Northwestern Mutual

Funding Health Care

Make health care coverage part of your financial plan

Funding Health Care

Did you know the average cost of a three-day hospital stay is $30,000? Or that fixing a broken leg can cost up to $7,500?1 Health care expenses add up fast and can be devastating to your personal finances. That's why it's so important to make health insurance a priority.

During Your Working Years:

If health insurance is available through your employer, take advantage of the benefit and the group rate that may be offered. If health insurance is not offered by your employer, visit Healthcare.gov to learn more about purchasing insurance through the Health Insurance Marketplace.

In Retirement:

One of the misconceptions people have about health care in retirement is that all costs will be covered by Medicare. Not so.

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Medicare does not cover:

  • Insurance premiums for Medicare gap and prescription coverage
  • Vision, dental and hearing expenses
  • Copays
  • Long-term care services

The costs can add up fast. The Center for Retirement Research at Boston College estimates out-of-pocket medical expenses—including Medicare premiums—for retirees at $4,300 per year for an individual and $8,600 for a couple. And that doesn't include long-term care, if that becomes necessary. That's why your retirement budget needs to include a practical estimate for health care expenses and a strategy to cover them with guaranteed income. Because when you enter retirement, you may actually need to pay more for health insurance than what you pay when you're working.

More on This Topic

Click on the links below to access more information.

  • Medicare Simplified

    Medicare Simplified Whitepaper
    Medicare Simplified

    Find out what you need to know about Medicare coverage before you reach eligibility age.

    Download
  • Long-Term Care Cost Calculator

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    Long-Term Care Cost Calculator

    This calculator is intended to help you better understand the costs of a long‑term care (LTC) event.

    Learn more
  • Plan Wisely. Live Confidently.

    Plan Wisely. Live Confidently.
    Plan Wisely. Live Confidently.

    Learn how our time-tested strategies and expert advice can help you reach your life goals.

    View our Interactive Brochure