How do I budget for Medicare costs if I expect my health to decline in the next decade?

Question

Larry Dalton · Accepted Answer

I’ve always stated that you should plan with good health coverage, but budget for today. It is difficult to project the future outcome of your health, but getting the right coverage in Medicare today can help alleviate expensive costs in coverage for tomorrow.

Answered by Larry Dalton on April 17, 2025

Broker Licensed in OK & TX

Answered by Larry Dalton Medicare Insurance Agent

Clarence &quot;Mark&quot; Christiansen · Answer

You can budget for Medicare costs if you can provide your date of birth, residence zip code, current plan help, medication list, names of your doctors, family health history, current health situation, financial info and list of anticipated utilization including treatments that you might face.

Answered by Clarence "Mark" Christiansen on April 4, 2025

Agent Licensed in WI, AZ, CA & 16 other states

Answered by Clarence "Mark" Christiansen Medicare Insurance Agent

Sam Silva · Answer

Estimate Future Health Care Needs.
Build an Emergency Fund for Health Costs.
Consider State Assistance Programs.
 Consult a Financial Advisor.
Know your premiums and out-of-pocket costs: Plan for the fixed costs of Medicare and any potential increases.

Ross Landon · Answer

Getting on good Advantage Plans or Medsup plans can help you control future costs, and since you can choose among those plans each year, as your health changes, you can counsel with knowledgeable agents to help you seek the best coverage for your situation.

Answered by Ross Landon on April 10, 2025

Agent Licensed in UT

Answered by Ross Landon Medicare Insurance Agent

Jerry Cohen · Answer

A person would need to have a crystal ball to predict the future in terms of treatments and costs that may surface over the next 10 years. Given the current fnancial issues at medicare it may be good to asume that coverage reductions will occur or higher cost sharing will be expected from covered participants so the answer is liquid cash; easily accessed if needed for medical costs is the smartest strategy.

Answered by Jerry Cohen on April 9, 2025

Broker Licensed in NY

Answered by Jerry Cohen Medicare Insurance Agent

How do I budget for Medicare costs if I expect my health to decline in the next decade?

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How do I budget for Medicare costs if I expect my health to decline in the next decade?

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Agent Locator

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A non-government resource website