Retirement News with Professor Craig

Retirement News with Professor Craig

The Retirement News blog is dedicated to the financial and physical health and well-being of older Americans. 
Whether you're already in or nearing retirement, you will find important, topical information in the blog to help you make informed decisions on your road to retiring more freely.
As a 25-year veteran in the financial services industry and a certified trainer and teacher, Professor Craig's #1 goal is to help you thrive in retirement with financial peace of mind. 

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How Much Will You Really Need for Healthcare Costs in Retirement?
Retirement News, Financing Retirement, Healthy Living, Retirement Tips

How Much Will You Really Need for Healthcare Costs in Retirement?

Did you know that a healthy 65-year-old couple that retired in 2019 will need close to $390,000 to cover healthcare expenses, including Medicare Parts B and D? It’s no surprise that the National Council on Aging found that medical debt is one of the larger obstacles between older citizens and economic well-being.

Determining how much you might need depends largely on your plans for the future:

  • Are you relying on family members to provide care?
  • How do you plan on paying for out-of-pocket medical costs?
  • Can you afford nursing home care?
  • Would you rather have in-home care as you age?
  • Do you have long-term care insurance to supplement Medicare coverage?

When extra care is needed…

Those without long-term care insurance often start out relying on an unpaid family caregiver, but eventually, many need paid help — and that can be expensive.

According to Genworth's 2019 Cost of Care survey, the national average bill for a home health aide is $4,385 monthly, varying widely depending on your location and needs. Though Medicare may cover part of the costs for at-home medical care, it does not reimburse families for personal care such as medication reminders, bathing assistance, errands, shopping, and transportation.

For individuals requiring more robust care options, assisted living costs approximately $4,000 per month depending on where you live. This cost is predominately paid out of pocket, but financial assistance may be available for some. Nursing homes, on the other hand, are approximately $7,500 per month and are generally covered by Medicaid. Medicare typically covers up to 100 days of nursing home care, after which you’re on the hook for further long-term costs.

READ MORE: Healthcare Challenges That Every Retiree Should Have on Their Radar

A closer look at the numbers

According to the Kaiser Family Foundation, out-of-pocket health costs for older Americans covered by Medicare will consume up to 50% of the average Social Security income by 2030. Prescription drug costs remain a major issue, especially for the chronically ill. You’ll also need to plan for common medical services that may or may not be covered — think dental care, hearing aids, or glasses. And if you need hospitalization, the average cost of a three-day hospital stay could you set you back $30,000.

New thinking on retirement healthcare options

The ongoing COVID-19 pandemic has been a huge wake-up call regarding the healthcare system. It’s important to know your options so you can choose wisely when deciding on the best care options for you.

If you’re thinking about a healthcare cost game plan, there may be some financing options you haven’t considered, such as leveraging your home equity via a reverse mortgage. If you'd like more information, or to schedule an in-person discussion with a loan specialist in your area, call Reverse Mortgage Funding LLC (RMF) at (888) 277-1567.

This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders. We are dedicated to helping older Americans retire more freely, in the comfort of their own homes. As a result of our commitment to providing an extraordinary and positive customer experience, we have earned a 98% customer satisfaction rating; a 4.7-star / Excellent score on Trustpilot; 4.8 out of 5 stars on LendingTree; and an A+ rating with the Better Business Bureau. Call 888-277-1567 to speak with a licensed reverse mortgage specialist to learn about our retirement financing products and solutions.


If you have equity in your home and believe you meet the eligibility requirements, a HECM may be the option that could help you retire smart.

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A More Flexible Home Equity Loan

If you’re 62 or older, there is a home equity line of credit option that offers greater financial flexibility than a traditional Home Equity Line of Credit (HELOC). It’s called a Home Equity Conversion Mortgage (HECM) line of credit. 
If you have an existing mortgage or home equity loan you could refinance them with a HECM line of credit and get enhanced benefits, including a flexible payment feature and a line of credit that GROWS when left untouched.
As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, and keeping your home in good condition.

Equity Elite Reverse Mortgage

Put Your Home Equity to Work for You

Get Your Free Reverse Mortgage Quote

By clicking "CALCULATE", you are providing your signature and express "written" consent to be contacted by or behalf of Reverse Mortgage Funding LLC, its affiliates and/or its agents (collectively Company) at the telephone, email or mailing address that you have provided for purposes of fulfilling this inquiry about reverse mortgages and/or the Company's products or services, even if you have previously registered on a "do not call" government registry or requested Company to not send marketing information to you by email and/or direct mail. You agree that the Company may use automatic telephone dialing systems and prerecorded voice messaging in connection with calls or texts made to the telephone number you provide even if the telephone number is assigned to a cellular or mobile telephone service or other service for which the called party is charged and are representing that you are the regular user of provided number. You understand that you are not required to consent to receiving autodialed calls or texts as a condition of any reverse mortgage and/or purchasing any Company products or services. If you do not wish to authorize Company to contact you in this manner, you can call 888-277-1567 to complete your request. You understand that you can revoke this consent at any time.

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