Preparing For Your Healthcare Costs

Preparing For Your Healthcare Costs

Do You Have A Long-Term Strategy In Place?

Adults who are 65 years of age or older have the highest spending on health care of all Americans. While Medicare can help seniors cover some of these costs, it is unfortunately common that Medicare is not sufficient to cover the entirety of the expense, leaving older Americans exposed to significant financial burdens.

In fact, a 2013 study from the Journal of Internal Medicine found that individual Americans paid an average of $38,688 out of pocket for their healthcare in the last five years of their life. For couples, the average amount spent during the last five years of life was $51,030. Ultimately, this reveals that it is crucial that Americans develop a plan to cover their later-in-life healthcare costs, lest they face significant expenses while on a fixed income.

The first step people must take is getting the right health insurance and long term care insurance. These two products will ensure that whether you face a costly medical procedure or need ongoing care, you will not be caught footing those bills. Also, it is important to do your research about out-of-network costs. To help yourself stay healthy, further minimizing your out-of-pocket expenses, look into your options for free preventative care through Medicare and opt in to the Medicare Part B wellness visits that are offered to you.

Starting early with planning and preventative care ensures that you and your loved ones will not be left trying to shoulder a financial burden due to your health care costs.

If all of this sounds a little overwhelming, do not worry. The insurance experts at Employee Benefit Plans Inc. are here to help you create the perfect long-term strategy to ensure your healthcare costs never become a cost you are unable to assume. To get that level of service and dedication, as well as the expert guidance you deserve, contact our staff in Greenwood, Colorado today.