- You can’t possibly know what health care will look like in retirement, so prepare for the worst.
- The health savings account is “like a secret IRA” with huge tax advantages for those that qualify.
- Look toward your family history and inheritance goals to determine your long-term care needs.
Health care has become one of the biggest — and most costly — unknowns during retirement. Financial advisors say ignore what you don’t know and prepare for the worst.
The health-care debate in the United States has turned into a jumble of ideas. Some want to go back to a system similar to the one we had prior to the Affordable Care Act, others want to fix the issues in the current system, while still others want single-payer. While compromise feels unlikely at this point, it leaves a huge question for savers: What will health care look like when I retire? For that, there’s no clear answer.