A new white paper from HealthView Services highlights a coming retirement health care cost crisis and gap in planning for retirement health care costs.
In its release, HealthView said that its Insights paper, "Addressing the Retirement Health Care Cost Crisis: Strategies to Manage Costs," notes that despite growing concern about retirement health care costs, many financial advisors and their clients have yet to meaningfully integrate health care costs into retirement plans.
Drawing upon HealthView Services' retirement health care cost data from more than 50 million annual health care cases, calculated using an actuary and physician reviewed methodology that determines individual longevity and retirement health care costs, the paper shows that retirement health care costs are on a path to exceed Social Security Benefits for many Americans, but notes there are steps advisors and individuals can take to help clients manage or reduce costs.
"Until recently, retirement health care costs haven't been included in retirement planning for several reasons. First of all, many clients mistakenly believe that
HealthView said that its paper highlights a number of key issues and drivers impacting retirement health care costs including: the underestimation on the part of clients of how much they will have to pay for health care in retirement; the impact of health care cost inflation; pressure on the
"Retirement health care is a much bigger cost issue than people expect or realize," added Mastrogiovanni. "There is an urgent need to address the retirement health care cost planning gap. The failure to do so will put millions of Americans' retirement security at risk."
"We believe that having actuarial-based cost data for individuals, allocating funds for retirement health care costs, managing retirement income through the right mix of products, and optimizing social security, among other strategies, can increase retirement security," added Mastrogiovanni. "Saving for health care may not be the goal most Boomers had in mind when they first started planning for retirement, but given expected health care costs in retirement, it needs to be among the top priorities."
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