swakyaby
Thinks s/he gets paid by the post
Hi, I am 50, still working and looking toward RE in 5 years. My DH is 55 and has been out of work for awhile.
My big question mark in retirement finances is how much do I budget for health care expenses? I currently purchase group health insurance for myself and DH through my employer, although I pay the entire premium (it's taken off the top of my salary pre-tax). For 2011, the Blue Cross ppo 500 monthly premium is $1,362 for myself and DH. I live in California.
After I retire, my workplace does not offer retirement health benefits, so I will lose the group rate. I am currently in good health, but my husband takes medications for high blood pressure.
I recently read a Fidelity Investments estimate that a couple who retired now at age 65 should budget $250,000 for future health care expenses, not including long term care. So if I'm planning for 10 years of individual health insurance premiums for myself and 5 years for DH, that would make expenses nearly stratospheric, wouldn't it? One Million? 1.5 million?
I realize that there are so many variables, and with health care legislation looming it really is hard to plan. I would appreciate any thoughts, musings, and estimates.
My big question mark in retirement finances is how much do I budget for health care expenses? I currently purchase group health insurance for myself and DH through my employer, although I pay the entire premium (it's taken off the top of my salary pre-tax). For 2011, the Blue Cross ppo 500 monthly premium is $1,362 for myself and DH. I live in California.
After I retire, my workplace does not offer retirement health benefits, so I will lose the group rate. I am currently in good health, but my husband takes medications for high blood pressure.
I recently read a Fidelity Investments estimate that a couple who retired now at age 65 should budget $250,000 for future health care expenses, not including long term care. So if I'm planning for 10 years of individual health insurance premiums for myself and 5 years for DH, that would make expenses nearly stratospheric, wouldn't it? One Million? 1.5 million?
I realize that there are so many variables, and with health care legislation looming it really is hard to plan. I would appreciate any thoughts, musings, and estimates.