Helping Boomer Retirees Deal With Health Care Needs
While many baby boomers live their lives spending every cent they earn–without setting much aside for retirementthose who have built successful businesses are finding retirement to be right on schedule.
For those baby boomers who are small business owners or members of the high-net-worth market, “financially they are capable of retiring when they wanted to,” explains Robert Buxbaum, a partner and estate planning specialist with Bay Financial Associates, LLC, Waltham, Mass.
Buxbaum focuses primarily on the high-net-worth and business owner market, many members of which are baby boomers.
One issue facing these well-off boomers is health careboth hospital and medical coverage, as well as long term care planning, he says.
Just maintaining regular health insurance can be an issue, particularly for people who retire before they are eligible for Medicare (age 65). One method Buxbaum uses for these retirees is to keep them on their businesss group health insurance plan. “If they still own the business and have the discretionary ability, then thats the solution,” he says.
But for business owners who have sold their business and are retired (prior to age 65), Buxbaum usually recommends buying an individual health insurance policy with a high deductible.
Since these individual policies can be very expensive, the high deductible will help keep the costs down, Buxbaum explains.