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Healthcare costs in retirement expected to top half a million

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 How financial advisors can help

According to a new study from HealthView Services, a healthy 65-year-old couple retiring this year will spend $363,946 on healthcare in retirement in today’s dollars, or $537,334 in future value.

Living just two years beyond the projected life expectancy of 87 years for men and 89 years for women will add $37,423, or $77,272 in future dollars, to their total costs.

This data, from the 2018 Retirement Healthcare Costs Data Report, illustrates the need for financial advisors to play a role in helping clients think about healthcare in retirement.

Clearly, there is a financial need for advisors to project healthcare spending and build it into clients’ retirement plans. But the report also demonstrates the value of advisors taking a more hands-on approach to healthcare consulting.

The report notes that these expenses can be significantly reduces by improving health, which illustrates consumers’ need for good advice around health coverage. Financial advisors don’t need to take a clinical approach, but can provide additional healthcare and health coverage advisory services to clients, ensuring they get the best possible advice around receiving and paying for care in retirement.

There is a continuum of options advisors have to provide these healthcare services.

At a minimum, advisors can nudge clients to conduct their own health coverage research, including annual Medicare reviews. Advisors may also want to develop a list of insurance advisors to recommend, or build out these services in-house. A number of financial advisors are also partnering with healthcare advisors directly to provide these services.

At Bernard Health, we have more than 10 years of experience helping consumers tackle Medicare and other healthcare costs and coverage concerns. To learn more about how we partner with financial advisors to address client needs, click below to schedule a consultation.

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