Of those who have given thought as to the relevancy of health care reform to those in retirement, many expect that Medicare will take care of their expenses. Certainly, Medicare is a valuable benefit for retirees. But, as anyone currently on Medicare will tell you, it hardly takes care of all of your medical expenses.
According to research by Fidelity Investments, retirees can expect to spend nearly a quarter of a million dollars on their health care costs. Other research has put the number even higher. Unless you are among the dwindling few with retiree health care coverage (a benefit, many have learned, that even when promised may not be there in the expected capacity), you should expect major medical expenses during retirement. (Should you need assisted living and don't have long-term care insurance, you enter a whole new world of financial pain).
If you're still wondering if health care reform will affect you and your retirement, go back and re-read the last paragraph. Now, tell me, when all the pushing and shoving is done, what do you will happen? There are two ways to participate:
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