The cost of healthcare for women in retirement
As someone who is passionate about educating women about finances in retirement, I spend a lot of time reading articles online. This one, entitled Healthcare for Women: A Great Challenge in Retirement is a good one because it spells out the actual financial challenges women face in retirement, regarding healthcare costs.
According to retirement experts, women are more at risk for living in poverty in retirement than their male counterparts.
One reason is the cost of healthcare.
Statistically, women outlive men due to longevity, which means we’ll need more money to secure our financial futures.
Many women do not realize that Medicare does not cover long term care expenses.[shareable cite=”Patti Fagan”]Many women do not realize that Medicare does not cover long term care expenses.[/shareable]
Medicare and most health insurance plans, including Medicare Supplement Insurance (aka Medigap) policies, don’t pay for this type of care [long term care], sometimes called “Custodial Care.” You may be eligible for this type of care through Medicaid, or you can choose to buy private long term care insurance.”
(Medicare & You 2018, page 60)
This is exactly why I strongly believe that no retirement plan is complete without a Medicare Supplement insurance policy and a plan to pay for long term care (i.e. long term care insurance).
Check out the article for an excellent discussion on women, retirement and healthcare costs.
Healthcare for Women: A Great Challenge in Retirement
Hello, I’m Patti! I’m a Christian Life & Money Coach, Ramsey Solutions Master Financial Coach, Health Coach, writer, and former retirement planner. I’m also an award-winning co-author of She Writes for Him: Stories of Resilient Faith (Redemption Press), and prayer warrior, serving on the prayer team at my local church.
My mission is to provide inspiration, coaching, tools, and resources to help you claim all the goodness and abundance God has for you.
