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Health Care after Retirement Basics

Retirement insurance

Planning for health care after retirement may seem intimidating, especially as health care costs continue to rise. But as with any major undertaking, careful planning is the path to a better outcome.

First things first

To begin, you’ll want to start with the basics:

Health savings & spending accounts

Speaking of taxes, your employer may offer tax-advantaged options for paying medical and dependent care expenses. The most common tools of this type are FSAs, Dependent Care FSAs, and HSAs.

What is a Flexible Spending Account (FSA)?

Your contributions are pre-tax, to pay qualified medical expenses. You can even withdraw the full amount on the first day of the plan year for qualified expenses.

What is a Dependent Care FSA?

Your pre-tax contributions can be used to pay child- or dependent-care expenses for children under age 13 or dependents who are unable to care for themselves.

What is a Health Savings Account (HSA)?

Available with certain HDHPs, these can help you reduce taxes and set aside money for current and future qualified medical expenses. 

Use our resources to learn more about managing health care costs and long-term care planning.  Once you’re ready, talk to an investment professional to find more ways to plan for medical and health care expenses in retirement.

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