FRESNO, Calif. (KFSN) — When it comes to planning for retirement, healthcare isn’t optional — it’s a crucial step.
“Health insurance costs inflate at a lot larger rate than regular inflation, so that factor needs to be factored into the overall plan as well,” says Portfolio Advisors CEO and Senior Financial Advisor, Tina Mistry.
Mistry says Medicare can be complicated to navigate, so having a firm grasp of the components at least 6-12 months before retiring is key.
“If you actually retire before the age of 65, you won’t be able to jump on Medicare, so if you retire at 60, you’ll have a few years of where you’ll have to obtain private insurance,” Mistry said.
But how do you know which plans to sign on to?
Mistry says consider your cash flow after retirement, affordability and family history.
“What folks can and could consider is purchasing a long-term care insurance policy,” Mistry said. “Understanding the rules of the state that you live in are also really crucial because some of that can be funded from the state, as well as your retirement savings or other sources of income.”
Health Savings Account dollars can go further than medical costs.
“Usually there’s a minimum cash balance that has to be kept in a health savings account,” Mistry said. “In a lot of cases, the remaining balance can be invested, so whether that’s a mix of stocks and bonds or both.”
Some employers offer Flex Savings Accounts. Some of those benefits are use-it-or-lose-it, so check the balance quarterly or monthly to ensure you exhaust your benefits before they’re lost.
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