When making plans for their retirement, North Carolina residents should remember to also include their health care. This is one aspect of retirement that some people fail to plan for, which can result in a major hit on their savings if an unexpected medical crisis occurs.
During their retirement, the average couple in the United States will have to have $260,000 to take care of out-of-pocket expenses related to their health care, according to one prominent investment firm. That amount represents a 6 percent increase from the amount reported for the previous year and does not include any expenses for long-term care. Even if they plan to use traditional Medicare coverage, individuals should know the monthly costs for co-pays, premiums and prescriptions that they will have to pay out of their own pockets.
According to some studies, as many as 50 percent of Americans will have to have some type of long-term care. This may include home health care, adult day care, full-service nursing home or assisted living. The costs of these services would be in addition to the $260,000 a couple would have to set aside for regular health care expenses.
In order to plan for their health care expenses during their retirement, individuals should consult with a financial adviser and an attorney who routinely handle these issues. They may advise their clients about creative planning strategies they can use. They may have knowledge of special types of aid for which a client may qualify. An attorney who practices estate planning law can often be of assistance in this regard.