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Health & Fitness

Protecting Your Spouse's Financial Health Part II

In a recent post we talked about the number one concern of affluent Americans who are age 65 or older. We said that people age 65+ with $1-5 million in assets are most concerned about the health of their spouses. The strategy we discussed was to fill any Medicare gaps.

But there are other ways to increase your own and your spouse’s ability to weather the financial costs of a major health issue. One of those ways to consider buying additional prescription drug benefits.

The cost of prescription drugs has broken many a retiree’s budget.  I know one man, age 91, who takes nine medications daily. And his situation isn’t unusual. Most people age 65 and older take several prescription drugs every day, often multiple times a day. My 91-year-old friend is on Ambien and Carvedilol and Coumadin and Docusate and Glipizide ER and Lasix and Omeprezole and several more. Here’s the surprise— he’s a healthy man. This gentleman, at age 91, still drives a car, lives alone, cooks his own meals, walks his neighborhood, reads two newspapers a day and needs no healthcare aides or companions.

For my friend, for nearly everyone in the 65+ age category, drugs are an expensive and recurring cost. There’s no denying that the vast majority of us require many medicines as we age.

To help with the cost of any prescription drugs your spouse or you may need, look into Medicare’s Part D prescription drug plans. They can be an excellent value.

If you’re enrolled in Medicare you can get prescription drug coverage. If you decide not to join a medicare prescription drug plan when you're first eligible, and you don't have other creditable prescription drug coverage, you'll likely pay a late enrollment penalty.

To get Medicare drug coverage, you must join a plan run by an insurance company or other private company approved by Medicare. Each plan can vary in cost and drugs covered. For more information you can always call me, Gene Offredi CFP, RFC at Summit Investor Coach in Guilford at 203.453.1017.

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