You Need $295K for Post-Retirement
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New information from the Employee Benefit Research Institute says that you’ll need $295,000 for health care costs if you retire today. Learn more on the insurance blog.
The Employee Benefit Research Institute (EBRI) recently released new data projecting that couples retiring in 2006 will need approximately $295,000 to cover health care costs.
The $295 figure is based on an average life expectancy of 82 for men and 85 for women. If the couple lives to age 95, they'll need an additional $255K for a whopping total exceeding a half-million dollars. Just for healthcare.
While readying himself for retirement several years ago, a friend was stricken with prostrate cancer. "Don't retire," said his employer's award-winning human resources rep. "The out-of-pocket costs to treat cancer with Medicaid are horrendous. You can cut back on work while you receive treatment, and you'll benefit from reduced insurance costs." Wow. Now that's going the extra mile.
Before you buy health insurance for your employees, review some easy steps to select the best group health plan for your business.
Source: National Underwriter
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