For many people, turning 50 means the beginning of new and exciting adventures. But it also means there are some additional considerations to make about your money and life — including reassessing your healthcare coverage.
In today’s episode of Your Money Minute with Tracy Stewart, CPA, I want to talk about why you should reassess your healthcare coverage at age 50. When was the last time you looked at or made changes to your healthcare coverage? Getting older means you may have additional healthcare costs like medications and lab tests. Your current coverage may not be enough to cover your needs now and into the future.
To understand what healthcare coverage and options you should consider, turn to your family history. How healthy were your parents and other relatives? How healthy are you now? Be honest with yourself and consider things like prescriptions, dental care and other medical needs. Out of pocket, these things can be extremely costly. I recommend your healthcare coverage include considerations for an adequate insurance policy, prescription medicine policy and a savings account (to cover any unforeseen emergencies.) The key is being prepared — and realizing that, though exciting times are ahead, the health needs of aging individuals changes — and you need to be prepared for that.
Financial independence is unbelievably liberating. Being prepared for your financial and lifestyle needs at age 50 gives you the security you need for decades to come. Be prepared – and start thinking about it early.
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