These days, most people turn to the internet to find answers. Term-Life recently listed the most googled financial topics in each state. In Indiana, the hot topic is insurance. Jordan Schwartz, fiduciary financial planning advisor with Strategic Wealth Designers joined CBS4 to talk about health insurance and how to prepare for the costs.
“If you look at the costs for a retiree, there could be an extra $220,000 of expenses around health care they maybe weren’t even planning on. There are two ways you can protect yourself from that,” explained Schwartz. “First and foremost is properly leveraging Medicare. When you hit age 65 you have the ability to get the government sponsored health insurance through Medicare. That can potentially save you hundreds of dollars a month. The second way is to make sure you’re properly using long-term care coverage. If you go into an assisted living facility or a nursing home, there is a cost to that and if you don’t have insurance that protects you from that, it could potentially be hundreds of thousands of dollars you are having to spend.”
With health care costs on the rise, some have concerns they will not be able to afford the care they need. Experts have suggested that health insurance and costs could rise by 5.5% over the next 20 years.
“To paint that picture for everybody, the rate of inflation is 2-3% per year. We are potentially doubling that,” said Schwartz. “Plus, people are living longer. If you look at two people in a household, one of the two are going to live past 90 years old. People are living longer, therefore the
To learn more about this business topic and all financial investment news in the Indianapolis metro visit https://CBS4Indy.com/strategic-wealth. If you have a question or would like to schedule a complimentary portfolio review with Jordan send an email to firstname.lastname@example.org.