To illustrate the critical importance of efficient healthcare purchasing to retirement security, Alight studied the projected financial impact throughout retirement associated with purchasing various levels of individual private health insurance to supplement Medicare.
Alight’s analysis shows that healthcare purchasing calibrated to the individual retiree healthcare and lifestyle need can dramatically reduce healthcare expenditures in retirement by up to 50%, translating into tens of thousands of dollars in savings. Alight’s analysis demonstrates that informed, personalized healthcare purchasing in retirement is just as important as accumulating meaningful assets to support a comfortable retirement.
The complexity of the individual insurance marketplace makes it challenging for a retiree to effectively evaluate their options and make informed decisions. In addition to understanding the coverage levels of options across carriers, retirees must understand their current health needs, risk tolerance, and likely future needs. It is very easy for a retiree to make an inefficient, inappropriate choice that consumes significant levels of retirement assets over time. As part of a broader retirement wellbeing strategy, retirees need access to tools to support informed, personalized healthcare decisions. Alight’s analysis shows the critical role effective health plan selection plays in supporting fundamental retirement security objectives.
Learn more about Alight’s exclusive research in our white paper - Effective healthcare purchasing supports a more secure retirement.
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