Consumer Planning Blog

Back to blog homepage

404,000 Reasons + 3 Myths Compromising your Retirement

Posted by Matt Dean | Mar 8, 2018 2:17:08 PM

404,000 Reasons + 3 Myths Compromising your Retirement

$404,000.  That’s the amount a couple aged 65 is projected to pay for their out-of-pocket healthcare costs. Minimizing these costs starts with planning ahead and not falling for these healthcare myths.     

Myth #1:  I won’t get that sick. Neither will my spouse.
70% of individuals age 65 will deal with a chronic illness or disability at some point in their life – for couples, there is a 90% at least one of them will.2   The question is less about IF, and more about WHICH ONE, WHEN, and FOR HOW LONG? 

Myth #2: Medicare will take care of it.
Remember that $404,000 figure?  That’s the estimated out-of-pocket healthcare costs for a couple age 65.  That number is less surprising considering a 65-year old today is expected to live 19.3 more years.3   

Myth #3: I won’t need extended care support.
Statistics indicate otherwise, but let’s forget the stats.   Simply consider how these monthly costs will compromise your finances: $4,099 for home care, $3,750 for assisted living, $8,121 for skilled nursing.4 For most people it makes sense to consider owning long term care insurance to minimize the financial consequences of this care.      


1.  2017 Retirement Health Care Costs Data Report, Healthview Services, 2017.   
2. U.S. Department of Health and Human Services. National Clearinghouse for Long-Term Care Information, (accessed November 2016).
3. Mortality in the United States, 2012.  National Center for Health Statistics, October 2014
4. Genworth 2017 Cost of Care Survey, conducted by CareScout®, June 2017. 1Based on annual rate divided by 12 months for Home Health Aide.

Topics: retirement, healthcare costs, healthcare, medicare, long term care, myths

Written by Matt Dean

Matt Dean, Vice President, MarketPlace Group (MPG), joined LTCI Partners in June 2011. He is responsible for the structure, implementation, and management of sales initiatives. He leads a national sales force of salaried insurance specialists who, through a virtual kitchen-table conversation, provide needs-based advice and guidance to help consumers plan for the financial consequences of a long term care event. Matt brings 24 years of insurance experience at USAA, where he was responsible for a number of health insurance product lines. Matt is a graduate of the University of Texas at San Antonio with a BBA in Finance, is a licensed life and health insurance agent, and holds various professional designations. He and his wife are active in the Prader-Willi Syndrome (PWS) Association on behalf of their son, Tanner, who has PWS.

Leave a Comment