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Retirement Series: How to Pay for Health Care Costs

Retirement Series: How to Pay for Health Care Costs: Informed Retirement Decisions

This workshop primarily is intended for adults nearing retirement who typically will have an increased need for medical and long-term care services. Workshop participants may be uncertain about planning for medical expenses during retirement and how they will cover health care costs using existing income sources, especially if they retire early and/or don’t have access to an insurance plan through an employer. They are beginning to consider how their insurance decisions will affect their retirement paycheck.

Health care expenses in retirement often are a large part of a retiree’s budget that tend to increase more rapidly than other spending categories. It is important to determine how a retiree can leverage Medicare and other insurances to minimize the impact on his or her retirement paycheck. By sharing tools and resources during this workshop, you will show participants how to make better and more confident decisions about how they will cover health care expenses — including long-term care — in retirement.

The following topics are addressed in the Informed Retirement Decisions: How to Pay for Health Care Costs workshop:

  • Medical costs and long-term care costs during retirement
  • Insurance options during retirement
  • Strategies to minimize out-of-pocket financial obligations to cover health care costs

Workshop Materials

You must agree to the terms of the Content License Agreement below to access the materials. Once the materials are downloaded, they may be used as-is or customized to best meet your needs.


The PowerPoint presentation is customizable and can help you facilitate a discussion about retirement decision making for your participants.

Download a facilitator guide that will lead you through your presentation.

The Workshop Packet includes an Action Plan for participants as well as worksheets, handouts, scenarios, activities and other resources referred to throughout the workshop.

Feeling unsure about your presentation? FAQs will help answer your questions about working with your intended audience.

FAQs

Who will be attending the workshop?

This workshop primarily is intended for adults in their 50s and early 60s who typically will have an increased need for medical and long-term care services. Workshop participants may be uncertain about planning for medical expenses during retirement and how they will cover health care costs using existing income sources, especially if they retire early and/or don’t have access to an insurance plan through an employer. They are beginning to consider how their insurance decisions will affect their retirement paycheck.

What are the learning outcomes of this workshop?

Participants will use what they learn in this workshop to outline a strategy to cover health care costs during retirement in a way that minimizes out-of-pocket financial obligations. Participants will address the following learning objectives as they master the competency:

  • Estimate medical costs and long-term care costs during retirement.
  • Clarify insurance options that are available during retirement to cover financial costs of medical care and long-term care.
  • Discuss strategies to minimize out-of-pocket financial obligations that are not covered by Medicare and long-term care insurance.

How will I know that participants have achieved the target outcomes?

Participants will know that they have achieved the outcomes when they have done the following:

  • Estimated the cost of medical care throughout retirement.
  • Estimated the cost of long-term care throughout retirement.
  • Calculated the value of known income stream sources (pensions, required minimum distributions from defined contribution plans, annuities, personal savings), as well as benefits payable from Medicare and other health insurance plans, to estimate funding gaps during retirement.
  • Outlined an intentional pre-retirement action plan to prepare for health care cost challenges based on predetermined financial goals.
  • Determined an optimal long-term strategy to prioritize and match steady income stream sources with particular types of medical and long-term care expenses.
  • Determined viable options to bridge any funding gaps for health-related expenses throughout retirement.
  • Outlined fallback plans in the event health care costs exceed expectations or insurance coverage is reduced.

Can I share my own experiences during this workshop?

When it comes to talking about money, sharing your own successes and challenges will make the workshop much more engaging — and valuable — for participants. It makes the points you’re discussing come alive, reassures them that they are not alone in having questions and concerns, and encourages them to share their own experiences, which can be equally valuable to other participants.

Keep in mind that participants may feel self-conscious about their financial situation or some of the choices they’ve made, so include a statement in your opening that these workshops are a judgment-free zone and that there is no single right or wrong answer — it depends on the person’s situation and values. The aim of this workshop is to empower individuals to make decisions that work for them and align with their values and needs, which might not look like everyone else’s.

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