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Friday, October 5, 2012

Underestimating Health Care Costs in Retirement


Paul Sullivan writes this week in his Wealth Matters column about an often-overlooked expense in retirement: the cost of health care. One study Paul mentions, by Nationwide Financial, found that people near retirement routinely overestimated the percent of health care costs covered by Medicare.

Financial experts told Paul that people nearing retirement should take a hard look at their retirement savings and consider whether those savings would be enough to pay for health services.

For those of you already retired, what has been your experience with health care costs? Have you found that Medicare and other insurance cover less of the expense than you expected? How have you dealt with that? And do you have advice for other Bucks readers?