The results of a recent study may provide evidence for insurance agents as to how Medicare supplement leads can benefit those who are in need of additional coverage.
According to a recent survey of 1,250 men and women with at least $250,000 in household assets and nearing retirement, women anticipate they will spend an average of $4,600 per year on health insurance beyond what a standard Medicare policy provides. Men, meanwhile, expect to put at least $5,800 toward healthcare spending annually.
While these expenses may be considerable, they're a fraction of what the total is in reality. Nationwide Financial says a 2012 study found that a married couple who were 65 years of age need approximately $240,000 to cover all of their medical expenses in retirement.
John Carter, president of sales and distribution for Nationwide Financial, said women need to take extra precautions, as they usually spend more.
"The fact is women live longer than men, which means they will spend more time in retirement and that places women at a greater risk of outliving their retirement assets," said Carter. "It also may increase their chances of incurring long-term care costs during their golden years. That’s why it’s especially important for women to plan for healthcare costs in retirement."
The Association for Long-term Care Insurance says women live an average of five years longer than men and are 10 times more likely to reach 85 years of age.
Because of these realities, this presents an opportunity for insurance agents and financial advisors, Nationwide Financial indicates. That's because women appear to be inclined to want to discuss these healthcare and money matters with an insurance or financial management expert, as 77 percent said they found the consulting process to be helpful. Slightly more than half of the men polled – 52 percent – reported the same sentiment.
Carter added that agents can play a crucial role in the retirement preparation process for men and women entering this new stage of life by listening to what they have to say and offering recommendations about how to proceed.
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