“Change is the only constant in life.” There can be many different applications of the Greek philosopher Heraclitus’ words of wisdom, but one that is especially relevant to this blog post is planning for retirement. For soon-to-be retirees, understanding how to adjust to life after work can be stressful and overwhelming. And as the Baby Boomer generation continues their mass transit from the corner office to the golf course, more and more people are having to deal with one particularly stressful variable – Health Care. How much does it cost? Which plan should I choose? Should I fund my HSA?
With health care costs continuing to rise faster than other costs (food, utilities, shelter, etc.), understanding the landscape of available options is as important as ever. And when you consider that in 2019 individuals will no longer to be required to have basic health care coverage, insurance costs could continue to rise as healthy people are removed from the risk pools.
For some, a potential solution could be Healthcare Sharing Programs (HSP’s). While not new, the aforementioned rise in health care costs have made this alternative more popular. Because HSP’s are incredibly nuanced and no one is the same, this blog will provide a very high level introductory into HSP’s.