Planning for healthcare costs in retirement
Retirement can last for decades. During that time, healthcare needs and expenses can change, and out-of-pocket costs can considerably affect how long retirement savings last.
Medicare can help cover many healthcare services, but it doesn’t cover every expense. Retirees may still need to plan for premiums, deductibles, co-pays, prescription drugs and long-term care. Healthcare costs can make up a sizable part of some retirees’ monthly spending, while healthcare inflation often outpaces overall inflation trends.
That’s why it’s important to plan for healthcare costs before retirement. A well-designed financial plan can help account for recurring expenses and common unexpected costs and take into consideration how medical conditions, caregiving responsibilities and the state where care is received may all impact future costs.
Our resources can help shed light on common planning gaps and lead to more informed conversations with a financial professional.
Read the findings from our most recent healthcare costs survey
The Nationwide Retirement Institute® has partnered with The Harris Poll® since 2012 to survey Americans about their knowledge of and concerns about healthcare costs in retirement. Each year, we explore what consumers understand, what worries them and where planning conversations can help close the gap between expectations and potential expenses.
Our 15th annual Healthcare Costs Survey provides timely insights into how Americans are preparing for out-of-pocket healthcare costs in retirement. The findings can help consumers ask more informed questions and help media writers understand the concerns shaping retirement planning conversations.