Healthcare can be one of the biggest expenses and very difficult to prepare for.
- A 65-year-old retired couple will need $285,000 for medical expenses in retirement. This does not include the cost of long term care if needed.
- On average, those 65 and older spend $3,800 per month with social security replacing about 40% of their working life income.
- Medicare may pay for some healthcare but does not cover medications without a prescription drug plan.
Researchers found that medical costs double between the ages of 70 – 90. The study also found that medical spending over the last year of an American’s life averaged $59,100 with 71% of this amount paid by Medicare, 10% Medicaid and leaving the rest of the 20% to the seniors and their families.
Despite carefully planning and saving many are not mentally or financially prepared for these expenses.
Fortunately, you may have a hidden asset you are not aware of. Did you know that you can get money for your life insurance policy? Yep! This is called a life settlement. If you qualify you can get money to help relieve your medical expenses or for whatever you may want to use it for.