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Underestimating Retirement Healthcare Costs a Dangerous Mistake
While Americans often overestimate the Social Security benefits they will one day receive, many underestimate what their health care expenditures will be. According to data cited by Nationwide, the average pre-retiree aged 50+ expects healthcare in retirement to cost $7,000 a year. But in reality, that figure is $10,739. Maurie Backman explains how the triple tax advantages of health savings accounts (HSAs) could be part of the solution for near retirees. But as he explains, not everyone qualifies to be able to contribute. For starters, one must have a high deductible health care plan. Read Backman’s full piece from The Motley Fool here.
The Association of Mature American Citizens (AMAC) is a strong supporter of HSAs and a new bill entitled the Health Savings for Seniors Act, H.R. 3796. The bill would allow seniors to make contributions to HSAs after enrolling in Medicare, which is currently prohibited.