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Baby boomers still not planning for healthcare in retirement

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 Healthcare knowledge gap becoming urgent

Baby boomers’ lack of healthcare preparedness in retirement is growing more and more urgent, according to a new study published by Bankers Life Center for a Secure Retirement.

Only three in ten Boomers – 32 percent – have a plan for receiving care in retirement, and fewer than 18 percent said that planning for retirement care is a high priority for them.

Further, more than half of Boomers surveyed mistakenly believe that Medicare will pay for ongoing long-term care.

Medicare does not cover long-term care, nor does it fully cover all expected care in retirement. In fact, out-of-pocket healthcare costs in retirement are expected to hit $363,946 in today’s dollars, or $537,334 in future value.

The survey results illustrate a clear knowledge gap when it comes to comprehensive retirement planning, and the need for financial advisors to address healthcare as part of their services to clients.

At a minimum, advisors can prompt clients to do their own research and integrate healthcare projections into their retirement plans. Beyond that, comprehensive wealth managers are increasingly partnering with noncomissioned advisors to provide specific advice to clients on Medicare, healthcare planning and more.

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