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Healthcare Discovery Experience
Why is it important to discuss?

During your employment years, employer provided health benefits cover a high percentage of your healthcare expenses. Hence, the true cost of healthcare may be higher than perceived.

During your retirement years, Medicare provides healthcare coverage but only for certain health conditions. And, Medicare coverage is only available for individuals from age 65 onwards.

Cost of healthcare is typically the highest component of costs in retirement years. It is important to also consider cost of long term care as part of your healthcare expenses.

Next Steps
  • Educate yourself on what is covered by Medicare (Part A, B and D).
  • If you plan to retire or cease receiving employer provided health benefits before becoming eligible for Medicare (age 65), consider how you would cover your healthcare care expenses.
  • Plan early on how to address cost of healthcare in your retirement years.
How to Use:

The default starting age is set at 50, but this can be changed in Application Settings (gear button). Within the Application Settings, you may also change anticipated Retirement Age (default is set at 65); health condition (Excellent, Moderate, Poor); age in which Long-Term care costs are included in projected costs; how cost values are represented (present or future value); and, to include or exclude insurance premiums within the projected costs.

To view projected healthcare costs across different ages, slide the blue Age button on the timeline from left to right.

If the age is prior to Retirement Age (within the Working Years zone), tap the insurance buttons at the bottom of screen to illustrate how a typical Employer provided health plans might cover different aspects healthcare costs and typical out of pocket expenses.

To explore healthcare coverage in Retirement, slide the blue Age button past the Retirement Age into the Retirement Zone. Tap the Medicare insurance buttons at the bottom of the screen to illustrate how Medicare programs can cover healthcare in retirement.

You can tap any of the healthcare discs to show more information and factoids about that health topic. You can also show an illustration of typical out of the pocket coverage by changing the Coverage/Cost toggle at the top right of the screen.

The Reset button at the top that can be tapped to reset the interactive experience back to the default view.

The projected coverage/cost values shown are based on national insurance plan averages. Additional information concerning assumptions and methodology used in this illustration can be found in the important assumptions and disclosures section on this browser page.

Important Assumptions and Disclosures

This discovery experience should be regarded as educational information on healthcare considerations only and is not intended to provide specific healthcare advice. If you have questions regarding a particular healthcare plan situation, please contact professionals that specialize in that area.

The experience provides a basic illustration of healthcare coverage and out of pocket costs for Retired / Non-Retired individuals at various ages (age 50-100) and is not intended to be based on an individual's specific situation and/or healthcare coverage. The illustration does not take into consideration an individual's gender, geography or personal health conditions. Actual healthcare coverage and costs can vary significantly based on other factors and is likely to be different.

The healthcare data used to drive the coverage percentages and out of pocket costs illustrated in this experience were provided by HealthView Services, Inc., and are based on the national annual insurance plan averages as of October 2018. The projected costs are based on current age, projected age, as well as the health conditions (Excellent, Moderate or Poor) modeled. For Medigap coverage, Medigap Plan C data was assumed in the illustration. Projected amounts can be represented in today's dollars (present value) or a "real" value (future value). The out of pocket costs may be modeled to include estimated premiums paid by the individual for the insurance coverage (Employer or Medicare), or can be modeled to exclude the estimated premiums.

While Advisors may discuss healthcare costs as part of your retirement plan, they may not provide specific advice on healthcare coverage options.

HealthView Services Inc., is not an affiliate of BofA Corp. Certain information herein has been obtained from third-party sources and, although believed to be reliable, has not been independently verified and its accuracy or completeness cannot be guaranteed. No representation is made with respect to the accuracy, completeness or timeliness of this document.