Medical

The Number One Retirement Fear

January 2nd, 2012  |  Published in Medical, Retire Abroad  |  13 Comments

According to an AARP study recently released, health care issues are the number one biggest fear retirees have.

Is retirement affordable?

The biggest challenge for most potential retirees is the cost of care and the ability to stay healthy through retirement. Experts claim one will need an extra $200-$300,000 to pay just for health care. That is not only a scary thought, but those amounts could delay or prevent many people from retiring.
Medical Tourism
You have options

What if there was another option?
It would be wonderful to go to the corner clinic and get what you need at affordable prices. Or to visit a medical facility and actually have a a full hour of appointment time with the doctor to yourself. Or even to be able to have the financial means to pay for a hip replacement, a full physical with X-rays and blood work, or a colonoscopy, eye glasses and dental care straight out-of-pocket.
What if you could do that today?
You can.

You are not alone

Tens of thousands of Americans and Canadians are already looking to Medical Tourism as an alternative to the high costs or excessive wait times in their native countries and are looking to places such as Thailand, India, Singapore, Costa Rica, Mexico or even Eastern Europe for solutions. Boomers more than any other age group are seeking medical care overseas to address health needs such as orthopedic procedures, cancer care and alternative treatments for chronic conditions like arthritis, diabetes and age related conditions.
Currently there are seven million Americans and Canadians living abroad already taking advantage of foreign health care services and that number of expats is expected to double in the next 10 years.

Safety?

What if there were affiliates to Johns Hopkins Hospitals overseas? Would that make you feel more comfortable? What if there were high standards of accreditation for hospitals and clinics? It might surprise to know that this is the case right now.
If this is the first time you have ever heard of Medical Tourism or if you have doubts that it might be an answer for you, take a look at our Medical Tourism Page and familiarize yourself with all the choices available.
Having an alternative to taking care of your health care needs could facilitate your retirement. And it could help you sleep better at night.

About the Authors
Billy and Akaisha Kaderli are recognized retirement experts and internationally published authors on topics of finance and world travel. With the wealth of information they share on their popular website RetireEarlyLifestyle.com, they have been helping people achieve their own retirement dreams since 1991.

Retirement Medical Savings Required: $376,000

June 11th, 2008  |  Published in Medical, Retirement  |  Comments Off on Retirement Medical Savings Required: $376,000

$376,000 is the highest amount recommended by the Employee Benefit Research Institute in a report released yesterday. What the EBRI, which is a D.C.-based public policy group, recommends for a couple, with premiums not subsidized by their former employer, have approximately $376,000 if they are not willing to take on any risk (meaning they don’t want to save less and risk being underfunded). So, while the $376,000 does appear scary, at least we know that’s the recommended maximum.

According to a report released Tuesday, the retirement health tab can run between $64,000 and $122,000 for a 65-year-old man whose former employer pays his insurance premiums, and between $86,000 and $140,000 for a woman of the same age. For retirees who don’t have access to an employer-offered plan, the costs – mostly for prescription drugs – run even higher [Source: CNN Money].

The table in the article outlines most scenarios (permutations of the premium covered or subsidized or not at all subsidized by employer, the age and gender of the retiree) with the lowest dollar amount being a 65-year old man willing to take on a high level of risk and who has premiums covered by the former employer ($64,000).

Here’s another interesting stat, according to the Metropolitan Life Insurance Co. (that’s MetLife), the average cost of a private room in a nursing home is $77,745 a year. The price at an assisted living community is $35,628 a year.