What Should You Know About Healthcare Planning?
Updated: July 21, 2006
From Fidelity.com
Developing a solid financial plan requires planning for your healthcare needs and researching costs, insurance, and savings options.
Reasons to Budget for Healthcare Needs
- Costs in retirement could be considerable and difficult to predict.
- Costs have historically increased at a pace faster than inflation,* with no slow-down in sight.
- A lapse in healthcare coverage could leave you at a disadvantage in acquiring coverage again in the future.
- A personal or family health-related crisis could reduce or eliminate your retirement savings.
Determining what aspect of your healthcare planning to focus on largely depends on how close you are to retirement. While every individual's needs are different, this chart provides an overview of some important topics you should review when developing your healthcare strategy.
* According to the California HealthCare Foundation's 2006 findings.
