Preparing for Changes in Healthcare: Choosing the Best Medicare Supplement Plan
Despite recent economic strain, US citizens on the cusp of senior status are still springing into action when it comes to purchasing Medicare supplement plans in anticipation of upcoming healthcare needs. With inflation rates and projected healthcare costs continually escalating, it seems as though many emerging senior citizens may need to take extra precautions, in terms of both personal savings and Medicare supplement selection.
A recent study performed by the Employee Benefits Research Institute (EBRI) describes the degree of savings needed to obtain a quality medicare supplement plan:
“…a man retiring this year at age 65 will likely need between $68,000 to $378,000 in savings to cover insurance premiums and out-of-pocket expenses during retirement. The differences in dollar amounts are based on the statistical chances of an individual having enough money. In other words, it one wants to be 90% sure of having enough in savings, he would need the higher amount; for a 50% chance he would need at least the lower amount.”
The EBRI study also described the divergence between supplement plans for men and women.
“Because women live longer, they need even more money. A women retiring at age 65 in 2009 will need from $98,000 to $242,000 in savings to cover insurance premiums and out-of-pocket expenses in retirement for a 50/50 chance of having enough money, and $164,000 to $450,000 for a 90% chance, said the report’s author, Paul Fronstin, an EBRI researcher.”
Due to these striking figures and countless others, many soon-to-be retirees are reconsidering their options. Instead of shifting directly into a life of leisure, many current 50-somethings are beginning to save their money more scrupulously. This shift in priorities has been understandably upsetting to many, but imperative nonetheless.
The current state of Medicare and the overall healthcare system has made selecting the right Medicare supplement plan more important than ever, and by working with the experts at MedicareSupplementShop.com, you can rest assured that you have gotten the best possible value for your healthcare dollar.
Tags: healthcare studies, Medicare Changes, Medicare Supplement Plans, Medicare Supplemental, Medicare Supplements
