Means More To BoomersThan Ever (NAPSA)—Each year, begins on October 15 and ends on December7.It’s an important opportunity for eligible individuals to select a Medicare plan that best meets their current and potential health needs, andalsooffers crucial protection for unexpected costs. Althoughit’s been 10 years since the worstfinancialcrisis since the Great Depression hit the U.S., most middle-in- come boomers say they still don’t feel their finances have fully recovered. Accordingto a recent study from the Bankers Life Center for a Secure Retirement, today, only 57 percent of middle-income boomers feel confident meeting their daily financial obligations, down from 65 percent before the crisis. Along with their smaller savings accounts, concerns aboutrising health care costs as they age could be feeding boomerslack of confidence in their financial futures. Today, boomers expect to carry more debt into retirement; only 34 percent ex- pect to retire debt-free. One of the main drivers ofdebt for this demographicis the nationwide increase in health care costs. Boomers—an estimated 74.9 million Americans aged 53 to 71 in 2017—will likely live to around age 85, on average, according to the Social Security Admin- istration, and unexpected health issues associated with age can drain savings and increasethe risk of added debt. During , middle-income boomers can identify health care savings opportunities and prepare for unexpected costs related to illness or injury, with the goal of achieving a more personally satisfying retirement. Hereare four tips to consider as you plan for : 1. Create a monthly budgetto assist in managing your debt. Boomers are realizing they will not be as financially independentin retirement as they once expected. Examine your monthly financial obligations and create an achievable budget to manage your income and pay down debt. 2. Determine which Medicare coverage plan is right for you. Health needs vary by individual. Evaluate your iF Planning for your retirement should include taking medical costs into account. A professional financial adviser can help. personal health needs and research each plan to determine the right amount of coverage. For example, Original Medicare supplies beneficiaries with Parts A (hospital insurance) and B (medical insurance). However, some people may need more coverage. Medicare supplement plans are sold by private companies and can help pay someofthe health care costs that Original Medicare doesn’t cover, such as co-payments, co-insurance and deductibles. Medicare Part C, or Medicare Advantage, is an alternative to Original Medicare offered by private insurers, and provides Medicare Parts A and B, plus additional coverage to protect you against health care related debt. Knowing your options will help you choosetheplan that’s right for you. 3. Create a plan for monthly health care payments. Estimate what your financial responsibility is under Medicare including premiums, co-pays, deductibles, and uncovered expenses like long- term care. Earmark a portion ofyourretirement savings and incometo address these out-of-pocketcosts. 4. Seek help. Navigating can be difficult but you don’t have to do it alone. Consult a trusted financial adviser for guidance on which plan is right for your needs and where you can identify savings opportunities. Free Booklet To download a free booklet on Top Tips for Retirees, including Reducing Debt in Retirement, Managing Prescription Drug Costs, Selecting a Long-Term Care Plan, and more, visit www.BankersLife. com/TopTips6.
