(8) Severe Impact On Caregiver’s Earning Potential
It is one of the most economical secrets retirees will never tell you. Old aged persons are often cared by their own children, family members, or some caregivers.
According to a MetLife survey, more than 43 million adults in America are known to provide personal care or financial assistance for someone 50 or older.
Most of the old aged persons (around 58%) are found to live in their own houses along with their caregivers. But, still one in five lives with their caregiver puts a financial burden on the provider.
It is mainly due to the cost of medications & cost of treatments. But, it is also due to the adverse impact on the career & working life of caregiver over the long-term.
[Read Also: 10 Critical Retirement Investment Mistakes To Avoid]
(9) Huge Cost Of Treatments
It is one of the top secrets of a senior citizen. They often encounter for medical treatments that are not covered by Medicare. Some of the routine healthcare services not covered by Medicare include routine eye exams, eyeglass, dental care, & hearing aids.
Medicare will only cover up to 100 days of nursing home care. However, additional long term care including tests & procedures will require you to pay for it out-of-pocket.
According to a survey conducted by Fidelity Investments, average 65-year-old couple will spend about $400,000 out-of-pocket through retirement until 92 years of age, excluding cost of long-term-care.
However, if you are a high-income beneficiary then you will get an extra shock of premium surcharge.
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