Managing health care in retirement
As life expectancy increases, the possibility that some Americans may face a physical or mental decline at some point in their lives is very real. Care can require considerable resources – physical, mental and financial. Now is the best time to create a plan that considers how you and your family will handle the potential need for care in the future.
Your plan should consider your future medical and housing costs, how to manage your retirement income, and transitioning assets to help pay for your care or to create a legacy for future generations. Planning now gives you and your family time to learn about the services available so you can map a course toward living life according to your wishes. It also allows you to make important decisions while you are still able.
If your employer currently participates in PEBB or SEBB health care now, the Washington Health Care Authority (HCA) has information to help public workers with planning for healthcare in retirement. Your medical and dental benefits are at your fingertips and you can look ahead at what your medical insurance will cost when you retire. It’s important to take note if you or your spouse aren’t eligible for Medicare yet, your PEBB costs will be more (Medicare age is 65).
Long-term care is a serious consideration. If you’re working for the state, you most likely contribute to WaCares, a fund set up for long-term care that comes out of your paycheck. WaCares says that 7 out of 10 of us will need long-term care in the future.
Other resources
Estimate how much care you’ll need: U.S. Department of Health and Human Services
Use an interactive map to see state-by-state long-term costs: Genworth Cost of Care Study by Carescout®
Consider the following statistics:
- Every day until 2030, 10,000 Baby Boomers will turn 65
- 7 out of 10 people over age 65 will require long-term care in their lifetime
- About 34.2 million Americans have provided unpaid care to an adult age 50 or older in the last 12 months
- Americans living with Alzheimer’s disease could more than double by 2050 to 13.8 million, from 5.8 million today
Recent news
As life expectancy increases, the possibility that some Americans may face a physical or mental decline at some point in their lives is very real...
As a Plan 2 member of a Washington state retirement plan, you contribute a certain percentage amount from your paycheck toward your pension...
If you’re a new public employee, school employee or teacher, you have 90 days to choose between two retirement plans: Plan 2 or Plan 3. The decision you make is permanent...
