It’s no secret that as you get older, your healthcare needs increase. What many people don’t realize is that the rate of inflation on the things retirees need most – including healthcare – can easily exceed the general rate of inflation. For example, from 1996 to 2021, the cost of hospital services experienced an average inflation rate of 5.25% per year.2
That means the same hospital services that might have cost $500 in 1996 would have cost $1795 in 2021 – and the cost has only increased further since then. This is why it’s so important not to overlook the need to have a reliable plan in place for keeping pace with rising healthcare costs as part of your broader retirement income strategy.
At Wright Financial Group, LLC, we can help you with all your insurance needs including health insurance and long-term care insurance.