Planning for the high cost of health care in retirement can be staggering.
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"People end up being surprised and even overwhelmed,” said Ramsey Solutions financial sxpert, Chris Hogan, to Fox Business’ Maria Bartiromo on Tuesday. “As we age we can have more health issues but if we can be aware of what’s going on, and what our options are, it helps to remove some of that anxiety.”
Hogan said educating yourself on Medicare before you need it is crucial.
“Medicare is like learning a foreign language,” he said. “ There are things that it covers with doctor visits and hospitalization and medication. But really understanding the nuances of that and when it kicks in… really helps relieve anxiety and help people be better prepared.”
Hogan also said it’s important to take advantage of wellness visits offered through your insurance plan.
“It’s not something that’s just going to take care of itself,” he said. “It’s like our financial future... if we don’t engage with it and take these certain steps, we’re just going to put ourselves at risk for later.”
"We just can’t sit back and wait,” he added.