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may not be entirely covered by health insurance or Medicare. A
$50,000 or $100,000 out-of-pocket expense could significantly
affect your savings and overall income strategy. Here are some
methods for offsetting these risks:
The Risk To Offset the Risk
Medigap supplemental
Unexpected coverage or healthcare
healthcare costs
“emergency fund”
Long-term-care insurance
Loss of ability to or healthcare “emergency
live independently
fund”
Catastrophic medical Life or long-term-care
or long-term-care insurance
costs
It’s best to acquire the insurance protection that you want
to carry early in your retirement, or even before you retire. Life
insurance and long-term-care insurance, for example, will be
much more affordable at a younger age.
Beneficiary Protection
For most people, there is a need or desire to provide financial
protection for a spouse or other beneficiaries. It may make
Chapter 6: Your Action Plan
