good health as part of your daily routine. “I’m a big believer from a physical standpoint to ‘use it or lose it,’” he says.

2. Your Healthcare

People are traditionally passive with their healthcare which is why it’s so important to be proactive when it comes to managing your healthcare needs, according to Moeller. He thinks it’s important to take an active role to find the hospitals, doctors and care plan that makes the most sense for individual needs. Moeller stresses to pay attention to the quality of your healthcare as being diligent with preventative health will help save money in potential health costs down the road.

3. How You Pay for Healthcare

Employers used to take care of many of the health plans and there was less ‘choice’ for employees. Today, the burden has shifted to you. High-deductible health plans can catch people by surprise and healthcare should be part of retirement planning to help prevent expensive surprises as you age. “As you get closer to retirement,” Moeller discusses, “no later than age 60, you should start to become an expert on your employer health plan and other medical plans available to you, such as Medicare.”

Have a Proactive Healthcare Plan

The reality of the situation is that unless you’re the first person in the history of the world to combat aging, you are going to age and have healthcare needs to address. Natural aging means you have healthcare needs that arise. Moeller feels lucky to be living the aging dream as he has been dedicated to keeping up with his work, health, and family. He has some pretty good advice:

About Philip Moeller

Phil Moeller is the author of “Get What’s Yours for Medicare: Maximize Your Coverage, Minimize Your Costs” and the co-author of the updated edition of The New York Times bestseller “How to Get What’s Yours: The Revised Secrets to Maxing Out Your Social Security,” with Making Sen$e’s Paul Solman and Larry Kotlikoff. On Twitter @PhilMoeller or via e-mail:



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