Health Care Costs in Retirement Focus of RMJ Financial Webinar

Health Care Costs in Retirement Focus of RMJ Financial Webinar

The RMJ Financial Group in Old Bridge presented a free 30 minute webinar today on Managing Health Care Costs in Retirement – What Baby Boomers Need to Know About Medicare and Long-Term Care. Led by Robin Yenk, president of RMJ Benefits Group, the webinar outlined how to manage health care expenses in retirement. Robin showed major premiums under Medicare Parts A, B, C and D and how rising annual health care costs are leaving many without adequate coverage.

“There are many areas to be reviewed when selecting the best health care plan for you,” Robin noted. “You have to consider the cost, depth of coverage and how networks are structured. Major expenses such as dental and long term care are not covered. People are automatically enrolled in Medicare when they receive social security but that includes only a potential 80% of medical costs. The other 20% becomes more expensive as you age.”

“Looking at health care costs of women versus men, women live longer and spend more. Biological and social influences are critical to health,” Robin further explained. “Women face higher rates of diseases in some such as breast cancer, osteoporosis and auto-immune diseases. Other diseases affect men and women differently, including diabetes, depression and cardiovascular disease.”

Adding to areas of the webinar, Bruce Yenk, CFP®, Wealth and Legacy Planning Specialist at RMJ Financial Group, discussed Long Term Care. “People must be educated about the realities of the need for quality of life and preserving retirement assets as you get older,” said Bruce. “Long-term care is a variety of services which help meet both the medical and non-medical need. When most people think of long-term care for the elderly, they think of nursing homes. But it can involve much more than that. It also means home health care and personal care, and help with chores, all of which can be necessary for older people living at home.”

A long-term care insurance policy helps cover the costs of that care when you have a chronic medical condition, a disability or a disorder such as Alzheimer’s disease. Most policies will reimburse you for care given in a variety of places, such as your home, a nursing home, an assisted living facility or an adult day care center.

“Considering long-term care costs is an important part of any long-range financial plan, especially in your 50s and beyond. Waiting until you need care to buy coverage is not an option,” Bruce stressed.

Further information about healthcare benefits and Medicare may be obtained by contacting robin@rmjcbs.com or 732-851-4065. Retirement planning or long term care insurance information may be also obtained by contacting bruce@brucetyenk.com or 732-705-4321.

Bruce Yenk is an investment advisor representative of, and securities and advisory services are offered through, USA Financial Securities (Member FINRA/SIPC). USA Financial Securities is a registered investment advisor located at 6020 E. Fulton St., Ada, MI 49301. Not an attorney. This message is solely for the confidential use of the intended recipient. If you have received this message in error please notify the sender immediately by return e-mail and promptly delete this message from your computer system. Any unauthorized use or dissemination of this message in whole or in part is strictly prohibited.