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Know Your Client’s Mindset 3 Myths About Healthcare Expenses in Retirement
Most people don’t realize how much healthcare will cost them in retirement. In fact, retired couples may need as much as $350,000 for healthcare costs.1 They’re also not aware of their chances of becoming chronically ill. Here’s how to dispel three common myths that may be keeping your clients from taking action.
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Myth #1: I won’t get sick. Neither will my spouse.
5 in 10 people aged 65 will deal with a chronic illness or disability later in life.2 Help your clients to visualize what their healthcare expenses might be in retirement. You can also motivate them to work with you on creating a strategy to prepare for the possibilities.
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Myth #2: Medicare will take care of my healthcare bills.
Estimated out-of-pocket healthcare costs for retired couples, beyond Medicare premiums, can be anywhere from nearly $160,000 to $400,000. And those costs don’t even include the cost of chronic illness care. When you show your clients the numbers, they’ll be more compelled to include healthcare costs in their retirement strategies.
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Myth #3 I won’t need Medicaid.
Not so fast; Medicare has limitations. And once a specific benefit is exhausted, clients need to pay for care, such as in a nursing home, out-of-pocket. Consider that 1 out of 3 of your clients will need nursing home care.3 And the average one-year cost is about $77,000.3 Two or three years of such expenses can devastate savings. What’s more, Medicaid won’t cover care until assets are nearly gone. Talk to your clients about this potential financial disaster and how life insurance may be able to help.
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Actions You Can Help Change Your Client’s Mindset About These Myths
We’ve provided you with the tools; now start the conversation and help them take action with life insurance and address their death benefit needs.
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Actions If you’re already appointed with Prudential, visit PruXpress to explore more about the healthcare retirement derailer and materials you can use with your clients and prospects.
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- 1 Savings Medicare Beneficiaries Need for Health Expenses: Some Couples Could Need as Much as $350,000, https://www.ebri.org/publications/notes/index.cfm?fa=notesDisp&content_id=5527, January 2017.
- 2 Favreault M, et al. Long-term Services and Supports for Older Americans: Risks and Financing. ASPE Issue Brief. Department of Health and Human Services. July 2015, p.3, 9.
- 3 https://www.payingforseniorcare.com/longtermcare/statistics.html, Accessed June 30, 2017.
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